31 May 2012
Water Corp floods State with $1b
State Treasury forecasts suggest the publicly owned utility's contribution to the Government will increase from $590 million next financial year to $1.036 billion by 2015-16.
The amount of money flowing into Treasury's coffers as a dividend, which is calculated at 85 per cent of the Water Corporation's after-tax profit, is slated to jump from $375 million to $659 million.
Local government rates paid by the corporation will rise to $5.2 million, while the amount it forks out as an equivalent of the 30 per cent tax rate will leap from $209 million to $371 million.
In comparison, the combined revenue to Government from the State's four power utilities is expected to rise from $450 million to $668 million over the same period.
The figures, contained in this month's State Budget, are likely to increase pressure on the Government following a 43 per cent increase in water prices since it won office in 2008.