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Parliamentary Questions


Question Without Notice No. 961 asked in the Legislative Council on 4 September 2019 by Hon Dr Steve Thomas

Parliament: 40 Session: 1

GST DISTRIBUTION — IRON ORE PRICE

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

I refer to the answer to my question without notice 938, asked yesterday, 3 September, which informed the house that the iron ore price was over $US90 a tonne on 13 February and dropped below $US90 a tonne on 13 August 2019, a period of 182 days.

(1) During what periods has the iron ore price dropped below $US90 per tonne in 2019 so far?

(2) During what periods has the iron ore price been over $US110 per tonne in 2019 so far?

(3) What has been the mean average iron ore price from 12 February 2019 to 13 August 2019?

(4) If there are 182 days between 13 February, at which point the price was already over $US90 per tonne, and 12 August, how was the figure of 99 days above $US90 per tonne derived?

(5) How much additional iron ore royalty revenue above budget estimates has the state received so far in the 2019 calendar year?

Hon STEPHEN DAWSON replied:

I thank the honourable member for some notice of the question. The following information has been provided by the Treasurer.

(1) The answer to question without notice 938 did not indicate that the iron ore spot price was over $US90 a tonne on 13 February 2019.

(2) The iron ore spot price exceeded $US110 a tonne on 13 June 2019, then dropped below on 14 June 2019, before again exceeding $US110 a tonne on 18 June 2019 and remaining above $110 a tonne until 1 August 2019, inclusive.

(3) The average iron ore spot price from 12 February 2019 to 13 August 2019, inclusive, was $US99.70 per tonne.

(4) The response in question without notice 938 of 99 days counted only weekdays, as there is no trade—that is, no published price—on the weekend.

(5) The 2018–19 Annual Report on State Finances, to be published in September 2019, will detail actual revenue and expenditure for the 2018–19 financial year and differences with budget estimates. Updated estimates for the 2019–20 financial year will be published in December in the 2019–20 Government Mid-year Financial Projections Statement.