2012-13 Government Mid-year Financial Projections Statement

Appendix 5Table 5.7ROYALTIES FOR REGIONS SOUTHERN INLAND HEALTH INITIATIVE2011-12$m2012-13$mBalance at 1 July - 226Receipts 226 18Payments - 36Balance at 30 June 226 208Note: Columns may not add due to rounding.Western Australian Future FundThe Western Australian Future Fund was established as a Treasurer’s SPA following thepassage of the Western Australian Future Fund Act 2012 in November 2012. The Actprovides for an accruing balance over 20 years to 2032, after which the annual interestearnings can be drawn down to fund economic or social infrastructure acrossWestern Australia.Around $1 billion in ‘seed capital’ will be transferred from the Royalties for RegionsFund over the period 2012-13 to 2015-16. From 2016-17 onwards, a minimum of 1% ofthe State’s annual royalty revenue will be paid into the Future Fund.The Future Fund is indicatively estimated to have a balance of around $4.7 billion intwenty years’ time, with annual interest earnings at that time of around $270 millionper annum (up from an estimated $230 million at budget-time, reflecting finalisation ofthe Future Fund investment framework and associated revision to the long-run return).WESTERN AUSTALIAN FUTURE FUNDTable 5.82011-12$m2012-13$mBalance at 1 July - -Receipts - 292Payments - -Balance at 30 June - 292Note: Columns may not add due to rounding.Oakajee Port Development AccountAs this appendix only refers to current SPA balances, it does not include theOakajee SPA. The Government remains committed to the Oakajee project and hasallocated $339 million over the forward years to the Oakajee SPA.137