Motion Accorded Priority - State economy (1)

08 September 2015

 

Mr ANOULACK CHANTHIVONG (Macquarie Fields) [4.36 p.m.]: What would a parliamentary sitting day be without the same old tired question giving another opportunity to repeat old lines, another opportunity to replay old slogans, and another waste of time? The only beneficiary is the Liberals-Nationals' parliamentary political vanity. Today we heard more of this verbal vanity, wasting parliamentary sitting time, rather than focusing on the issues that need to be addressed to ensure that New South Wales can meet the economic challenges that will have to be faced for decades. There will be times of economic strain for thousands of people in this great State. This Liberal-Nationals Government has turned the New South Wales economy into a casino economy, with all the bets being on an overheated housing market. The Liberal-Nationals are betting our future economy on the housing market roulette, blinded to the risks ahead, crossing their fingers and hoping that it will all turn out all right.

We have all too often seen how the short-term, risky, backward economic behaviour story plays out. As families across this State have their lives ruined through gambling addiction, somebody will be left to pick up the pieces when the economy slows down and the money runs out. The Liberal-Nationals are indeed the great economic visionaries—but their eyes are in the back of their head. Under this Liberal-Nationals Government, New South Wales has an economy that is reliant on the housing boom continuing for many years to come. But, of course, the warning signs are there already, and the good times will not last. Government members talk about making New South Wales number one. Let me give them another fact and another figure. We are currently ranked fifth in terms of expected economic growth—not first, as this Liberal-Nationals Government's political spin machine would have us believe. When it comes to this State's economic future, that is a fact Government members conveniently omit.

Government members like to talk about making New South Wales number one again. Just like the gambler in denial, the truth is somewhat different. The New South Wales 10-year average unemployment rate was just over 5 per cent but it is currently at 6 per cent, with tens of thousands more people struggling to pay their bills. The average unemployment rate under the Baird Liberal-Nationals Government since April 2014 is no better, also at around 6 per cent, with tens of thousands more people wondering where their next pay cheque will come from. For our young people, the unemployment rate is more than double. They are losing hope in the future under this Government, which has no concern or care for their wellbeing.