❓ Mr. Ripper questions Premier Court about increased oil royalty revenue and its impact on the state budget and motorists. Premier Court acknowledges the immediate revenue increase but emphasizes the offsetting effect of reduced grants commission funding.
AnsweredQoN 130Legislative Assembly
QuestionView source ↗
I refer to the Premier's claim that the State will not receive a revenue windfall as a result of higher oil royalties. (1) Will the Premier confirm that already in the month of July the total royalty income was $82m, which is $38m more than the monthly budgeted average? (2) Will the Premier confirm than in 1999-2000 the State Government received a petroleum royalty windfall of more than $167m? (3) Will also confirm that the budget receives the immediate benefit of any windfall and that the full effect of the claimed grants commission clawback would only eventuate over seven years? (4) Will the Premier commit to returning some of the windfall gain to the motorists of this State? Mr COURT
AnswerView source ↗
(1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(1) Will the Premier confirm that already in the month of July the total royalty income was $82m, which is $38m more than the monthly budgeted average? (2) Will the Premier confirm than in 1999-2000 the State Government received a petroleum royalty windfall of more than $167m? (3) Will also confirm that the budget receives the immediate benefit of any windfall and that the full effect of the claimed grants commission clawback would only eventuate over seven years? (4) Will the Premier commit to returning some of the windfall gain to the motorists of this State? Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(2) Will the Premier confirm than in 1999-2000 the State Government received a petroleum royalty windfall of more than $167m? (3) Will also confirm that the budget receives the immediate benefit of any windfall and that the full effect of the claimed grants commission clawback would only eventuate over seven years? (4) Will the Premier commit to returning some of the windfall gain to the motorists of this State? Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(3) Will also confirm that the budget receives the immediate benefit of any windfall and that the full effect of the claimed grants commission clawback would only eventuate over seven years? (4) Will the Premier commit to returning some of the windfall gain to the motorists of this State? Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(4) Will the Premier commit to returning some of the windfall gain to the motorists of this State? Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(1) Will the Premier confirm that already in the month of July the total royalty income was $82m, which is $38m more than the monthly budgeted average? (2) Will the Premier confirm than in 1999-2000 the State Government received a petroleum royalty windfall of more than $167m? (3) Will also confirm that the budget receives the immediate benefit of any windfall and that the full effect of the claimed grants commission clawback would only eventuate over seven years? (4) Will the Premier commit to returning some of the windfall gain to the motorists of this State? Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(2) Will the Premier confirm than in 1999-2000 the State Government received a petroleum royalty windfall of more than $167m? (3) Will also confirm that the budget receives the immediate benefit of any windfall and that the full effect of the claimed grants commission clawback would only eventuate over seven years? (4) Will the Premier commit to returning some of the windfall gain to the motorists of this State? Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(3) Will also confirm that the budget receives the immediate benefit of any windfall and that the full effect of the claimed grants commission clawback would only eventuate over seven years? (4) Will the Premier commit to returning some of the windfall gain to the motorists of this State? Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(4) Will the Premier commit to returning some of the windfall gain to the motorists of this State? Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr COURT replied: (1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
(1)-(4) The member knows that the budgets are four-year, rolling budgets. I will give the member the statistics in relation to the oil royalties. A $1 increase in the price of a barrel of oil across the year will give the Government $17m over the full year. In present net value terms, approximately 80 per cent is effectively redistributed to the other States through the grants commission process. Some $13.6m of each $17m goes to the other States. Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr Ripper interjected. Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr COURT: The member is right; the money immediately comes in. The more money the Government receives from royalties - this has happened for eight years - the less money it receives from the grants commission. That is why for every year the Government has brought down a budget, it has had cuts from the Grants Commission. This year, the Government has budgeted for the price of oil to be $22 or $23 a barrel. The previous year oil was budgeted at a certain price and it came in below that. In that year it went down to nearly $10 a barrel. Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr Ripper: Did we get something back from the Grants Commission for that? Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr COURT: No, I am telling the member that when calculating the budget, some things go up and some go down. For example, early in this current budget there are signs that stamp duty on some of the housing transactions will be significantly down. Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr Carpenter: Why is that? Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
Mr COURT: There was a lot of activity prior to the goods and services tax. A normal budget has ups and downs. In answer to the member’s question, immediately the money comes in, there may be some very good cash figures. Will the Opposition give the Government a tick if there are good cash figures in the budget at the end of the year? The answer is no; it will explain it by saying that the Government has a lot of cash in the bank for whatever reason. Members opposite are right: Every year the budget has ups and downs and that is why we have accrual budgeting.
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