Dean Smith (WA, Liberal Party) Share this | Hansard source

My question is to the Minister for Finance and Deregulation, Senator Wong. I refer the minister to the 2012-13 budget, which forecast that Australia's terms of trade would decline by 5¾ per cent this year and a further 3¼ per cent next year. I also refer to the recent decline in spot prices for iron ore, which have fallen by 20 per cent since the budget. Will the government now come clean and tell us what the commodity price assumptions for coal and iron ore were which they used in the May budget for 2012-13 and 2013-14, especially given that relevant state and territory governments of all political persuasions reveal this information in their budget papers as a matter of course? How much lower will government revenue now be as a result of significantly lower commodity prices?