❓ Dr. Steve Thomas questions the Treasurer's representative regarding the discrepancy between the predicted and actual iron ore prices and the resulting impact on royalty revenue. The Treasurer provides some figures but defers on the royalty revenue question.
AnsweredQoN 893Legislative Council
QuestionView source ↗
IRON ORE — SPOT PRICE AND ROYALTY REVENUE
893. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to page 3 of budget paper No 3 for 2022–23,
which predicts an estimated iron ore price of $US77.50 for the 2022–23
financial year.
(1) What is the current price of iron ore as measured by
Treasury?
(2) What was
the average iron ore price as measured by Treasury from 1 July 2022 to 30
September 2022? That was the first quarter.
(3) How much iron ore royalty revenue did the state receive
from 1 July 2022 to 30 September 2022?
(4) How much
was the figure in (3) above what would have been received if the price in that
period had averaged the predicted $US77.50 a tonne?
893. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to page 3 of budget paper No 3 for 2022–23,
which predicts an estimated iron ore price of $US77.50 for the 2022–23
financial year.
(1) What is the current price of iron ore as measured by
Treasury?
(2) What was
the average iron ore price as measured by Treasury from 1 July 2022 to 30
September 2022? That was the first quarter.
(3) How much iron ore royalty revenue did the state receive
from 1 July 2022 to 30 September 2022?
(4) How much
was the figure in (3) above what would have been received if the price in that
period had averaged the predicted $US77.50 a tonne?
AnswerView source ↗
I thank the Leader of the Opposition for some notice of the
question. I also thank him for his extra commentary, which is not on the paper,
but it was helpful in my understanding of the question! The following answer
has been provided to me by the Treasurer.
(1) It is $US98.60 a tonne.
(2) It was $US103.50 a tonne.
(3) This
information is published in the Quarterly financial results report ,
which is released within 60 days of the end of each quarter.
(4) Not applicable.
question. I also thank him for his extra commentary, which is not on the paper,
but it was helpful in my understanding of the question! The following answer
has been provided to me by the Treasurer.
(1) It is $US98.60 a tonne.
(2) It was $US103.50 a tonne.
(3) This
information is published in the Quarterly financial results report ,
which is released within 60 days of the end of each quarter.
(4) Not applicable.
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