❓ Hon Ken Travers questions the Treasurer regarding the inclusion of ICWA dividend revenue in the 2012-13 Mid-year Financial Projections Statement, arguing that the dividend didn't exist in legislation at the time. The Treasurer defends the inclusion, stating the policy decision was made prior to the review's cut-off date.
AnsweredQoN 839Legislative Council
QuestionView source ↗
I refer to the Treasurer’s answer to question without notice No. 60 in which he advised that the increased revenue resulting from the introduction of an Insurance Commission of Western Australia (ICWA) dividend was reflected in the corrective measures box on page 14 of the 2012-13 Government Mid-year Financial Projections Statement, and note that the only reference to dividends from public corporations in this reference relate to "implementation of revised dividend arrangements for a number of public corporations", and I ask: (a) can the Treasurer explain how this could possibly be construed as referring to the ICWA dividend when ICWA legislation did not provide for payment of a dividend; (b) does the Treasurer accept you cannot revise a dividend that does not exist; (c) does the Treasurer now accept that in the case of ICWA, it was the proposed implementation of a dividend and that this was never revealed in the mid-year review; and (d) will the Treasurer now concede that the need to have legislation passed was a risk to revenue that should have been listed under the statement of risks in the mid-year review?
AnswerView source ↗
Answered
8 April 2014
Responded by
Minister for Mental Health representing the Treasurer
Response time
28 days
(a) The Government made a policy decision to include dividend provisions in the
Insurance Commission of Western Australia Act 1986
prior to the cut-off date for the 2012-13 Mid-year Review. Therefore, the payment of a dividend was included in the 201213 Midyear Review estimates.
(b) Refer to (a).
(c) The increased revenue resulting from the proposed change in ICWA's dividend arrangements was reflected in the feature box on corrective measures starting on page 13 of the 2012-13 Mid-year Review.
(d) No. Not including the passage of legislation in the statement of risks is consistent with the treatment of previous revenue policy measures, whereby the expected revenue is included in the forward estimates once the policy decision has been made, and the passage of associated legislative amendments is implicitly assumed rather than being highlighted as a risk.
Insurance Commission of Western Australia Act 1986
prior to the cut-off date for the 2012-13 Mid-year Review. Therefore, the payment of a dividend was included in the 201213 Midyear Review estimates.
(b) Refer to (a).
(c) The increased revenue resulting from the proposed change in ICWA's dividend arrangements was reflected in the feature box on corrective measures starting on page 13 of the 2012-13 Mid-year Review.
(d) No. Not including the passage of legislation in the statement of risks is consistent with the treatment of previous revenue policy measures, whereby the expected revenue is included in the forward estimates once the policy decision has been made, and the passage of associated legislative amendments is implicitly assumed rather than being highlighted as a risk.
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