❓ Hon Peter Collier, on behalf of Hon Dr Steve Thomas, asks the Treasurer about iron ore prices, exchange rates, and royalty revenue for the 2019-20 financial year, comparing them to budget estimates. The Treasurer provides some data but refers to publicly available sources and previous reports.
AnsweredQoN 344Legislative Council
QuestionView source ↗
IRON ORE ROYALTY REVENUE
344. Hon PETER COLLIER to
the minister representing the Treasurer:
I ask this question on behalf of Hon
Dr Steve Thomas who is on urgent parliamentary business.
(1) What was the
average price of iron ore for the 2019–20 financial year to date and
how does that figure compare with the estimate in the 2019–20 state
budget released in May 2019?
(2) What has been
the average US dollar to Australian dollar exchange rate over the 2019–20
financial year to date and how does that figure compare with the estimate in
the 2019–20 state budget that was released in May 2019?
(3) How much iron
ore royalty revenue has the state received in the 2019–20 financial
year to date?
(4) What has been
the economic impact of the higher than budgeted iron ore price and lower than
budgeted exchange rate on the iron ore royalties received in 2019–20 to
date?
344. Hon PETER COLLIER to
the minister representing the Treasurer:
I ask this question on behalf of Hon
Dr Steve Thomas who is on urgent parliamentary business.
(1) What was the
average price of iron ore for the 2019–20 financial year to date and
how does that figure compare with the estimate in the 2019–20 state
budget released in May 2019?
(2) What has been
the average US dollar to Australian dollar exchange rate over the 2019–20
financial year to date and how does that figure compare with the estimate in
the 2019–20 state budget that was released in May 2019?
(3) How much iron
ore royalty revenue has the state received in the 2019–20 financial
year to date?
(4) What has been
the economic impact of the higher than budgeted iron ore price and lower than
budgeted exchange rate on the iron ore royalties received in 2019–20 to
date?
AnswerView source ↗
I thank Hon Dr Steve Thomas for some
notice of the question.
(1)–(2) In
line with previous responses provided to the honourable member, the daily iron
ore spot price and exchange rate data is readily available from various
publications. Today's iron ore spot price is $US85.50 and the United States
dollar to Australian dollar exchange rate is US63.84�.
(3) The most
recent 2019–20 Quarterly Financial Results Report published in
February 2020 indicates that iron ore royalties totalled $3.8 billion for the
six months to 31 December 2019.
(4) The main
economic impact of higher iron ore prices and the lower exchange rate is simply
a change in the value of Western Australian iron ore exports.
notice of the question.
(1)–(2) In
line with previous responses provided to the honourable member, the daily iron
ore spot price and exchange rate data is readily available from various
publications. Today's iron ore spot price is $US85.50 and the United States
dollar to Australian dollar exchange rate is US63.84�.
(3) The most
recent 2019–20 Quarterly Financial Results Report published in
February 2020 indicates that iron ore royalties totalled $3.8 billion for the
six months to 31 December 2019.
(4) The main
economic impact of higher iron ore prices and the lower exchange rate is simply
a change in the value of Western Australian iron ore exports.
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