❓ Hon. Darren West questions the Treasurer regarding iron ore export volume assumptions, their impact on state revenue, and the consideration of new mining projects in royalty forecasts. The Treasurer's response clarifies volume assumptions, their inclusion in GST share forecasts, and the incorporation of new projects into royalty income forecasts.
AnsweredQoN 210Legislative Council
QuestionView source ↗
DEPARTMENT OF TREASURY — IRON ORE EXPORTS
210. Hon DARREN WEST to the
minister representing the Treasurer:
I refer to the Chamber of Minerals
and Energy's forecast of mining exports in its ''WA State Growth
Outlook'' that estimates volumes will rise by over 200 million tonnes a
year by 2016, and the subsequent impact this will have on state revenue.
(1) What is the
state government's assumption of volumes of iron ore exports in 2013–14,
2014–15, 2015–16 and 2016–17?
(2) Has the
Premier's statement that Western Australia's GST share will
drop to $1 billion assumed the current volumes of iron ore exports, or does it
assume that the volumes will increase as per the government's answer to
(1)?
(3) Has Treasury
done any modelling to determine how much extra revenue the state will obtain
from the increase in royalties from the mining projects currently in
construction coming on line; and, if so, what will that increase be?
210. Hon DARREN WEST to the
minister representing the Treasurer:
I refer to the Chamber of Minerals
and Energy's forecast of mining exports in its ''WA State Growth
Outlook'' that estimates volumes will rise by over 200 million tonnes a
year by 2016, and the subsequent impact this will have on state revenue.
(1) What is the
state government's assumption of volumes of iron ore exports in 2013–14,
2014–15, 2015–16 and 2016–17?
(2) Has the
Premier's statement that Western Australia's GST share will
drop to $1 billion assumed the current volumes of iron ore exports, or does it
assume that the volumes will increase as per the government's answer to
(1)?
(3) Has Treasury
done any modelling to determine how much extra revenue the state will obtain
from the increase in royalties from the mining projects currently in
construction coming on line; and, if so, what will that increase be?
AnswerView source ↗
I thank the member for some notice
of the question. The Department of Treasury advises —
(1) The current
assumptions are that iron ore volumes will increase from 499 million tonnes in
2012–13 to 659 million tonnes in 2015–16. Volume estimates for
2016–17 will be published in the 2013–14 budget.
(2) The GST share
forecasts assume that the volumes will increase as per response to (1). These
volumes incorporate projects currently in construction and coming on line.
(3) Current
royalty income forecasts include mining projects currently in construction and
coming on line. These volumes are obtained by a confidential survey undertaken
by the Department of Mines and Petroleum. Only those new mining projects or
project expansions assessed as having a strong likelihood of proceeding have
been included in the estimates. In most cases this will involve the new project
or project expansion having received both final investment approval by the
company and formal government approvals. As such, additional revenue from these
projects is incorporated in current estimates.
of the question. The Department of Treasury advises —
(1) The current
assumptions are that iron ore volumes will increase from 499 million tonnes in
2012–13 to 659 million tonnes in 2015–16. Volume estimates for
2016–17 will be published in the 2013–14 budget.
(2) The GST share
forecasts assume that the volumes will increase as per response to (1). These
volumes incorporate projects currently in construction and coming on line.
(3) Current
royalty income forecasts include mining projects currently in construction and
coming on line. These volumes are obtained by a confidential survey undertaken
by the Department of Mines and Petroleum. Only those new mining projects or
project expansions assessed as having a strong likelihood of proceeding have
been included in the estimates. In most cases this will involve the new project
or project expansion having received both final investment approval by the
company and formal government approvals. As such, additional revenue from these
projects is incorporated in current estimates.
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