❓ Hon. Darren West questions the Treasurer regarding a $1.5 billion royalty revenue writedown and its impact on GST revenue, specifically seeking clarification on Treasury's calculations and the reasons for the significant GST reduction. The Treasurer confirms the royalty writedown was considered and provides reasons for the GST reduction.
AnsweredQoN 154Legislative Council
QuestionView source ↗
STATE
FINANCES — REVENUE WRITEDOWN
154. Hon DARREN WEST to the
minister representing the Treasurer:
I refer to the Treasurer's claim of a $1.5 billion
writedown of royalty revenue over the forward estimates and a corresponding
reduction of $600 million in goods and services tax revenue.
(1) Did
Treasury take into consideration the $1.5 billion writedown in calculating the
$600 million GST writedown?
(2) If yes to (1),
what were the reasons for the significant writedown in GST revenue?
FINANCES — REVENUE WRITEDOWN
154. Hon DARREN WEST to the
minister representing the Treasurer:
I refer to the Treasurer's claim of a $1.5 billion
writedown of royalty revenue over the forward estimates and a corresponding
reduction of $600 million in goods and services tax revenue.
(1) Did
Treasury take into consideration the $1.5 billion writedown in calculating the
$600 million GST writedown?
(2) If yes to (1),
what were the reasons for the significant writedown in GST revenue?
AnswerView source ↗
I thank the
member for some notice of this question.
(1) Yes.
(2) The reasons
are: the Commonwealth Grants Commission 2013 update, revisions to the national
GST pool and other commonwealth budget revisions, movements in royalty
estimates, and an assumption that the CGC will change the treatment of iron ore
fines in its mining revenue assessment.
member for some notice of this question.
(1) Yes.
(2) The reasons
are: the Commonwealth Grants Commission 2013 update, revisions to the national
GST pool and other commonwealth budget revisions, movements in royalty
estimates, and an assumption that the CGC will change the treatment of iron ore
fines in its mining revenue assessment.
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