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Mark McGowan (left) and Andrew Forrest at the GST reform breakfast. Photo: Attila Csaszar

GST could get worse: CCI

Mining magnate Andrew Forrest has made an emotional plea for gambling revenue to be factored into the GST distribution system, while Western Australians have been warned the state’s share of the revenue could potentially fall to zero if the economy were to return to boom times.

Speaking at the Chamber of Commerce and Industry of WA GST reform breakfast this morning, Mr Forrest, who is chairman of iron ore miner Fortescue Metals Group, said the current distribution system provided perverse incentives.

“I have a friend, quite a dear friend, who is on welfare, she has little children,” Mr Forrest said.

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Comments

Kalamunda WA
I would be interested to know by what criteria WA is judged to be the "strongest" state such that the others need "uplift" to match us?

Business News
Hi Tim - the Grants Commission basically uses a big formula to calculate revenue raising capacity and then adjusts for operational costs.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/10/17

1 year TSR5 year TSR
167thMineral Resources57%20%
218thSouth3237%0%
242ndAtlas Iron31%-58%
345thWoodside Petroleum13%3%
473rdFortescue Metals Group-9%7%
726 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

10/11/17
$0 Bought
03/10/17
$9k Issued
29/09/17
$0 Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st-Fortescue Metals Group$10,999.7m
2nd↑South32$9,392.9m
3rd-Woodside Petroleum$5,715.9m
4th-Mineral Resources$1,470.4m
5th↑Atlas Iron$896.6m
491 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Fortescue Metals Group

3rdNev Power$5.324m
647thMark Barnaba$223k
763rdSharon Warburton$170k
Ranked by total remuneration from all listed WA companies

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