New Investment in resources sector

The Victorian Budget 2020/21 was handed down today and it included new funding to support the resources sector.

Whether it’s looking for new supply of onshore conventional gas, continuing the upturn in the minerals sector or providing affordable quarry materials to the construction sector, Victoria needs a proactive approach to managing resources and ensuring the industry supports job creation across the state.

The Victorian Budget 2020/21 will provide $5 million over two years to support the development of Victoria’s conventional gas resources. This will enable the onshore conventional gas industry to establish, be safe and generate jobs particularly in south-west Victoria and Gippsland.

After three years of investigation, the Victorian Gas Program found that an onshore conventional gas industry would not compromise the state’s environment or agricultural sector. The program identified regulatory changes to improve transparency and local engagement which will help give Victorians, particularly regional communities, more confidence in the sector. The new funding will help deliver a new and improved regulatory framework to guarantee a best practice approach as on-ground activities recommence from 1 July 2021.

The Victorian Budget 2020/21 will provide $16.5 million over two years to ensure Victoria’s resources sector can continue to grow and support jobs across the state through efficient regulation and industry development.

New funds will be allocated to Earth Resources Regulation to ensure it can meet the minerals licensing and work authority demand created by a booming resources sector. Industry support will be delivered through the implementation of the Extractive Resources Strategy and the Minerals Resources Strategy.

The Victorian Budget 2020/21 will also provide $21.1 million over four years to ensure effective rehabilitation for the Latrobe Valley coal mines and resources sites across the state, in response to the recent auditor general’s report.

Improvements to the legislation framework continue to be made for the rehabilitation of the state’s major coal mines, including the recent creation of the Mine Land Rehabilitation Authority.

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