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).
AIG President Kaylene Camuti, in a media statement, said it was “critical for Australia’s ability to retain its appeal as an investment destination for minerals exploration that it be competitive in the global exploration industry.”
“The only basis on which such competitiveness could be assured in the future, is to encourage the development of new exploration concepts, promote exploration activity and increase overall the chances of discovery.”
“Critically, exploration is not only the essential pre-requisite to mining but one of the most important value-adding processes in the resources industry, directly contributing to Australia’s export earning potential.”
