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Parliamentary Questions


Question Without Notice No. 23 asked in the Legislative Council on 16 May 2017 by Hon Dave Grills

Parliament: 40 Session: 1


WESTERN AUSTRALIAN FUTURE FUND
      23. Hon DAVE GRILLS to the minister representing the Treasurer:
My question of which some notice has been given is asked without emotion. I note that it is the government's intention that interest earned on the Western Australian Future Fund is to be redirected towards medical research in Western Australia.
      (1) Will the state government be introducing a bill to amend the Western Australian Future Fund Act 2012?
      (2) What, if any, financial modelling has been done on the impact of drawing down monies prior to June 2032?
      (3) Will the proposed changes allow the state government to maintain the balance of the future fund into perpetuity, predicted to be $4.7 billion?
      [Interruption.]
The PRESIDENT: Wherever that phone tone is coming from, I ask that the person involved put it on silent or turn the phone off.
Hon STEPHEN DAWSON replied:
I thank the honourable member for some notice of the question. The following answer has been provided by the Treasurer —
      (1)–(3) Like all election commitments of the new state government, the implementation of this commitment is being considered as part of the 2017–18 budget process. The outcomes of these deliberations will be transparently disclosed in the 2017–18 budget, to be released on 7 September 2017. As part of the 2016–17 midyear review, the Department of Treasury forecasts that the Western Australian Future Fund will have a balance of $3.5 billion by 30 June 2032, relative to the unrealistic $4.7 billion balance that was announced by the former government as part of the 2012–13 budget and that relied upon an unrealistic assumption of iron ore revenues remaining at historic highs.