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Tuesday, 10 October 1972
Page: 2350


Mr Whitlam asked the Treasurer, upon notice:

(1)   What payments will the Commonwealth receive this year (a) from the Snowy Mountains

 

 

 

 

 

 

 

 

 

scheme and (b) in respect of each other hydroelectric and water project for which it has made loans.

(2)   In the case of incomplete projects, when will each project be completed, what annual payments will the Commonwealth then receive in respect of that project and for how many years will it receive such payments (Hansard, 29th May 1969, page 2603).


Mr McMahon - The answer to the hon ourable member's question is as follows:

I have been informed that

(1)   The payments which it is estimated the Commonwealth will receive in 1972-73 in respect of hydro-electric and water projects for which it has made loans are:

 

(2)   Snowy Mountains Hydro-Electric Scheme

It is expected that the Snowy Mountains HydroElectric Scheme will be completed during 1973-74. Calculated on the basis of past and present interest rates, annual payments of principal and interest to the Commonwealth in respect of advances made to the Snowy Mountains Hydro-Electric Authority up to 1973-74 will be about $47m from 1974-75 to 2024-25 and will thereafter decline until 2044-45 when those advances will have been repaid.

Tasmania - Hydro-Electric Power Development

This project is scheduled for completion in 1975-76. However, under the terms of the Tasmania Agreement (Hydro-Electric Power Development) Act 1968 Commonwealth assistance does not extend beyond that provided to 30th June 1972.

Equal annual repayments of principal of $2,988,875 are expected to commence in the current financial year and continue through to 1979-80. Interest of $1,445,564 will be due in 1972-73 and will decline thereafter as the amount of outstanding principal is reduced until 1979-80 when a final interest payment of $140,480 is expected to be made.

Western Australia - Comprehensive Water Scheme It is expected that the works for which assistance was available under the Western Australia (South west Region Water Supplies; Agreement Act 1965-1971 will be completed in 1973-74. The State has now received the full amount of Commonwealth assistance.

Repayments of principal are due to commence in 1975-76, when the Commonwealth expects to receive $41,667, and will increase thereafter until 1982-83 when capital repayments of $800,000 will be received. Receipts at this rate will continue until 1989-90, at which time the loans made in earlier years will have been completely repaid and the size of subsequent repayments will decline. All loans are expected to be repaid by the end of the financial year 1996-97. Interest payments due in 1973-74 and 1974-75 will be $707,025 and will decline from 1975-76 onwards as loan repayments reduce the amount of outstanding principal.

Ord River Scheme and Dartmouth Reservoir

It is expected that construction of the Dartmouth Reservoir will be completed during 1978-79 while for the Ord River Irrigation Scheme the date of completion of works for which Commonwealth loan assistance is available is uncertain at this stage. Because the amount to be repaid by the States for these projects will depend upon the amount and timing of advances it is not possible at present to estimate the annual repayments to be received by the Commonwealth.







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