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Parliamentary Questions


Question Without Notice No. 359 asked in the Legislative Council on 24 June 2021 by Hon Dr Steve Thomas

Parliament: 41 Session: 1

IRON ORE ROYALTY REVENUE

359. Hon Dr STEVE THOMAS to the minister representing the Treasurer:

I refer to the 2019–2021 boom in iron ore prices.

(1) What is the current spot price of iron ore as measured by Treasury?

(2) What has been the average iron ore price to date for the 2020–21 financial year?

(3) What was the average iron ore price for the month of May 2021?

(4) What has been the total iron ore royalty revenue to date for the 2020–21 financial year?

(5) Is the prospect of the government receiving more iron ore revenues in the 2020–21 financial year than the $10.734 billion as predicted on page 21 of the March 2021 quarterly report ''highly unrealistic'' or ''plausible''?

Hon STEPHEN DAWSON replied:

I thank the Leader of the Opposition for some notice of the question. The following answer has been provided to me by the Treasurer.

(1) The price is $US216.20.

(2) The 2020–21 average has been $US152.30.

(3) The May average was $US207.72.

(4) Up until the end of the March quarter 2021, it was $7.616 billion.

(5) A wide range of outcomes is plausible given the volatility in iron ore prices. Royalty collections for the 2020–21 financial year will be provided in the Annual report on state finances in September.