❓ Mr. Wyatt questions the Treasurer about the impact of improved economic growth on deferred tax measures (transfer duty and payroll tax) outlined in the Mid-year Review, specifically regarding revenue impact and continuation of deferrals. The Treasurer confirms the deferrals remain unchanged and revenue is allocated across all government services.
AnsweredQoN 3342Legislative Assembly
QuestionView source ↗
In light of the improved growth in Western Australia in the Treasurer’s State Budget, and the deferral of tax measures in the Mid-year Review worth $511 million, I ask:
(a) what are the changes in the growth assumptions for Western Australia between the cut-off date for the 2009–2010 Mid-year Review and now;
(b) given the timeframe and the changes to the growth assumption in (a), what will each of the two deferrals on transfer duty and payroll tax now be worth as additional revenue; and
(c) will the Treasurer continue the deferral of these two tax measures; and
(i) if no, where will this additional revenue be spent?
(a) what are the changes in the growth assumptions for Western Australia between the cut-off date for the 2009–2010 Mid-year Review and now;
(b) given the timeframe and the changes to the growth assumption in (a), what will each of the two deferrals on transfer duty and payroll tax now be worth as additional revenue; and
(c) will the Treasurer continue the deferral of these two tax measures; and
(i) if no, where will this additional revenue be spent?
AnswerView source ↗
Answered
10 August 2010
Response time
48 days
(a) The growth assumptions in the 2010?11 Budget are more optimistic than those in the 2009?10 mid?year review.
The assumptions are detailed in Table 1 on Page 3 of 2010?11 Budget Paper 3: Economic and Fiscal Outlook. A key driver of the revisions to the economic growth assumptions since the mid?year review was the availability of more up?to?date data in the form of the release of 2008?09 Gross State Product data by the Australian Bureau of Statistics. This data was released on 22 December 2009 (after the 30 November 2009 mid?year review cut?off date).
For comparison, the economic assumptions made for the mid?year review are detailed in Table 3 on Page 5 of the 2009?10 Government Mid-year Financial Projections Statement.
(b) The revenue impact of deferring these measures were fully identified and accounted for in the 2009?10 Government Mid?year Financial Projections Statement (a four year impact to 2012?13 of $355 million for the deferral of the abolition of duty on non?real property and $156 million for the deferral of payroll tax harmonisation of grouping provisions). These estimates are not remodelled each time new economic forecasts are presented.
(c) The deferral of these measures remains unchanged.
i) Revenue from these and other sources are allocated across the delivery of all government services and initiatives, including infrastructure delivery. It is not allocated to specific spending.
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The assumptions are detailed in Table 1 on Page 3 of 2010?11 Budget Paper 3: Economic and Fiscal Outlook. A key driver of the revisions to the economic growth assumptions since the mid?year review was the availability of more up?to?date data in the form of the release of 2008?09 Gross State Product data by the Australian Bureau of Statistics. This data was released on 22 December 2009 (after the 30 November 2009 mid?year review cut?off date).
For comparison, the economic assumptions made for the mid?year review are detailed in Table 3 on Page 5 of the 2009?10 Government Mid-year Financial Projections Statement.
(b) The revenue impact of deferring these measures were fully identified and accounted for in the 2009?10 Government Mid?year Financial Projections Statement (a four year impact to 2012?13 of $355 million for the deferral of the abolition of duty on non?real property and $156 million for the deferral of payroll tax harmonisation of grouping provisions). These estimates are not remodelled each time new economic forecasts are presented.
(c) The deferral of these measures remains unchanged.
i) Revenue from these and other sources are allocated across the delivery of all government services and initiatives, including infrastructure delivery. It is not allocated to specific spending.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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