❓ A WA parliamentary question seeks clarification on the revaluation of assets, specifically land and road infrastructure, as outlined in the 2009-10 budget. The Treasurer provides details on the assets involved, the valuation process, and the agencies responsible.
AnsweredQoN 759Legislative Council
QuestionView source ↗
I refer to page 191 of the, Economic and Fiscal Outlook in the 2009-10 Budget, and the assumptions for `revaluations' rising $1 412 million in 2008-09 and $94 million in 2009-10, and I ask -
(1) Which assets are contained in the revaluation estimates?
(2) Which assets have been valued upwards in 2008-09, and which assets are projected to be valued upwards in, -
(a) 2009-10;
(b) 2010-11;
(c) 2011-12; and
(d) 2012-13?
(3) Who conducts the valuation process?
(1) Which assets are contained in the revaluation estimates?
(2) Which assets have been valued upwards in 2008-09, and which assets are projected to be valued upwards in, -
(a) 2009-10;
(b) 2010-11;
(c) 2011-12; and
(d) 2012-13?
(3) Who conducts the valuation process?
AnswerView source ↗
Answered
25 June 2009
Responded by
Parliamentary Secretary representing the Treasurer
Response time
36 days
(1) Revaluations predominantly relate to land assets and road infrastructure assets (comprising earthworks, pavements, structures and electrical assets). These revaluations are not part of the net operating balance and do not impact estimates of the surplus, net debt or net financial liabilities.
(2a - d)
Upward movements in each year reflect revaluations of land and road infrastructure assets. The Commissioner for Main Roads carries significant road infrastructure assets. As in previous years, the road infrastructure assets are to be revalued at the end of 2008-09 and each subsequent year, in accordance with Australian Accounting Standards. Other public sector agencies more generally are responsible for significant parcels of land as part of their controlled assets. The State also holds substantial Crown land assets which are revalued regularly by the Valuer General's Office (VGO).
(3) The financial estimates of Main Roads published in the Budget Statements (Budget Paper No. 2) include the future revaluation estimates for road?related infrastructure, which are based on the average annual movement in the Australian Bureau of Statistics'
Road and Bridge Construction Index
over a 4 year period.
The Department of Treasury and Finance (DTF) estimates the assumed land revaluation parameters in the consolidated budget estimates for all other land holdings (including Crown land), based on long term historical valuation trends, VGO land valuation data and DTF estimates used in the compilation of land tax projections.
In final outturn results, these estimates are replaced by formal valuations carried out by agencies, the VGO and other valuers for annual reporting purposes.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
(2a - d)
Upward movements in each year reflect revaluations of land and road infrastructure assets. The Commissioner for Main Roads carries significant road infrastructure assets. As in previous years, the road infrastructure assets are to be revalued at the end of 2008-09 and each subsequent year, in accordance with Australian Accounting Standards. Other public sector agencies more generally are responsible for significant parcels of land as part of their controlled assets. The State also holds substantial Crown land assets which are revalued regularly by the Valuer General's Office (VGO).
(3) The financial estimates of Main Roads published in the Budget Statements (Budget Paper No. 2) include the future revaluation estimates for road?related infrastructure, which are based on the average annual movement in the Australian Bureau of Statistics'
Road and Bridge Construction Index
over a 4 year period.
The Department of Treasury and Finance (DTF) estimates the assumed land revaluation parameters in the consolidated budget estimates for all other land holdings (including Crown land), based on long term historical valuation trends, VGO land valuation data and DTF estimates used in the compilation of land tax projections.
In final outturn results, these estimates are replaced by formal valuations carried out by agencies, the VGO and other valuers for annual reporting purposes.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
Explore WA Government Data
Search the full archive in the free dashboard, or query programmatically via API.
Explore more
Government Gazette
Appointments, regulatory notices, planning changes.
Hansard
Debates, questions, speeches and sentiment.
Tabled Papers
Reports and documents tabled in Parliament.
Committees
Committee profiles and recent reports.
Regulations
Subsidiary legislation with filters and summaries.
Bills
Proposed laws and parliamentary progress.
Acts
Current WA legislation and summaries.
Explanatory Memoranda
Bills with EMs (text/PDF) available.
Members
MP profiles, party breakdown and rankings.
Pollie Rankings
Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.