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Monday, 7 November 2005
Page: 172


Mr Bowen asked the Treasurer, in writing, on 14 September 2005:

(1)   Why do the budget papers not disclose oil price assumptions.

(2)   What is the assumed oil price in US$ per barrel for (a) 2005-2006, (b) 2006-2007, (c) 2007-2008, and (d) 2008-2009.

(3)   Has the Government revised the assumed oil price for 2005-2006 based on actual prices this financial year; if not, when will the assumptions be revised.

(4)   When will the Government publish revised assumptions on the oil price for 2005-2006.

(5)   What additional revenue above the budget estimates will the Commonwealth receive from the petroleum resource rent tax as a result of higher than anticipated oil prices in 2005-2006.

(6)   Within the estimated aggregate GST collections for 2005-2006, what sum was estimated to be collected on (a) petrol and (b) diesel.

(7)   What additional GST above the budget estimates will be collected as a result of higher than anticipated oil and petroleum product prices in 2005-2006.

(8)   What additional revenue above the budget estimates will the Commonwealth receive from the crude oil levy as a result of higher than anticipated oil prices in 2005-2006.

(9)   What sum in GST revenue has been derived from applying the GST to the fuel excise component of (a) petrol and (b) diesel for (i) 2000-2001, (ii) 2001-2002, (iii) 2002-2003, (iv) 2003-2004, and (v) 2004-2005.


Mr Costello (Treasurer) —The answer to the honourable member’s questions is as follows:

(1)   The Government’s assumption about the oil price is set out on page 3-14 of 2005-06 Budget Paper No. 1.

(2)   See answer to (1)

(3)   and (4) The Mid-Year Economic and Fiscal Outlook 2005-06 will contain updated information on the oil price assumption.

(5)   The Government’s revenue estimates will be updated in the Mid-Year Economic and Fiscal Outlook 2005-06.

(6)   Estimates of GST revenue are based on expected movements in the total GST tax base without regard to movements within the GST tax base. While individual components that are subject to the GST are part of this assessment, their contributions to GST revenue are not calculated individually.

(7)   See the answer to part (5). In general, increases in expenditure by households on fuel are expected to be offset by reduced expenditure on other goods and services that are subject to the GST.

(8)   See the answer to part (5).

(9)   See the answer to part (6).