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Mining exploration to suffer from Budget cold shoulder

Mining exploration to suffer from Budget cold shoulder article image

Geoscience Australia missed out on $10 million in funding in the latest Federal Budget, sparking fears that exploration will suffer from lack of funding. Shadow parliamentary secretary for Energy and Resources Barry Haase said it showed that the government was not interested in fostering the growth of the sector. "The Government’s underlying philosophy is that there will be resurgence in mining and exploration by 2011. But if they don’t support these types of foundations, then they are not doing anything to encourage and foster growth and improvement in that sector," he said. "With $10 million less in their pocket Geoscience Australia are certainly not going to be equipped to complete the same amount of research let alone more." Geoscience Australia is a foundation designed to examine issue in Australia's onshore and offshore exploration, resource management and environmental protection. Haase said ignoring the sector in the Budget does nothing to stop the industry's "downwards trend".

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