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Budget to hit port works

Budget to hit port works
Ashburton River - Ben Wyatt - Bulk Carrier - Dampier Salt - Dampier Western Australia - Dividend Payout Ratio - Iron Ore - Pilbara - Port - Port Hedland Western Australia
September 13
03:492017

Bulk carriers are loaded with iron ore at FMG’s Herb Elliott Port in Port Hedland. Picture: BloombergPicture: BloombergThe Pilbara Ports Authority will experience a major change in the coming financial year as the State Budget focuses on the mega iron ore exporter.With Government debt expected to hit $43.8 billion by 2019-20, Treasurer Ben Wyatt’s first Budget revealed Government trading enterprises would be expected to pay $807 million over four years.Mr Wyatt said Government-controlled ports would be in line for “efficiency measures”.The State will recoup a higher portion of the profit from mega iron ore ports operated by the Pilbara Ports Authority, such as Port Hedland and Dampier, where the dividend payout ratio will climb to 90 per cent for 2016-17 before falling back to 75 per cent.There will also be an increase in PPA port dues, with a 17 per cent increase in the 2017-18 financial year to be applied no later than October 1.The changes are expected to help improve the State’s debt position by $95 million over the forward estimates.The Budget also outlined $33.8 million 2017-18 and 2018-19 to replace the berth three deck at the Port of Port Hedland.

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