WA treasurer rules out third gold hike bid

A third attempt at increasing WA's gold royalty rate has been ruled out by the state treasurer, who says the sector responded belligerently.

West Australian Treasurer Ben Wyatt has ruled out revisiting a gold royalty hike that was twice killed off in the upper house.

The revised scheme would have increased the royalty rate from 2.5 per cent to 3.75 per cent when the gold price was above $A1400/ounce instead of the previously planned $1200/oz, and also included an assistance package for marginal gold mines.

"I'm not going to revisit this unless the gold sector want to come up with a particular proposal," Mr Wyatt told reporters on Thursday.

He said he still believed the gold sector could afford it and some miners were comfortable with the plan but a "very small number" scuppered it.

"It's simply a belligerence by a few members of the gold sector," he said.

"The argument about jobs and marginal mines, which the gold sector was arguing, that was simply a furphy because ultimately our second package dealt with those concerns and they still said no.

"The gold sector doesn't want to pay any more money."

Mr Wyatt said the $332 million over four years that the hike aimed to raise would be reflected in next month's mid-year economic review.

"The Liberals put us in this position and net debt will increase accordingly," he said.

Mr Wyatt made the comments while announcing changes to payroll tax exemptions for trainees, which had been abused by tax-dodging companies, saying closing the loopholes would save about $100 million over four years.

The money will be used to fund training, not reducing ballooning state debt.


Share

2 min read

Published

Source: AAP



Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world