Mr HAMPTON - 2008-05-08
The mining industry is already benefiting from the $12m Bringing Forward Discovery program. How has the program been enhanced in the 2008-09 Budget?
ANSWER
Madam Speaker, I thank the member for Stuart for his question. I know the member has a keen interest in mining as there is a lot happening in his electorate at the moment. Mining and energy production is set to grow by around 35% next financial year, which is a huge boost and means approximately $7.5bn to the Northern Territory. It will be approximately 40% of our GSP.
This further investment will mean more jobs for Territory families and, obviously, it will boost our great economy now even stronger. Budget 2008-09 has seen an allocation of $2.4m into the expansion of the Bringing Forward Discovery program, which will support new drilling and survey initiatives. It will bring government and industry closer together, in partnership, to look at boosting exploration in unexplored regions of the Northern Territory. Explorers will be entitled to around 50% of the costs of drilling and geophysical surveys; that is, to a maximum of $100 000. We hope that it will be done in greenfield regions and that we will get some new discoveries out of that. The applications will be assessed on the potential of the new areas, and those new discoveries will, we feel, be imminent.
The Northern Territory government understands the economic and social values of the function that mining plays in the Northern Territory, and we recognise the need to promote mining also. Globally, we have to be competitive, and that is why we are marketing ourselves overseas and interstate. We need to attract exploration and investment into the Territory.
It would be interesting to see what would happen if the Leader of the Opposition had his way, because I understand he wants to cut the public service, so it would really cut into our mining interests in the Northern Territory.
Madam Speaker, we have delivered on the first program, Building the Territory Resource Base and now, with our second program, Bringing Forward Discovery. They are distinctly different programs which have different components. The Bringing Forward Discovery program is worth $14.4m over four years, which is a significant investment into the future of the Northern Territory, into Northern Territory families, and into the Northern Territory economy.
The Northern Territory is a vast land; it is rich in resources. There is a lot of future opportunity out there, and we want to see mining companies have their next discoveries in the Northern Territory.
ANSWER
Madam Speaker, I thank the member for Stuart for his question. I know the member has a keen interest in mining as there is a lot happening in his electorate at the moment. Mining and energy production is set to grow by around 35% next financial year, which is a huge boost and means approximately $7.5bn to the Northern Territory. It will be approximately 40% of our GSP.
This further investment will mean more jobs for Territory families and, obviously, it will boost our great economy now even stronger. Budget 2008-09 has seen an allocation of $2.4m into the expansion of the Bringing Forward Discovery program, which will support new drilling and survey initiatives. It will bring government and industry closer together, in partnership, to look at boosting exploration in unexplored regions of the Northern Territory. Explorers will be entitled to around 50% of the costs of drilling and geophysical surveys; that is, to a maximum of $100 000. We hope that it will be done in greenfield regions and that we will get some new discoveries out of that. The applications will be assessed on the potential of the new areas, and those new discoveries will, we feel, be imminent.
The Northern Territory government understands the economic and social values of the function that mining plays in the Northern Territory, and we recognise the need to promote mining also. Globally, we have to be competitive, and that is why we are marketing ourselves overseas and interstate. We need to attract exploration and investment into the Territory.
It would be interesting to see what would happen if the Leader of the Opposition had his way, because I understand he wants to cut the public service, so it would really cut into our mining interests in the Northern Territory.
Madam Speaker, we have delivered on the first program, Building the Territory Resource Base and now, with our second program, Bringing Forward Discovery. They are distinctly different programs which have different components. The Bringing Forward Discovery program is worth $14.4m over four years, which is a significant investment into the future of the Northern Territory, into Northern Territory families, and into the Northern Territory economy.
The Northern Territory is a vast land; it is rich in resources. There is a lot of future opportunity out there, and we want to see mining companies have their next discoveries in the Northern Territory.
Last updated: 09 Aug 2016