Attracting private sector investment
The Abbott Government is strategically investing more than $125 million in the resources and energy sectors that are crucial to long-term economic growth and future prosperity.
The Budget is part of the Government’s Economic Action Strategy to build a strong, prosperous economy and a safe, secure Australia.
The Government is honouring its commitment to provide $100 million for the Exploration Development Incentive, which will fund exploration for new mineral deposits.
The Exploration Development Incentive will provide small exploration companies with better access to capital from private sector investors via a refundable tax offset for greenfields exploration costs.
The resources sector has underpinned growth in the Australian economy for more than a decade and new discoveries are vital to the sector which generated around $171 billion in export revenues in 2012-13.
The Abbott Government is getting the economic fundamentals right and creating the platform for greater investor confidence and growth.
The Incentive will target junior exploration companies, commence on 1 July 2014, and be capped at $100 million.
The Government is honouring its commitment to deliver $2.7 million to establish the Tasmanian Major Projects Approval Agency that will speed up regulatory approvals and encourage private investment in the Tasmanian economy.
The Government is repairing the Budget so that we can build a stronger economy to generate more jobs and deliver better services in the years ahead.
The Government is also investing $22.6 million to develop a detailed business case for the long-term management of Australia’s radioactive waste. This is vital to ongoing production of nuclear medicine in Australia, with some 10,000 doses distributed weekly to hospitals.
Planning is vital otherwise nuclear medicine production in Australia would be at risk because of storage capacity. Australia currently produces 85 per cent of potentially life-saving medical radioisotopes that will be required by one out of two Australians in their lifetime.
Media contact: Mr Macfarlane’s office 02 6277 7070