Coalition backs Northern Australia

The Coalitions policy, announced yesterday, to allow expenses incurred in exploration by mining companies to flow through as deductions to the taxable income of individual investors will mean a boost to mining exploration activity in Northern Australia.

Coalition Spokesman on Northern Australia, Senator Ian Macdonald, said that Labor mismanagement and taxes and over-regulation of the mining industry generally had discouraged exploration which is essential for future mining activity and associated jobs.

Northern Australia contains much currently unexplored mineral wealth which will be able to be exploited with the Coalitions progressive economic policies, Senator Macdonald said.

The energy and resources sector is a vital building block of the Northern Australian economy, Senator Macdonald said.

This sector makes a significant contribution to the nations wealth and the Coalition supports a vibrant and competitive resources industry.

The Coalition will introduce an Exploration Development Incentive that will allow investors to deduct the expense of mining exploration against their taxable income from 1 July, 2014.

This incentive is on top of our comprehensive policy which will scrap the carbon tax and scrap the mining tax, taking a lot of pressure off the industry, Senator Macdonald said.

In addition we will establish a one-stop-shop for project approvals to reduce red and green tape which can delay major projects for months, or even years.

Senator Macdonald said that Northern Australia would benefit significantly from the Coalitions measures which would deliver certainty and confidence to the industry and the Northern Australian community.

Northern Australia has a key role to play in this industry and the Coalition will provide the tools for it to ensure a strong future and cement its place in the nations economic success.

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