The last round of funding for the Federal Government's successful $73 million Support Plantation Establishment Program (SPEP) has been welcomed today by Australia's sustainable forestry sector.
The Government has announced 16 new grants covering almost 9,500 hectares of new softwood and hardwood plantations across Australia.
AFPA acting Chief Executive Officer Richard Hyett said: "We sincerely thank Federal Minister for Agriculture, Fisheries and Forestry the Hon Julie Collins MP for this latest funding for plantation grants under the SPEP, which has been highly successful for our industry in recent years.
"We appreciate the Government's continued roll-out of this important program, which AFPA has strongly supported from the outset. The initiative has become a highly effective partnership between industry and government, delivering positive and tangible benefits for Australia's forestry sector and the national economy.
"Before the introduction of this program, plantations declined by 230,00 hectares in six years. This program has been critical in reversing the decline in plantation investment that was occurring before it was introduced. It's now supported nearly 40,000 hectares, and is helping to restore confidence and encouraging growth and much-needed investment in our sector.
"Since launching in 2023, the initiative has successfully driven new plantation investment across Australia, supporting regional economies, local jobs, improving future fibre security and contributing to the Government's climate and sovereign capability targets. These sustainable plantations will also help support the long-term future of the construction industry."
Mr Hyett said it was encouraging to see almost $26 million in last week's Federal Budget, as part of the final allocation of the SPEP.
"Given the importance of this program, we have encouraged the Government to extend the SPEP as ongoing funding so timber plantation establishment and expansion can continue across Australia into the future."
