❓ Mr. Murray questions the Premier's valuation of the TAB for privatisation, contrasting it with Treasury estimates. The Premier defends his higher valuation, citing market conditions and sale terms.
AnsweredQoN 263Legislative Assembly
QuestionView source ↗
TAB — PRIVATISATION
263. Mr M.P. MURRAY to the
Premier:
I refer to the Premier's comments in Parliament on 25
February about the potential benefits associated with privatising the TAB.
(1) Why did
the Premier say that the value of the TAB was approximately $1 billion when
Treasury estimates that it is worth approximately $200 million?
(2) If a new
facility is built for racing, how much of the $200 million return from the sale
of the TAB will be left to reduce debt?
263. Mr M.P. MURRAY to the
Premier:
I refer to the Premier's comments in Parliament on 25
February about the potential benefits associated with privatising the TAB.
(1) Why did
the Premier say that the value of the TAB was approximately $1 billion when
Treasury estimates that it is worth approximately $200 million?
(2) If a new
facility is built for racing, how much of the $200 million return from the sale
of the TAB will be left to reduce debt?
AnswerView source ↗
(1)–(2)
The last privatisation of the TAB was in the ACT, and I think it went for $140
million or $170 million—it was something of that order, in any case; I
think it was $140 million. The ACT privatised its TAB either late last year or
early this year and it got $140 million for it. I would think that the Western
Australian TAB is worth substantially above that amount.
Mr W.J. Johnston interjected.
The SPEAKER :
Member for Cannington!
Several members interjected.
The SPEAKER :
Members!
Mr C.J. BARNETT :
The ultimate price that we would get for the TAB would depend not only on the
market it serves—Western Australia is a growing market and a fairly
high betting one—but also on the terms and conditions attached to that
sale. That is the critical element and members opposite do not understand that
it is the terms and conditions that determine the value. I suggest that the TAB
is worth far more than $200 million.
The last privatisation of the TAB was in the ACT, and I think it went for $140
million or $170 million—it was something of that order, in any case; I
think it was $140 million. The ACT privatised its TAB either late last year or
early this year and it got $140 million for it. I would think that the Western
Australian TAB is worth substantially above that amount.
Mr W.J. Johnston interjected.
The SPEAKER :
Member for Cannington!
Several members interjected.
The SPEAKER :
Members!
Mr C.J. BARNETT :
The ultimate price that we would get for the TAB would depend not only on the
market it serves—Western Australia is a growing market and a fairly
high betting one—but also on the terms and conditions attached to that
sale. That is the critical element and members opposite do not understand that
it is the terms and conditions that determine the value. I suggest that the TAB
is worth far more than $200 million.
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