❓ Dr. Thomas questions the Treasurer on iron ore prices and royalty revenue, referencing the 2018-2021 boom. The Treasurer provides the current spot price, confirms receiving updates, and refers to previous reports for revenue figures and price predictions.
AnsweredQoN 169Legislative Council
QuestionView source ↗
GST DISTRIBUTION — IRON ORE PRICEIRON ORE ROYALTY
REVENUE
169. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to the 2018–19 to
2020–21 boom in iron ore royalties.
(1) What is the
current spot price of iron ore as measured by Treasury?
(2) Does the
Treasurer receive a nightly update on the iron ore price from Treasury to help
him sleep, as the previous Treasurer publicly acknowledged?
(3) What is the
total government royalty revenue to date for the 2020–21 financial
year?
(4) Is an iron
ore spot price above $US150 a tonne for the rest of 2021 highly unrealistic?
REVENUE
169. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to the 2018–19 to
2020–21 boom in iron ore royalties.
(1) What is the
current spot price of iron ore as measured by Treasury?
(2) Does the
Treasurer receive a nightly update on the iron ore price from Treasury to help
him sleep, as the previous Treasurer publicly acknowledged?
(3) What is the
total government royalty revenue to date for the 2020–21 financial
year?
(4) Is an iron
ore spot price above $US150 a tonne for the rest of 2021 highly unrealistic?
AnswerView source ↗
Again, I thank
the Leader of the Opposition for some notice of the question.
(1) The current
spot price is $US191.30.
(2) The Treasurer
receives an overnight update of the iron ore spot price.
(3) As stated in
the answer to Legislative Council question without notice 2 on 29 April 2021,
iron ore royalty income totalled $5.129 billion to 31 December 2020, as shown
in the latest December quarterly report. The actual for 2020–21 will be
published in the Annual report on state finances in September 2021.
(4) As stated in
the answer to Legislative Council question without notice 2 on 29 April 2021,
annual average prices are shown in the Annual report on state finances, which
is published each financial year. Iron ore prices are highly volatile. Given
this inherent volatility, the McGowan Labor government's budgets are
based on a prudent iron ore methodology.
the Leader of the Opposition for some notice of the question.
(1) The current
spot price is $US191.30.
(2) The Treasurer
receives an overnight update of the iron ore spot price.
(3) As stated in
the answer to Legislative Council question without notice 2 on 29 April 2021,
iron ore royalty income totalled $5.129 billion to 31 December 2020, as shown
in the latest December quarterly report. The actual for 2020–21 will be
published in the Annual report on state finances in September 2021.
(4) As stated in
the answer to Legislative Council question without notice 2 on 29 April 2021,
annual average prices are shown in the Annual report on state finances, which
is published each financial year. Iron ore prices are highly volatile. Given
this inherent volatility, the McGowan Labor government's budgets are
based on a prudent iron ore methodology.
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