WA resources sector benefits from State Government budget funding

Resources exploration in WA gets $10 million budget boost.

The State Government has renewed its commitment to the Exploration Incentive Scheme (EIS) with $10 million a year for the next two years committed in the forward estimates to 2016/17.

The EIS will be funded for a total of more than $130 million until June 2017.

The highly successful co-funded exploration drilling program, which accounts for about half of the $10 million, is a key component of the EIS program which encourages exploration in Western Australia, particularly in green-field mineral areas and frontier petroleum basins.

High quality geoscience information gathered under the EIS helps reduce the risk for explorers by providing high quality geoscience information. It also provides some shorter term stimulus for the exploration industry.

WA's resources sector also benefited from a further $3 million for research and administration allocated to the Minerals Research Institute of Western Australia (MRIWA).

The funding was the final allocation of the initial $7.5 million earmarked for MRIWA in May 2012 when the State Government announced it would establish the new institute.

The 2015-16 Budget is has been released as one of consolidation in which the State Government continues to implement key reforms, tightly manage expense growth and build on its achievements. The 2015-16 budget also aims to support Western Australian businesses and households through the current challenging environment.

A snapshot of the 2015-16 State budget includes:

• the delivery of new revenue and savings measures, worth an estimated $1.3 billion (in net debt terms) over the next four years, that builds on existing fiscal repair strategies and seeks to minimise the impact on households and business
• $8.1 billion for the delivery of health services in 2015-16, an increase of 1.3 per cent on 2014-15
• $4.8 billion for the delivery of education services in 2015-16, an increase of 6.5 per cent on 2014 15
• $1.4 billion for the delivery of police services, an increase of 4.1 per cent on 2014-15.
• a new $560 million (including $85.3 million in the regions) Social Housing Investment Package (SHIP) that will deliver 1,000 new social homes, to be built, purchased or leased during 2015-16 and 2016-17, that will by 30 June 2017, halve the number of seniors and families with children on the priority waitlist.
• $24.1 billion for investment in infrastructure over the next four years, including $6.3 billion in 2015-16, that will result in increased capacity and much needed upgrades to the State’s health, education, transport, power and water infrastructure.

For more information about the State budget please see the Infographic.