Resources, Energy and Tourism
Economic Stimulus Plan Recalibration — Clean Energy Initiative — reprofiling
| 2008‑09 | 2009‑10 | 2010‑11 | 2011‑12 | 2012‑13 | |
|---|---|---|---|---|---|
| Department of Innovation, Industry, Science and Research | - | -100.0 | - | - | - |
| Department of Resources, Energy and Tourism | - | -200.0 | - | - | - |
| Total | - | -300.0 | - | - | - |
The Government will rephase $300 million in funding for the Clean Energy Initiative from 2009‑10 to 2013‑14. This will better align the funding profile for the program with the expected timing of payments.
The Government's $4.5 billion Clean Energy Initiative has been established to support a series of substantial new measures to encourage further innovation in clean energy generation and low emissions technologies, which will contribute to Australia's transition to a low‑carbon economy.
This measure is part of the Government's recalibration of the stimulus program to ensure it continues to provide an appropriate level of support to the economy, taking into account the demand for individual programs, evolving labour market conditions and the need to provide continued value for money. The recalibration complements the withdrawal of stimulus that is already built into the design of the fiscal strategy. The Government will continue to monitor the stimulus program, as well as its overall fiscal settings, to ensure they remain suited to economic conditions.
National Offshore Petroleum, Minerals and Greenhouse Gas Storage
Regulator — establishment
| 2008‑09 | 2009‑10 | 2010‑11 | 2011‑12 | 2012‑13 | |
|---|---|---|---|---|---|
| Department of Resources, Energy and Tourism | - | 2.5 | 9.4 | 6.9 | - |
| Related revenue ($m) | |||||
| Department of Resources, Energy and Tourism | - | - | 12.5 | 6.4 | - |
The Government will establish a National Offshore Petroleum, Minerals and Greenhouse Gas Storage Regulator, to be operational by 1 January 2012. The new regulatory agency will operate on a full cost recovery basis, with the establishment fully funded by industry fees levied between 1 July 2010 and 31 December 2011. This decision has been taken in response to the Productivity Commission report Review of Regulatory Burden on the Upstream Petroleum (Oil and Gas) Sector which was released on 30 April 2009.
The new regulator will streamline the regulatory regimes for upstream petroleum, mineral and greenhouse gas storage activities. It will replace the existing joint administration of upstream petroleum, minerals and greenhouse gas storage by the Commonwealth, States and the Northern Territory for the offshore area.
Further information can be found in the press release of 5 August 2009 issued by the Minister for Resources and Energy.
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