GST DISTRIBUTION — IRON ORE PRICE
113. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to the answer to my question
without notice 13, asked a year ago on 12 February 2019, in which the minister
stated —
A scenario where the average price of
iron ore remains at $90 a tonne has not been modelled, as this assumption is
highly unrealistic.
(1) For what
percentage of the year from 12 February 2019 to 12 February 2020 was the price
of iron ore above $US90 a tonne?
(2) How much iron
ore royalty revenue did the government receive from 12 February 2019 to 30 June
2019 over and above the expected revenue predicted in the 2018–19
budget, which set the predicted price of $US61.90 per tonne?
(3) How much iron
ore royalty revenue did the government receive from 1 July 2019 to 12 February 2020
over and above the expected revenue predicted in the 2019–20 budget,
which set the predicted price of $US73.50 per tonne?
Hon
STEPHEN DAWSON replied:
I thank the honourable member for
some notice of the question. The following answer has been provided to me by
the Treasurer.
(1)–(2) In
line with previous responses provided to the member, daily spot price
information is readily available from publications such as The West
Australian. Royalty revenue forecasts are based on whole financial years, and, as such, the 2018–19 budget
did not provide a royalty revenue estimate from 12 February 2019 to 30 June
2019.
(3) See answer to
(2). Updated iron ore price assumptions and royalty income estimates for the
2019–20 financial year will be disclosed in the forthcoming 2020–21
budget. Until then, revised estimates for 2019–20 were provided in the
2019–20 midyear review, released in December 2019.