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the look of love

4 October, 2012

There is an interesting history between the Member for Vasse and the Member for Belmont, as seen through several exchanges featured here over the last six years; see, for instance, ‘A bit too excited about the budget‘, ‘This year’s models‘, ‘A bit too excited about the budget (no. 2)‘, and ‘embraceable you‘.

Mr E.S. RIPPER: I see that the purpose of the act is to provide for the accumulation of a portion of the revenue from the state’s mineral resources. Given that we have the goods and services tax effect whereby our GST is reduced as a result of our receipt of mineral royalties, can the Treasurer give us the latest Treasury calculations for the net retention of mineral revenue the state enjoys? This calculation varies from time to time due to price impacts, but I would like to know the latest calculation of the net retention of mineral royalties revenue, given the reduction in GST share.

Mr T.R. BUSWELL: My understanding is that the net retention—let me look at it from the other side: we lose about 70 per cent over a three to five-year time frame. As the member will recall from his time in my position—I have new glasses and I am in a real pickle because I cannot see the member, but if I put them on I cannot read that, so I am going to have to go back and —

Mr E.S. Ripper: I suggest you read your briefing notes —

Mr T.R. BUSWELL: No, I can read my briefing notes, but I do like looking at the member for Belmont!

Mr E.S. Ripper: That’s disturbing!

Mr T.R. BUSWELL: Not for me!

Subject: Western Australian Future Fund Bill 2012 [Legislative Assembly – Consideration in Detail]

Date: 26 September 2012

Hansard reference: p. 6607 [online (pdf)]


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