How the budget can deliver economic recovery and cleaner, secure energy
Australia’s oil and gas industry has urged the Federal Government to use the 2022-23 Budget to encourage continued investment in secure, cleaner energy. In a plan to bolster the investment environment, the Australian Petroleum Production & Exploration Association (APPEA) said development of both the natural gas industry and new technology could drive economic recovery, create jobs and reduce emissions. APPEA’s 2022-23 Federal Budget submission, released today, calls for economy-wide investment allowances for large projects and new technology initiatives cutting carbon emissions; the immediate deductibility of wages and salaries; as well as the removal of barriers to oil and gas project restructuring. The blueprint also includes expanding the Junior Minerals Exploration Incentive (JMEI) for junior oil and gas explorers to secure additional local supply for the future. New net zero initiatives include amending the Offshore Petroleum and Greenhouse Gas Storage Act 2006 to allow for reservoir testing for the examination of CCUS use as well as supporting carbon capture opportunities through acreage releases. APPEA Chief Executive Officer Andrew McConville said the industry was key to securing Australia’s competitive advantage through its work ensuring energy supply and decarbonising for a cleaner energy future. “This is a plan that delivers cleaner, secure energy supplies while lifting us out of the tough times of the pandemic,” he said. “Australia and its government have a massive, once-in-a-generation opportunity to make policy decisions to provide foundations for the future growth of our economy. “A recent Ernst & Young report found national economic output could rise over $350 billion and create over 220,000 jobs in the next 20 years – but only if the settings are right. “And, of course, our industry will continue to deliver taxation revenue that helps to build the nation’s roads, schools and hospitals.” The full suite of APPEA recommendations to be […]