Queensland LNP Senator Ian Macdonald has labelled the Federal Government's announcement of the Exploration Development Incentive (EDI) as a critical incentive for the resources sector in northern Australia.
"The Exploration Development Incentive will provide a timely boost to productivity and innovation by supporting junior exploration companies to conduct ‘greenfields’ mineral exploration," said the Senator.
The Government initiative follows a slump in mineral exploration activity that reached levels not seen for 10 years.
"The government has delivered on its promise to revitalise exploration activity which in turn will lead to enhanced productivity in Northern Australia," said Senator Macdonald.
The EDI provides a refundable tax offset to assist junior explorers in raising capital from private sector investors.
The commonwealth government will work with industry to ensure the EDI is enacted into legislation in a way that is simple and effective, without unduly burdening small companies with increased regulation,” said Senator Macdonald.
For further information on the Exploration Development Incentive go to: www.industry.gov.au/EDI