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No surprises State Budget

The South Australian Chamber of Mines & Energy (SACOME) welcomes the 2017-18 State Budget.

SACOME CEO, Rebecca Knol, described today’s announcement as a “no surprises budget”.

“Most of the measures in today’s budget that relate to minerals and energy had been previously announced, but demonstrate the consistency and transparency the State Government has with our industry.”

Today's budget highlights the resources sector as an economic priority. “The budget supports the key initiatives of the industry and recognises the challenges our industry faces, in particular around electricity reliability, affordability and security.”

Highlights for the resources sector include:

  • $550 million to fully fund the South Australian Government’s Energy Plan, which commits:
    • $360 million towards a 250MW gas-fired power plant
    • $150 million to a Renewable Technology Fund
    • $24 million towards new Plan for Accelerating Exploration (PACE) grants to incentivise gas production
  • $120 million is available to the sector to apply for grants and low interest loans through the Future Jobs Fund, which supports renewable energy, mining and oil & gas
  • Continued funding of $5 million over 4 years for PACE across commodities in SA
  • $6.1 million over 2 years for improvements and developments to industrial ports at Whyalla and Port Bonython; and,
  • Further funding of $1.6 million over 2 years to support the Arrium Whyalla Steelworks

Today’s announcement secures funding for the State Energy Plan, which SACOME have previously supported. This plan is focused on delivering secure, reliable and affordable power for South Australia. In particular, today’s budget announcement provides additional funding of $5 million for the Plan for Accelerated Exploration (PACE) program.

With regard to infrastructure, the budget supports business case developments to advance Infrastructure Australia priority listed projects in South Australia.

SACOME was also pleased to see funding allocated to further developments and improvements to the Whyalla and Port Bonython industrial ports. The Arrium Whyalla Steelworks was also a recipient of financial support in this year’s budget.

“We will also be encouraging our sector to take advantage of the Future Jobs Fund to stimulate employment and growth.”


 

Media contact:  Rebecca Knol CEO SACOME, 0409 012 007

About SACOME:

The South Australian Chamber of Mines and Energy is the peak industry association representing companies with interests and connections to the South Australian resources and energy sector.