❓ Mr. Buswell asks the Treasurer about the Gross State Product (GSP) values used in the 2005-2006 Annual Report on State Finances, specifically how they were calculated and sourced. The Treasurer provides the GSP values and explains the calculation methods, referencing the Australian Bureau of Statistics (ABS) and budget forecasts.
AnsweredQoN 1621Legislative Assembly
QuestionView source ↗
I refer to Figure 5 on page 27 of the 2005-2006 Annual Report on State Finances and ask –
(1) What was the value of Gross State Product (GSP) used to determine General Government Taxation Revenue as a share of GSP?
(2) How was this value calculated and from where was the relevant data sourced?
(1) What was the value of Gross State Product (GSP) used to determine General Government Taxation Revenue as a share of GSP?
(2) How was this value calculated and from where was the relevant data sourced?
AnswerView source ↗
Answered
28 February 2007
Response time
99 days
The values used in calculating the actual weighted average tax to GSP ratio for the other States were $761.9 billion in 2004?05, $790.2 billion for the 2005-06 Budget time estimate for 2005-06, and $815.0 billion for the (estimated) actual in 2005?06. (2) These values are nominal values of GSP. The values for 2004-05 are those published by the Australian Bureau of Statistics (ABS) in November 2005 - Table 3, ABS publication 5220 "Australian National Accounts: State Accounts". For Western Australia, the value of GSP used in projecting the tax to GSP ratio at the time of the 2005-06 Budget was based on the published estimate for GSP in 2003-04 (the latest available estimate at the time), escalated by projected growth in both real GSP and the GSP implicit price deflator in both 2004-05 and 2005-06. Projected growth rates for these parameters were published in the 2005-06 Budget. For Western Australia, the value of GSP used in estimating the actual tax to GSP ratio for 2005-06 was based on the nominal value for 2004?05 published by the ABS, escalated by the 2006-07 Budget forecasts for growth in both real GSP (4.75% in 2005?06) and the GSP implicit price deflator (8.0%).
(2) These values are nominal values of GSP. The values for 2004-05 are those published by the Australian Bureau of Statistics (ABS) in November 2005 - Table 3, ABS publication 5220 "Australian National Accounts: State Accounts". For Western Australia, the value of GSP used in projecting the tax to GSP ratio at the time of the 2005-06 Budget was based on the published estimate for GSP in 2003-04 (the latest available estimate at the time), escalated by projected growth in both real GSP and the GSP implicit price deflator in both 2004-05 and 2005-06. Projected growth rates for these parameters were published in the 2005-06 Budget. For Western Australia, the value of GSP used in estimating the actual tax to GSP ratio for 2005-06 was based on the nominal value for 2004?05 published by the ABS, escalated by the 2006-07 Budget forecasts for growth in both real GSP (4.75% in 2005?06) and the GSP implicit price deflator (8.0%).
For Western Australia, the value of GSP used in projecting the tax to GSP ratio at the time of the 2005-06 Budget was based on the published estimate for GSP in 2003-04 (the latest available estimate at the time), escalated by projected growth in both real GSP and the GSP implicit price deflator in both 2004-05 and 2005-06. Projected growth rates for these parameters were published in the 2005-06 Budget. For Western Australia, the value of GSP used in estimating the actual tax to GSP ratio for 2005-06 was based on the nominal value for 2004?05 published by the ABS, escalated by the 2006-07 Budget forecasts for growth in both real GSP (4.75% in 2005?06) and the GSP implicit price deflator (8.0%).
For Western Australia, the value of GSP used in estimating the actual tax to GSP ratio for 2005-06 was based on the nominal value for 2004?05 published by the ABS, escalated by the 2006-07 Budget forecasts for growth in both real GSP (4.75% in 2005?06) and the GSP implicit price deflator (8.0%).
(2) These values are nominal values of GSP. The values for 2004-05 are those published by the Australian Bureau of Statistics (ABS) in November 2005 - Table 3, ABS publication 5220 "Australian National Accounts: State Accounts". For Western Australia, the value of GSP used in projecting the tax to GSP ratio at the time of the 2005-06 Budget was based on the published estimate for GSP in 2003-04 (the latest available estimate at the time), escalated by projected growth in both real GSP and the GSP implicit price deflator in both 2004-05 and 2005-06. Projected growth rates for these parameters were published in the 2005-06 Budget. For Western Australia, the value of GSP used in estimating the actual tax to GSP ratio for 2005-06 was based on the nominal value for 2004?05 published by the ABS, escalated by the 2006-07 Budget forecasts for growth in both real GSP (4.75% in 2005?06) and the GSP implicit price deflator (8.0%).
For Western Australia, the value of GSP used in projecting the tax to GSP ratio at the time of the 2005-06 Budget was based on the published estimate for GSP in 2003-04 (the latest available estimate at the time), escalated by projected growth in both real GSP and the GSP implicit price deflator in both 2004-05 and 2005-06. Projected growth rates for these parameters were published in the 2005-06 Budget. For Western Australia, the value of GSP used in estimating the actual tax to GSP ratio for 2005-06 was based on the nominal value for 2004?05 published by the ABS, escalated by the 2006-07 Budget forecasts for growth in both real GSP (4.75% in 2005?06) and the GSP implicit price deflator (8.0%).
For Western Australia, the value of GSP used in estimating the actual tax to GSP ratio for 2005-06 was based on the nominal value for 2004?05 published by the ABS, escalated by the 2006-07 Budget forecasts for growth in both real GSP (4.75% in 2005?06) and the GSP implicit price deflator (8.0%).
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