The Federal Government’s commitment to continue the Junior Mineral Exploration Incentive with funding of $100 million over four years will deliver lasting economic benefits for Australia’s regions and create more jobs.
Exploration activity is essential to the future success of Australia’s mining industry and sustaining the economic benefits it delivers for all Australians.
Mining exploration is the foundation of Australia’s mining industry and its ability to deliver export and tax revenue, jobs and royalties.
Mining generates $270 billion in export revenue, directly and indirectly supports 1.1 million jobs and contributes $39 billion in royalties and taxes to Australian governments. Ongoing government support to attract greater investment in early-stage greenfield exploration programs is vital to the industry’s future success.
The Junior Mineral Exploration Incentive along with the government’s recent commitment to continue funding Geoscience Australia’s highly successful Exploring for the Future program are key steps to ensuring Australia not only improves its exploration performance, but remains competitive as an investment destination.
Initiatives like this provide further opportunities for regional investment and provide jobs and training opportunities in remote areas in Australia, including the Northern Territory.
Coupled with yesterday’s Northern Territory Government’s budget confirmation for the funding extension of Resourcing the Territory, it will further stimulate exploration in some of the most underexplored landscape in the country.
The Territory mining sector already represents nearly 28 per cent of gross state product and is recognised as the corner stone to lead the NT economy towards recovery.
Funding for the JMEI also provides a boost to Victorian explorers looking for the next big gold, copper and mineral sands discoveries.
Victoria has as much gold left in the ground as has been extracted since the gold rush. Support for geoscience to better understand Victoria’s geology increases the chance Victoria can develop the industry to support regional jobs.