❓ Dr. Thomas questions the Treasurer on iron ore price predictions and royalty revenue, referencing a previous statement about the unlikelihood of a sustained $90/tonne price. The Treasurer's response directs the questioner to publicly available documents and criticises the previous government's forecasting.
AnsweredQoN 1556Legislative Council
QuestionView source ↗
GST DISTRIBUTION — IRON ORE PRICE
1556. Hon Dr STEVE THOMAS to the minister representing the Treasurer:
I
refer to my question without notice 13 on 12 February 2019 in which the member's
answer included the following —
A scenario where the average price of
iron ore remains at $90 a tonne has not been modelled, as this assumption is
highly unrealistic.
(1) What was the average iron ore
price for each financial year from 2019–20 to 2022–23
inclusive?
(2) What is Treasury's
latest average estimated iron ore price for 2023–24?
(3) What was the
actual iron ore royalty revenue for each financial year from 2019–20 to
2022–23 inclusive?
(4) For how many days since 12
February 2019 has the iron ore spot price been under $US90 a tonne?
1556. Hon Dr STEVE THOMAS to the minister representing the Treasurer:
I
refer to my question without notice 13 on 12 February 2019 in which the member's
answer included the following —
A scenario where the average price of
iron ore remains at $90 a tonne has not been modelled, as this assumption is
highly unrealistic.
(1) What was the average iron ore
price for each financial year from 2019–20 to 2022–23
inclusive?
(2) What is Treasury's
latest average estimated iron ore price for 2023–24?
(3) What was the
actual iron ore royalty revenue for each financial year from 2019–20 to
2022–23 inclusive?
(4) For how many days since 12
February 2019 has the iron ore spot price been under $US90 a tonne?
AnswerView source ↗
I thank the Leader of the
Opposition for some notice of the question.
(1) The average
annual iron ore price is published in the state budget, the Annual report on
state finances and the Government mid-year financial projections
statement .
(2) Treasury updates its iron ore price biannually as
part of the state budget and Government mid-year financial projections statement .
(3) Annual iron ore royalty revenue actuals are
published in the state budget, the Annual report on state finances and the Government mid-year financial projections statement .
(4) The iron ore spot price has
been under $US90 a tonne for 170 days since 12 February 2019.
The government conservatively
forecasts the iron ore price due to its inherent volatility. This approach is in contrast to the previous Liberal–National
government, which did not account for this volatility, resulting in very
large debt and deficits.
Opposition for some notice of the question.
(1) The average
annual iron ore price is published in the state budget, the Annual report on
state finances and the Government mid-year financial projections
statement .
(2) Treasury updates its iron ore price biannually as
part of the state budget and Government mid-year financial projections statement .
(3) Annual iron ore royalty revenue actuals are
published in the state budget, the Annual report on state finances and the Government mid-year financial projections statement .
(4) The iron ore spot price has
been under $US90 a tonne for 170 days since 12 February 2019.
The government conservatively
forecasts the iron ore price due to its inherent volatility. This approach is in contrast to the previous Liberal–National
government, which did not account for this volatility, resulting in very
large debt and deficits.
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