❓ Hon Neil Thomson questions the Department of Planning, Lands and Heritage regarding the management of contingent liabilities related to Indigenous Land Use Agreements (ILUAs) and their impact on the state's balance sheet and net debt. The Minister responds that contingent liabilities are not booked as provisions and are transparently reported.
AnsweredQoN 1120Legislative Council
QuestionView source ↗
Native title—Indigenous land use agreements—Contingent
liabilities
1120. Hon Neil Thomson to
the parliamentary secretary representing the Minister for Planning and Lands:
I refer to the annual
report of the Department of Planning, Lands and Heritage. Page 147 includes
comments on contingent liabilities under the headings "South West Native
Title Settlement", "The Tjiwarl Palyakuwa ILUA", "The
Kariyarra and State ILUA" and "Wilinggin ILUA", which are each
accompanied by the comment:
Due to insufficient information regarding
land selection, the land transfer timeframe and the market value of the remaining
lands … it is not feasible to be quantified as a provision.
(1) Has the department sought advice from Treasury
regarding the management of contingent liabilities?
(2) Has Treasury made any provision at all for
balance sheet impacts of these agreements and impact on net debt of the state?
(3) If yes to (2), what is the total expected
balance sheet impact?
(4) If no to (2), has Treasury advised ratings
agencies of the potential additional liabilities and net debt adjustment?
liabilities
1120. Hon Neil Thomson to
the parliamentary secretary representing the Minister for Planning and Lands:
I refer to the annual
report of the Department of Planning, Lands and Heritage. Page 147 includes
comments on contingent liabilities under the headings "South West Native
Title Settlement", "The Tjiwarl Palyakuwa ILUA", "The
Kariyarra and State ILUA" and "Wilinggin ILUA", which are each
accompanied by the comment:
Due to insufficient information regarding
land selection, the land transfer timeframe and the market value of the remaining
lands … it is not feasible to be quantified as a provision.
(1) Has the department sought advice from Treasury
regarding the management of contingent liabilities?
(2) Has Treasury made any provision at all for
balance sheet impacts of these agreements and impact on net debt of the state?
(3) If yes to (2), what is the total expected
balance sheet impact?
(4) If no to (2), has Treasury advised ratings
agencies of the potential additional liabilities and net debt adjustment?
AnswerView source ↗
I thank the
honourable member for some notice of the question. I provide the following on
behalf of the Minister for Planning and Lands.
(1)–(2) A contingent liability by
definition is not "booked" as a provision on the balance sheet and has
no impact on the state's balance sheet liabilities or the final net debt figure
reported in the Annual Report on State Finances .
The 2024–25 Annual Report on State Finances reflects this
position.
(3) Not applicable.
(4) Contingent liabilities in relation to native
title settlements are transparently reported in both the budget papers and the Annual Report on State Finances . The credit
rating agencies review these documents including contingent liabilities as part
of their annual credit assessment.
honourable member for some notice of the question. I provide the following on
behalf of the Minister for Planning and Lands.
(1)–(2) A contingent liability by
definition is not "booked" as a provision on the balance sheet and has
no impact on the state's balance sheet liabilities or the final net debt figure
reported in the Annual Report on State Finances .
The 2024–25 Annual Report on State Finances reflects this
position.
(3) Not applicable.
(4) Contingent liabilities in relation to native
title settlements are transparently reported in both the budget papers and the Annual Report on State Finances . The credit
rating agencies review these documents including contingent liabilities as part
of their annual credit assessment.
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