❓ Ms. Saffioti questions the Treasurer about the inclusion of Perth Stadium's monthly service payments in the state budget. The Treasurer confirms its inclusion, explaining the accounting treatment due to the public-private partnership.
AnsweredQoN 472Legislative Assembly
QuestionView source ↗
PERTH STADIUM — DESIGN, BUILD, FINANCE AND
MAINTAIN CONTRACT
472. Ms R. SAFFIOTI to the Treasurer:
I refer to the design, build,
finance and maintain contract for the Perth Stadium and the monthly service
payments that are due to commence to be paid by the government in early 2018.
(1) What is the expected monthly
payment?
(2) Why are these payments not
included in the state budget?
MAINTAIN CONTRACT
472. Ms R. SAFFIOTI to the Treasurer:
I refer to the design, build,
finance and maintain contract for the Perth Stadium and the monthly service
payments that are due to commence to be paid by the government in early 2018.
(1) What is the expected monthly
payment?
(2) Why are these payments not
included in the state budget?
AnswerView source ↗
(1)–(2) It is included in the state budget.
Ms R. Saffioti :
How much is it each month?
The SPEAKER : You
asked a question. Just let the Treasurer answer.
Several members interjected.
The SPEAKER :
Members!
Dr M.D. NAHAN : The
stadium is fully disclosed in the budget—and accurately so. It is
complicated and the members opposite have used that complicated nature. It is
largely complicated because of the way that we have to treat the accounting
with transfers firstly with the agreement to the public–private
partnership, and secondly with the maintenance issues. Members opposite have
exploited that to the hilt. The contract is in net present value terms and it
is fully costed in the budget. It is therefore capitalised in the budget in
expenditure. After that, that will eventually be paid for as a monthly payment.
Nonetheless, the full, net present value of those monthly payments over the
period of the 25 years is fully costed in the budget. If we were to include an
additional monthly payment into the budget, we would be doubling the payment.
So, it is included in the budget. It is fully capitalised in terms of net
present value in the costing of the budget.
Ms R. Saffioti :
How much is it each month?
The SPEAKER : You
asked a question. Just let the Treasurer answer.
Several members interjected.
The SPEAKER :
Members!
Dr M.D. NAHAN : The
stadium is fully disclosed in the budget—and accurately so. It is
complicated and the members opposite have used that complicated nature. It is
largely complicated because of the way that we have to treat the accounting
with transfers firstly with the agreement to the public–private
partnership, and secondly with the maintenance issues. Members opposite have
exploited that to the hilt. The contract is in net present value terms and it
is fully costed in the budget. It is therefore capitalised in the budget in
expenditure. After that, that will eventually be paid for as a monthly payment.
Nonetheless, the full, net present value of those monthly payments over the
period of the 25 years is fully costed in the budget. If we were to include an
additional monthly payment into the budget, we would be doubling the payment.
So, it is included in the budget. It is fully capitalised in terms of net
present value in the costing of the budget.
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