❓ A WA parliamentary question seeks information on the performance of the Government Employees Superannuation Board (GESB), its impact on state liabilities, and public sector debt. The Treasurer provides details on fund performance, increased liabilities, and projected debt increases.
AnsweredQoN 425Legislative Council
QuestionView source ↗
GOVERNMENT EMPLOYEES SUPERANNUATION BOARD — PERFORMANCE
(1) Can the Treasurer inform the house of the year-to-date performance of the Government Employees Superannuation Board’s investments and the impact of that performance on its reserves? (2) Can the Treasurer inform the house of the implications of GESB’s performance for the state’s exposure in actual dollars to superannuation liabilities? (3) What will be the impact on total public sector debt? Hon BARRY HOUSE
(1) Can the Treasurer inform the house of the year-to-date performance of the Government Employees Superannuation Board’s investments and the impact of that performance on its reserves? (2) Can the Treasurer inform the house of the implications of GESB’s performance for the state’s exposure in actual dollars to superannuation liabilities? (3) What will be the impact on total public sector debt? Hon BARRY HOUSE
AnswerView source ↗
I thank the member for some notice of this question. (1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(2) Can the Treasurer inform the house of the implications of GESB’s performance for the state’s exposure in actual dollars to superannuation liabilities? (3) What will be the impact on total public sector debt? Hon BARRY HOUSE replied: I thank the member for some notice of this question. (1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(3) What will be the impact on total public sector debt? Hon BARRY HOUSE replied: I thank the member for some notice of this question. (1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
Hon BARRY HOUSE replied: I thank the member for some notice of this question. (1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
I thank the member for some notice of this question. (1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(2) Can the Treasurer inform the house of the implications of GESB’s performance for the state’s exposure in actual dollars to superannuation liabilities? (3) What will be the impact on total public sector debt? Hon BARRY HOUSE replied: I thank the member for some notice of this question. (1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(3) What will be the impact on total public sector debt? Hon BARRY HOUSE replied: I thank the member for some notice of this question. (1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
Hon BARRY HOUSE replied: I thank the member for some notice of this question. (1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
I thank the member for some notice of this question. (1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(1) At 5 May 2009 the performance of the fund stood at approximately minus 11.92 per cent year to date. This has had an impact on some reserves. However, other reserves have not been impacted on as they are held in cash. (2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(2) Funded superannuation liabilities are anticipated to increase due to higher than projected salary growth in the defined benefit schemes. The assets in the Government Employees Superannuation Fund backing these liabilities have declined as a result of financial market performance. The combined effect of these impacts is expected to be around $535 million over the life of the fund. (3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
(3) The impact of the deterioration on financial market performance will increase the appropriation payments and statutory authority employer contributions required to support defined benefit entitlements. Relative to the 2008-09 midyear review estimates, higher appropriations and employer contributions are projected to be in the order of $106 million in net debt terms by 30 June 2012, based on advice from GESB’s actuary.
Explore WA Government Data
Search the full archive in the free dashboard, or query programmatically via API.
Explore more
Government Gazette
Appointments, regulatory notices, planning changes.
Hansard
Debates, questions, speeches and sentiment.
Tabled Papers
Reports and documents tabled in Parliament.
Committees
Committee profiles and recent reports.
Regulations
Subsidiary legislation with filters and summaries.
Bills
Proposed laws and parliamentary progress.
Acts
Current WA legislation and summaries.
Explanatory Memoranda
Bills with EMs (text/PDF) available.
Members
MP profiles, party breakdown and rankings.
Pollie Rankings
Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.