Federal Budget 2021: Whatâs in it for Western Australia?
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Itâs been described as a âsplurgeâ budget aimed at creating 250,000 jobs over the next four years with tax cuts and billions poured into aged care and mental health, but beyond the nationwide hits what is in the 2021-22 budget for West Australians?
Treasurer Josh Frydenberg and Finance Minister Simon Birmingham during a budget lock up press conference at Parliament House in Canberra on May 11, 2021.
Credit:Dominic Lorrimer
Look to the stars
The federal government will cough up $387.2 million to help build the long-vaunted Square Kilometre Array radio telescope in the Murchison.
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CME welcomes Federal Budget focus on future of mining and resources sector
The Chamber of Minerals and Energy of WA (CME) welcomes measures announced in the 2021-22 Federal Budget to encourage investment in mining and resources, help develop the sector’s workforce of the future and foster the use of technology to deliver lower emissions energy.
CME Chief Executive Paul Everingham said Australia’s stronger than previously expected economic position highlighted not just the nation’s ability to negotiate the COVID-19 pandemic but also the contributions of the mining and resources sector.
Budget documents showed higher-than-expected iron ore prices resulted in a resurgence of Australia’s terms of trade, and increased company tax receipts of $3.4 billion this year and $7 billion over forward estimates.
Queensland Resources Council chief executive Ian Macfarlane . Picture: John Gass
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Subscriber only The Queensland Resources Council has welcomed an announcement of a $100m, four-year renewal of its Junior Minerals Exploration Incentive. QRC chief executive Ian Macfarlane said the federal government s move would help Queensland explorers bring new technology like remote sensing, machine learning and bio-indicators to the field. The program will give eligible exploration companies access to tax incentives to attract new investors into the sector and potentially benefit 500-plus mineral exploration companies currently operating across Queensland, Mr Macfarlane said. He said about 70 per cent of exploration companies in Queensland have a market capitalisation value of less than $500m, meaning they re eligible to apply for tax incentives under the renewed JMEI program.
Australia approves A$100m in tax incentives for junior miners
(Image courtesy of the Minerals Council of Australia)
The Australian government announced that it will contribute A$100 million to extend the Junior Minerals Exploration Incentive four more years. The program allows eligible companies to access tax incentives to attract new investors.
“The Coalition Government will continue to support our junior mining companies and encourage exploration and development of new resource deposits,” Keith Pitt, Minister for Resources, Water and Northern Australia, said in a media statement. “We need to ensure that we have a continuous investment pipeline for development across regional Australia.”
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CME welcomes Federal exploration incentive extension
The Chamber of Minerals and Energy of WA (CME) welcomes today’s announcement by Federal Resources Minister Keith Pitt of a four-year extension of the Junior Minerals Exploration Incentive.
Mr Pitt announced the $100 million commitment ahead of next week’s Federal Budget.
CME Chief Executive Paul Everingham said the greenfield activities of junior explorers were in many ways an unseen lifeblood of the mining sector.
“The wider public is probably quite familiar with the WA’s big and established mining projects – and these deserve to be celebrated for the economic, employment and community benefits they deliver for the State and, indeed, the country,” Mr Everingham said.