❓ Mr. Bowler questions the Minister for State Development about the introduction of flowthrough shares to increase mineral exploration in Australia, referencing the minerals industry action agenda and the Bowler report. The Minister acknowledges the potential benefits, citing Canada's success with a similar scheme.
AnsweredQoN 69Legislative Assembly
QuestionView source ↗
I refer to the minerals industry action agenda and the Bowler report on greenfields exploration. (1) Is the minister aware of recommendations in those two reports that call for the introduction of flowthrough shares? (2) Are there reasons to believe that the introduction of flowthrough shares will increase exploration in Australia? Mr C.M. BROWN
AnswerView source ↗
(1)-(2) I thank the member for his question. The member for Eyre has a deep and abiding interest - The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
(1) Is the minister aware of recommendations in those two reports that call for the introduction of flowthrough shares? (2) Are there reasons to believe that the introduction of flowthrough shares will increase exploration in Australia? Mr C.M. BROWN replied: (1)-(2) I thank the member for his question. The member for Eyre has a deep and abiding interest - The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
(2) Are there reasons to believe that the introduction of flowthrough shares will increase exploration in Australia? Mr C.M. BROWN replied: (1)-(2) I thank the member for his question. The member for Eyre has a deep and abiding interest - The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
Mr C.M. BROWN replied: (1)-(2) I thank the member for his question. The member for Eyre has a deep and abiding interest - The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
(1)-(2) I thank the member for his question. The member for Eyre has a deep and abiding interest - The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
(1) Is the minister aware of recommendations in those two reports that call for the introduction of flowthrough shares? (2) Are there reasons to believe that the introduction of flowthrough shares will increase exploration in Australia? Mr C.M. BROWN replied: (1)-(2) I thank the member for his question. The member for Eyre has a deep and abiding interest - The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
(2) Are there reasons to believe that the introduction of flowthrough shares will increase exploration in Australia? Mr C.M. BROWN replied: (1)-(2) I thank the member for his question. The member for Eyre has a deep and abiding interest - The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
Mr C.M. BROWN replied: (1)-(2) I thank the member for his question. The member for Eyre has a deep and abiding interest - The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
(1)-(2) I thank the member for his question. The member for Eyre has a deep and abiding interest - The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
The SPEAKER: Order! I call the member for Kalgoorlie to order for the first time. Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
Mr C.M. BROWN: I thank the member for Eyre for his deep and abiding interest in ensuring the success of the resources industry. I congratulate him for his brilliant report into ways of ensuring increased exploration into greenfield areas. It is significant that the member for Eyre’s report - the first in this area - was picked up by the industry itself in its resources action agenda. Eventually, the report was endorsed by a range of State Governments as an excellent report outlining industry initiatives for the minerals sector. It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
It is important that the federal Government consider the flowthrough shares scheme. It is important to take a lesson from Canada, where that scheme was introduced, as correctly reported by the member for Eyre, in 1961. This scheme enables what the Canadians call “grass roots investment” in junior exploration companies to take place as it provides for a tax offset. When the resources industry suffered a downturn in 1997-98, the Canadian Government beefed up the flowthrough shares scheme, such that it now has significant investment, particularly for junior exploration companies in Canada. I briefly give members two figures. Canada’s share of worldwide investment and exploration in 1995 was 12.8 per cent of the total, and Canada’s share of worldwide investment and exploration increased in 2003 to 21.5 per cent. Over the same period, Australia’s share of worldwide investment in exploration declined from 20.1 per cent in 1995 to 15.5 per cent in 2003. When one seeks advice from Canadian authorities, they indicate that the flowthrough shares scheme in Canada has provided a major fillip for the junior companies to obtain finance to carry out necessary exploration. This is an important issue. This action was a recommendation arising from the mineral exploration action agenda and the Bowler report. It will assist junior companies, which are important for the mining and exploration industry in Western Australia. The federal Government in its next budget must implement the important recommendation of the Bowler report that would see a further improvement in the vibrancy of the resource sector in this State.
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