The Australian Government has today committed to total funding of $114 million to Geoscience Australia over the forward estimates to improve our understanding of Australia’s onshore and offshore resource base.
The Australian Government has committed to locking-in $34 million in 2013-14 and $40 million every year thereafter to fund a range of on-going activities at Geoscience Australia.
This includes $26 million per annum to Geoscience Australia for its pre-competitive data program to improve our knowledge of Australia’s resource base and open up opportunities for new resource projects.
A further $5 million increasing to $8 million in 2014-15 to enhance Geoscience Australia’s groundwater modelling capabilities to better assess the long term health of the Murray-Darling Basin and other regions.
An additional, $3 million increasing to $6 million in 2014-15 to Geoscience Australia’s natural disaster planning and response program, the Australian Tsunami Warning System, and to further understand Australia’s clean energy potential.
The Minister for Resources and Energy, Martin Ferguson AM MP, highlighted the importance of understanding Australia’s resource potential in securing domestic energy security, servicing export markets and developing Australia’s critical energy resources.
“The Australian Government is committed to scientific and evidence based decision making through its ongoing support to Geoscience Australia,” Minister Ferguson said.
“From the work of Geoscience Australia we can apply what we learn to develop our unconventional gas potential, assess our groundwater storage and identify geothermal and carbon capture and storage sites.”
This funding will ensure the sustainability of Geoscience Australia’s national geoscience infrastructure, such as satellite and ground base earth observations networks which support critical information for all personal and industry products which now rely on GPS (global positioning), including mining, agriculture, aviation, shipping, construction and insurance.
“The potential benefits of this data are exponential with public accessibility through the National Broadband Network fostering opportunities for great innovation and collaboration across many scientific fields,” Minister Ferguson said.