**Check against delivery
Introduction
Good afternoon ladies and gentlemen.
Before turning to the reason for our gathering today I would like to first make a few remarks on the devastating floods ravaging towns and communities throughout Queensland and Northern New South Wales.
The scale of the devastation these extreme weather events continue to wreak is unprecedented.
Our thoughts and prayers are with the families and communities of those who have tragically lost their lives in the flash flooding we have seen in Toowoomba overnight and of course with those who are still searching for missing friends and family members.
Obviously this is an incredibly difficult time for the many, many people whose lives have been completely overturned by this monumental flooding.
All our efforts remain focussed on the task of making sure people are safe. Evacuations and search and rescue operations are continuing.
It will be some time before the full effects of these events are known.
In the interim the Australian Government is providing immediate support to the people and businesses affected by the flooding and our priority is making sure that people are able to get the assistance they need as quickly as possible.
I would urge anyone needing further information to contact the Australian Government.
Now let me turn to the reason we are here today, for the launch of the Proceedings for the Theo Murphy High Flyers Think Tank 2010.
As the Proceedings clearly demonstrate, the time you spent here in the Shine Dome in August last year was time very well spent.
From my perspective, as Minister for Resources and Energy, the Academy could not have chosen a more timely or important subject as the ninth topic in the Think Tank series than the future of resource discovery and utilisation in Australia.
Australia
The scale and number of large scale resource and energy projects both planned and under development is unprecedented in our nation
I note Olympic Dam featured in your discussions as a case-in-point with Dr Williams describing it as
I can not think of a more fitting term.
And of course, the full potential of this area remains to be seen.
In November last year I released the Interim Report of the Government Review of the Woomera Prohibited Area.
As recognised in the interim report - the mineral and petroleum resource potential of this area is significant with particularly high potential for copper-gold-uranium deposits similar to Olympic Dam.
It is a truly exciting prospect.
Alongside these projects we are also seeing the growth in new ways of mining traditional resources such as the emergence of the coal seam gas to liquefied natural gas industry on Australia
The export potential for this industry is significant with Australia expected to become the second largest LNG exporter in the world by 2015.
And of course global demand for fossil fuels continues to rise.
So the opportunities on the horizon are significant, but they are not without their challenges.
The speed and scale of new development is putting pressure on wages and the availability of skilled labour.
New industries are posing new regulatory challenges.
And increased production means a dwindling supply of readily available mineral deposits for development.
Deep earth exploration
Although exploration expenditure is on the rise exploration success is declining. That is why the Think Tank
As you have correctly identified in the 2010 Proceedings, what is needed now is the next generation of maps
Industry needs the information these next-generation maps will provide to uncover the deposits that will underpin our future resource prosperity.
The value of this type of work has been demonstrated time and again in the work undertaken by Geoscience Australia producing pre-competitive data for our offshore petroleum reserves.
This data is the envy of other nations and gives Australia a leading edge in attracting investment for offshore petroleum development.
The six initiatives proposed under the 2010 Think Tank road map aim to deliver exactly that for our onshore mineral deposits.
Realising this potential would give private industry world-leading competitive exploration opportunities.
The initiatives share a common approach that focuses on innovation and coordination at a national level.
I will hand over to Dr McFadden to canvass each in more detail but before I do I would like to take this opportunity to commend the Academy for its ongoing leadership, and to congratulate all participants in last year
It is by no means an overstatement to say that Searching the Deep Earth: The Future of Australian Resource Discovery and Utilisation
As summarised in the introduction of these Proceedings, this Think Tank was all about sustaining Australia
Deep earth exploration is the next frontier and it is a frontier that we must conquer if we are to continue to reap the economic benefits of our natural mineral wealth.
Conclusion
Bringing together Australia
The evidence is right here in the Proceedings I am launching today.
The proposed road map you have put together is ambitious and a welcome contribution in terms of future policy direction and development.
In conclusion I offer you my congratulations and I look forward to your ongoing work in this all-important field.
Thank you