It is becoming increasingly clear that concerns relating to energy security and climate change are set to drive a significant increase in global demand for uranium.
Australia's reputation as a reliable uranium supplier is already well-known and well-earned.
So with more than one-quarter of the world's uranium resources in its possession, Australia is very well-placed to capitalise upon the predicted changes in the global marketplace.
And it is this Government's policy to encourage the further development of the uranium industry.
The Australian uranium industry can provide a significant long-term economic benefit to Australia and also make a major contribution to the global effort to reduce greenhouse gas emissions.
My vision is for Australia to be the world's largest exporter of uranium and the world's leader in occupational health and safety, environmental protection, Indigenous engagement and non-proliferation safeguards practices.
We are making significant progress in developing the uranium industry to make this a reality.
Perhaps most importantly, the three mines policy has been abolished.
The Australia Government supports the development of new markets that will uphold Australia's strict export and safeguards policy.
I am happy to see progress being made on the development of a number of new projects and I look forward to working with the companies involved.
However, there is still more work to be done.
Through the Uranium Industry Framework (UIF), we are working to remove other impediments to the industry's growth and already we are seeing results:
· It has seen the development of high-level principles for Indigenous engagement;
· It has assisted the Central Land Council inform Traditional Owners of issues relating to uranium exploration and mining;
· We have developed a mapping model for current and future uranium mines which identifies points of delay and denial in the shipment of uranium ore concentrates;
· We have published an information leaflet Safe and Effective Transport of Uranium on regulatory requirements, safe handling and means of mitigating potential risks in the transport of uranium and other radioactive materials;
· We have published of a paper to assist uranium exploration companies comply with Australian Stock Exchange requirements for reporting of reserves under the Joint Ore Reserves Committee Code; and
· We have developed a draft report, which maps the uranium industry's existing regulatory arrangements and identifies options for streamlining and improving national consistency.
The Government is committed to working in partnership with industry to continue the implementation of the UIF.
In this Government's first Budget, $10.6 million has been allocated over four years to promote the safe management of Australia's uranium resources.
$1.5 million has been allocated over the next year to improving outcomes for Indigenous communities and streamlining regulation to ensure world's best practice environmental and safety regulation.
Radiation safety training will be funded and a national dose register established.
These initiatives will be introduced in partnerships with industry, and the NT and SA Governments.
However, we are in an extremely tight fiscal position and Governments should not be the only contributors to UIF activity.
In light of the expected growth in the uranium industry, I believe there is scope for the industry to make the investment required in its own future.
The Australian Government supports industry development, but we need to work in partnership with industry to achieve our vision.
And this means the Australian uranium industry needs to do its bit.
I encourage all members of the Australian industry to become actively involved in the UIF's future work program, as industry needs to maintain high standards to continue building public support.
The industry also has to ensure everyone enjoys benefits from mining activities – particularly indigenous communities. I applaud the industry's efforts to engage Indigenous communities but far more work needs to be done.
There needs to be real returns to local communities including jobs.
The Australian Government welcomes the Association's intention to adopt a Code and I have appreciated being consulted during its development over recent months. We also expect Australian companies operating overseas to uphold the same high standards.