After weeks of anticipation, the Liberal Party has finally released its financial costings for the upcoming Western Australian election, a move long sought by the Labor Party. The announcement comes as both parties prepare for the final stretch of the campaign. The Liberal costings suggest a debt trajectory similar to that forecasted by Labor, with projections pointing to healthy surpluses in the foreseeable future. However, the Liberals anticipate debt to rise to $41 billion by mid-2028.
Labor has been quick to criticize the Liberals' debt projections, recalling the party's previous tenure in power. The costings were prepared under the oversight of Peter Conran, a seasoned public servant who has served under both John Howard and Colin Barnett. The Liberals have lauded Conran as a "man of vast experience," while Labor has dismissed him as merely a "Liberal party mate."
Cost-Cutting Measures and Infrastructure Plans
To address fiscal concerns, the Liberals have outlined a series of cost-cutting measures. These include shelving plans to expand the ferry network—a promise made by Labor—and scrapping unspent and unassigned funds allocated for Metronet. Additionally, they propose cutting $30 million from consultants and advertising expenses. These strategies, according to Shadow Treasurer Steve Martin, aim to maintain a balanced budget while still investing in critical infrastructure.
One of the centerpiece proposals in the Liberals' costings is the $217 million motorsport precinct at Burswood Park. This ambitious plan includes roadways convertible into racetracks, a function center, and an outdoor music amphitheater. However, this project, dubbed "Rita's racetrack" by Perth Lord Mayor Basil Zempilas, has faced criticism.
"A $220 million extravagance that nobody wants or needs in the middle of a cost-of-living crisis," – Basil Zempilas
Zempilas's critique encapsulates the opposition's stance on the motorsport precinct, highlighting concerns about fiscal responsibility during challenging economic times.
Debt Management and Economic Strategy
Despite criticisms, the Liberals assert that their debt management approach remains prudent. Their costings indicate that projected debt levels are still lower than those forecasted by Labor, allowing for record infrastructure investment. This claim positions them as stewards of economic stability while emphasizing their commitment to essential projects without overburdening future generations.
The involvement of Peter Conran in formulating these costings has added another layer to the political discourse. His extensive experience is seen as an asset by the Liberals, who argue it lends credibility to their financial strategies. However, Labor's characterization of Conran suggests they view his involvement with skepticism.
"Absolutely. It is about maintenance, it's about doing your job in government," – Libby Mettam
Libby Mettam's statement underscores the Liberal Party's focus on responsible governance and maintaining fiscal discipline, reinforcing their narrative of economic stewardship.
Political Implications and Voter Reactions
As the election approaches, both parties are keenly aware of the political implications surrounding these costings. The Liberals' proposals are positioned as a counter-narrative to Labor's fiscal policies, with an emphasis on infrastructure development and strategic savings. However, voter reactions remain a critical element in determining the effectiveness of these strategies.
Basil Zempilas noted that despite widespread discussion in political circles, there appears to be limited public interest in some aspects of the debate.
"I have had thousands of conversations in the last eight days and thousands more before that — not a single person has raised it with me," – Basil Zempilas
Zempilas's observation may reflect a broader sentiment among voters who are more concerned with immediate economic challenges rather than long-term infrastructure projects.
