TRANSADELAIDE DIVIDEND RATE

In reply to Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (20 November 2007).

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I have been advised that TransAdelaide paid dividends totalling $5.296 million to the state government in 2006-07. Of this amount, $4.325 million related to special dividends, and $0.971 million related to an ordinary dividend. These dividends were approved by myself as Treasurer under section 30(2) of the Public Corporations Act 1993, following consultation with the Minister for Transport.

The special dividends in 2006-07 included $2.296 million in relation to TransAdelaide depreciation funding; $1.369 million representing the net proceeds from the sale of tram related infrastructure assets to the Department for Transport, Energy and Infrastructure (DTEI); and $0.660 million representing the net proceeds from the sale of land at Hallett Cove to Marion City Council.

The ordinary dividend for 2006-07 of $0.971 million was calculated at 60 per cent of TransAdelaide's forecast profit after tax. The dividend policy applied in 2006-07 was unchanged from previous years.