❓ The Minister for Mines and Petroleum outlines various initiatives undertaken by the Liberal-National government to support the Western Australian resources sector, including financial assistance, reduced red tape, and streamlined approval processes.
AnsweredQoN 253Legislative Assembly
QuestionView source ↗
RESOURCES SECTOR — STATE GOVERNMENT
ASSISTANCE
253. Dr G.G. JACOBS to the Minister for
Mines and Petroleum:
Can the minister please describe how
the state government has assisted the Western Australian resources sector?
ASSISTANCE
253. Dr G.G. JACOBS to the Minister for
Mines and Petroleum:
Can the minister please describe how
the state government has assisted the Western Australian resources sector?
AnswerView source ↗
I am very proud of the Liberal–National
government's efforts and achievements as it continues to assist and
support the resources sector, this very important sector of the Western Australian
economy. It has done so and continues to do so through a number of schemes. One
is the exploration incentive scheme, valued at around $130 million, since 2009,
and a component of that scheme is the co-funded drilling program. The co-funded
drilling program—for example, $64 million—has enabled 599 projects
to get off the ground and $23.3 million was refunded to companies, which also
went to over 310 projects. For every $1 million of spending that we invest in
this particular program, we get a direct return of $10.3 million to the state, and
through the multiplier effect over time, $23.7 million. Therefore, it is a highly
effective exploration incentive scheme. We also have the mining rehabilitation
fund, which replaced the unconditional performance bonds. This released more
than $1 billion of funds held by all the various mines for mine rehabilitation,
but that money was being locked down. By creating the mining rehabilitation
fund, we were able to free up all of that cash so that those companies could
reinvest that into ongoing projects that could further discover mineral
deposits, opening up much more projects in the mining and petroleum sector and
thereby having the benefits flow through to the Western Australian economy.
We have also reduced red tape and
abolished the need for the iron ore authorisation, which is saving industry
between $1 million and $2 million a year, plus our approval time frames. We
took on a backlog of 16 800 approvals, which is now down to 3 900. That is a considerable
effort by this Liberal–National government. That, coupled with our
online transactions, which the department has worked pretty hard to get, has
enabled 97 per cent of all applications to be finalised within target time
frames. In addition to these great measures, we have assistance programs for
mines, such as the iron ore financial assistance scheme, the magnetite
financial assistance program, the Utah Point port charges concessions and the
heavy vehicle truck concessions.
In conclusion, I thank the member
for Eyre for his question. These programs illustrate the Liberal–National
government's commitment to ensuring that sustainability of mining and
petroleum industries in Western Australia is sound and that we will continue to
provide jobs and royalties for Western Australians now and into the future.
government's efforts and achievements as it continues to assist and
support the resources sector, this very important sector of the Western Australian
economy. It has done so and continues to do so through a number of schemes. One
is the exploration incentive scheme, valued at around $130 million, since 2009,
and a component of that scheme is the co-funded drilling program. The co-funded
drilling program—for example, $64 million—has enabled 599 projects
to get off the ground and $23.3 million was refunded to companies, which also
went to over 310 projects. For every $1 million of spending that we invest in
this particular program, we get a direct return of $10.3 million to the state, and
through the multiplier effect over time, $23.7 million. Therefore, it is a highly
effective exploration incentive scheme. We also have the mining rehabilitation
fund, which replaced the unconditional performance bonds. This released more
than $1 billion of funds held by all the various mines for mine rehabilitation,
but that money was being locked down. By creating the mining rehabilitation
fund, we were able to free up all of that cash so that those companies could
reinvest that into ongoing projects that could further discover mineral
deposits, opening up much more projects in the mining and petroleum sector and
thereby having the benefits flow through to the Western Australian economy.
We have also reduced red tape and
abolished the need for the iron ore authorisation, which is saving industry
between $1 million and $2 million a year, plus our approval time frames. We
took on a backlog of 16 800 approvals, which is now down to 3 900. That is a considerable
effort by this Liberal–National government. That, coupled with our
online transactions, which the department has worked pretty hard to get, has
enabled 97 per cent of all applications to be finalised within target time
frames. In addition to these great measures, we have assistance programs for
mines, such as the iron ore financial assistance scheme, the magnetite
financial assistance program, the Utah Point port charges concessions and the
heavy vehicle truck concessions.
In conclusion, I thank the member
for Eyre for his question. These programs illustrate the Liberal–National
government's commitment to ensuring that sustainability of mining and
petroleum industries in Western Australia is sound and that we will continue to
provide jobs and royalties for Western Australians now and into the future.
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