The 2021-22 Federal Budget delivered on 11 May 2021 includes significant funding initiatives that will help support the mining industry.
The most notable initiatives include the four-year $100 million extension of the Junior Minerals Exploration Incentive (JMEI) which will support mineral exploration in Australia; $15 billion in infrastructure funding across Australia; $2.7 billion to create 170,000 new apprenticeships, traineeships, and 5,000 places for training support for women to break into non-traditional trades; $130.4 million to improve digital connectivity in regional, rural and remote communities; and $17.1 million for additional resourcing to improve EPBC assessment and approval times.
The Association of Mining and Exploration Companies (AMEC) Chief Executive, said the Federal Budget includes a number of announcements that will drive and enable greater mining investment, as well as facilitate new mineral discovery.
“The JMEI is a vital initiative for mineral exploration and its continuation is critical to finding and developing new projects for the industry which directly employs over 260,000 people,” Mr Pearce said.
“Alongside the $125 million expansion of the Exploring for the Future Program that will fund cutting edge geo-scientific exploration, it will underpin further mineral discovery and greater private investment in Australian mineral projects.”
Mr Warren said another important initiative is the $20.1 million Global Resources Strategy which will help facilitate diversified exports, find new markets for Australia’s resources and technology, and support the Australian resources sector to remain the world’s supplier of choice.
“The Resources Technology and Critical Minerals Processing roadmap, as a part of the $1.3 billion Modern Manufacturing Initiative, will also help spur innovation in our industry,” he said.
Mr Pearce said the Budget is built to grow the economy and recognises that the Government still needs to invest in the economy to secure the recovery.
“To ensure Australia’s bright economic future, this expenditure must be paired with further streamlining of legislation and regulation, to help bring forward investment and unleash business growth,” he concluded.
