Ms WALKER - 2012-05-03
How will Budget 2012-13 assist in gearing up for growth of our resource sector?
ANSWER
Madam Speaker, the Treasurer this week presented Budget 2012-13, a responsible budget, gearing up for growth and delivering for Territory families. The outlook for our economy is very bright. It is not only Ichthys and the Marine Supply Base, it is also the resource sector which is supported by this budget.
Another $3.8m will be allocated for Bringing Forward Discovery this year. That is a three-year program - $11.4m - which brings the total of our seven-year investment to $25.8m. We have to attract investment for exploration in the Territory. It is a very competitive area, not only in Australia, but internationally. We have done very well. Last year, exploration expenditure in the Territory was $228m. In 2005-06, exploration expenditure in the Territory was $56m, so we have done very well. Despite the global financial crisis, which saw exploration expenditure decrease in other states of Australia, exploration expenditure increased in the Northern Territory.
We assist the resource sector. We collect all the information, undertake magnetic and geophysical surveys, and provide this information free to miners and explorers to minimise their risk when they decide to explore in the Territory. I also mention the $100 000 dollar-for-dollar subsidy for the exploration of greenfield sites.
The Fraser Institute shows how good the Territory is doing. It surveys the mining industry around the world and lists the Territory as first in Australia to do business in exploration and mining; second in Australia as to clarity of the legislation and the way things happen in the Territory; and 11th in the world. That is not bureaucrats, not me and you; that is mining companies from all over the world: first in Australia and 11th in the world.
ANSWER
Madam Speaker, the Treasurer this week presented Budget 2012-13, a responsible budget, gearing up for growth and delivering for Territory families. The outlook for our economy is very bright. It is not only Ichthys and the Marine Supply Base, it is also the resource sector which is supported by this budget.
Another $3.8m will be allocated for Bringing Forward Discovery this year. That is a three-year program - $11.4m - which brings the total of our seven-year investment to $25.8m. We have to attract investment for exploration in the Territory. It is a very competitive area, not only in Australia, but internationally. We have done very well. Last year, exploration expenditure in the Territory was $228m. In 2005-06, exploration expenditure in the Territory was $56m, so we have done very well. Despite the global financial crisis, which saw exploration expenditure decrease in other states of Australia, exploration expenditure increased in the Northern Territory.
We assist the resource sector. We collect all the information, undertake magnetic and geophysical surveys, and provide this information free to miners and explorers to minimise their risk when they decide to explore in the Territory. I also mention the $100 000 dollar-for-dollar subsidy for the exploration of greenfield sites.
The Fraser Institute shows how good the Territory is doing. It surveys the mining industry around the world and lists the Territory as first in Australia to do business in exploration and mining; second in Australia as to clarity of the legislation and the way things happen in the Territory; and 11th in the world. That is not bureaucrats, not me and you; that is mining companies from all over the world: first in Australia and 11th in the world.
Last updated: 09 Aug 2016