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Parliamentary Questions


Question Without Notice No. 53 asked in the Legislative Council on 17 February 2022 by Hon Dr Steve Thomas

Parliament: 41 Session: 1

IRON ORE ROYALTY REVENUE

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

It is not the same without the Minister for Emergency Services on Thursday; however, I imagine the Leader of the House might be taking questions on his behalf.

Hon Sue Ellery: No.

Hon Dr STEVE THOMAS: It must be the parliamentary secretary.

I refer to the rivers of cash flowing into the government's coffers thanks to the 2019–22 iron ore price boom.

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

(2) What was the average iron ore price for the 2021–22 financial year to date?

(3) What is the iron or royalty income in this financial year to date?

(4) Has the government reassessed the price and reset its expected revenue and surplus for 2021–22; and, if so, what are the new predictions?

(5) What is the government's working estimate of the non-accelerating relation rate of unemployment for Western Australia and how does that compare to the current unemployment rate?

Hon SUE ELLERY replied:

It is actually in my pile. I answer on behalf of the Minister for Emergency Services. I thank the honourable member for some notice of the question.

(1) It is $US139.70 per tonne.

(2) It is $US137 per tonne.

(3) Royalty income is stated in each quarterly financially results report. Royalty income totalled $3.57 billion to 31 September 2021, as shown in the September quarterly report.

(4) The updated iron ore price and royalty forecast will be provided in the 2022–23 state budget.

(5) The non-accelerating inflation rate of unemployment is difficult to estimate and the Western Australian Treasury does not have a working estimate. The Reserve Bank noted the difficulty of estimating the NAIRU. Even at a national level the Reserve Bank of Australia is only prepared to offer a range.