Aerial shot of the LNG proponents on Curtis Island
Aerial shot of the LNG proponents on Curtis Island Mara Pattison-Sowden

BUDGET 2016: Exploration initiative paves way for future

THE Federal Budget confirms the Queensland resources sector will continue to deliver strong export growth, according to the Queensland Resources Council Chief Executive Michael Roche.

The Queensland resources sector may be well past the investment boom phase but last night's federal budget confirms the sector will deliver strong export growth with the return from minerals and LNG outperforming other sectors.

"It is pleasing the Turnbull Government has an eye to high-tech jobs of the future in the resources sector by delivering a $100 million exploration program, Exploring for the Future, which is set to benefit Queensland, by helping to find the next wave of new mines," Mr Roche said.

"Geoscience Australia will carry out geological mapping of mineral deposits, which will enable exploration by resource companies in areas that have proven difficult to explore in the past.

"Exploration is the R&D, or building blocks, for the resources sector, getting the sector ready for the inevitable future upswing.

"Industry welcomes the strong commitment of $171 million for the Great Barrier Reef through the 2050 Long Term Sustainability Plan.

"We know the healthier the reef, the greater the protection against the three great threats of water quality, the Crown of Thorns Starfish, and bleaching. A key focus of the Reef 2050 plan is to improve water quality, which will increase the reef's resilience in the medium term, while global efforts work to reduce climate change over the longer term.

"Lowering the company tax rate will over the medium term improve our economy's competitiveness, promoting jobs and investment.

"The budget contains a significant financial commitment to the Inland Rail but the QRC is disappointed that the government is yet to commit to a genuine competitive process for this nation building project."