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Parliamentary Questions


Question Without Notice No. 113 asked in the Legislative Council on 19 February 2020 by Hon Dr Steve Thomas

Parliament: 40 Session: 1

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.