AIG Welcomes Increased Funding for Geoscience Australia
Federal Resources Minister Martin Ferguson recently anounced increased funding for Geoscience Australia’s geoscience programs. A strategic review of Geoscience Australia, delivered in 2011, identified that government provision of pre-competitive information was a successful way to attract investment in resources exploration. The additional funds comprise $34 million in 2013-14 and $40 million p.a. thereafter to enhance the provision of pre-competitive data to support mineral and energy resource exploration in Australia.
The additional funds will enhance Geoscience Australia’s ability to:
- Create the pre-competitive data that industry relies on to secure Australia’s energy and mineral resources investment pipeline ($26 million per annum);
- Enhance economic productivity and innovation by ensuring that geological and geospatial information is captured and made freely available to industry, government, academia and the public ($5 million in 2013-14, $8 million per annum from 2014-15); and,
- Sustain its provision of vital services such as earthquake and tsunami monitoring, global positioning and earth observation from space, and continue its important contribution to evidence-based decision making on natural hazards and management of groundwater ($3 million in 2013-14, $6 million per annum from 2014-15).