❓ Hon Dr Steve Thomas questions the Minister representing the Treasurer regarding iron ore prices and royalty revenue for the 2020-21 financial year, seeking clarification on revenue predictions given the iron ore price boom. The Treasurer provides specific price and revenue figures but avoids a definitive answer on exceeding predicted revenue.
AnsweredQoN 359Legislative Council
QuestionView source ↗
IRON ORE ROYALTY REVENUE
359. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to the 2019–2021
boom in iron ore prices.
(1) What is the current spot price
of iron ore as measured by Treasury?
(2) What has been the average iron
ore price to date for the 2020–21 financial year?
(3) What was the average iron ore
price for the month of May 2021?
(4) What has been the total iron ore
royalty revenue to date for the 2020–21 financial year?
(5) Is the prospect of the government receiving more iron ore revenues in the 2020–21 financial year than the $10.734 billion as predicted on page 21 of the March 2021 quarterly
report ''highly unrealistic'' or ''plausible''?
359. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to the 2019–2021
boom in iron ore prices.
(1) What is the current spot price
of iron ore as measured by Treasury?
(2) What has been the average iron
ore price to date for the 2020–21 financial year?
(3) What was the average iron ore
price for the month of May 2021?
(4) What has been the total iron ore
royalty revenue to date for the 2020–21 financial year?
(5) Is the prospect of the government receiving more iron ore revenues in the 2020–21 financial year than the $10.734 billion as predicted on page 21 of the March 2021 quarterly
report ''highly unrealistic'' or ''plausible''?
AnswerView source ↗
I thank the Leader of the Opposition
for some notice of the question. The following answer has been provided to me
by the Treasurer.
(1) The price is $US216.20.
(2) The 2020–21 average has
been $US152.30.
(3) The May average was $US207.72.
(4) Up until the end of the March
quarter 2021, it was $7.616 billion.
(5) A wide range
of outcomes is plausible given the volatility in iron ore prices. Royalty
collections for the 2020–21 financial year will be provided in the Annual report on state finances in September.
for some notice of the question. The following answer has been provided to me
by the Treasurer.
(1) The price is $US216.20.
(2) The 2020–21 average has
been $US152.30.
(3) The May average was $US207.72.
(4) Up until the end of the March
quarter 2021, it was $7.616 billion.
(5) A wide range
of outcomes is plausible given the volatility in iron ore prices. Royalty
collections for the 2020–21 financial year will be provided in the Annual report on state finances in September.
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