A government review in the latest Federal budget has confirmed the value of Geoscience Australia in developing the nation’s resources.
Looking at the future direction of the geological surveyor, the Department of Finance and Deregulation stated that it was of significant value to Australia’s economy.
Highlighting its ability to attract investment, the review “found that much of its work amounts to a national prospectus for some of Australia’s most lucrative natural resources.”
The report outlined how Geoscience Australia’s work under the Offshore Energy Security Program for the period June 2006 to June 2011 delivered a return on the Government’s investment of $75 million of $625 million in committed frontier exploration expenditure in acreage awarded to date, with an additional $1 billion for secondary work programs.
It went on recommend improvements to strategic planning, performance reporting and priority setting.
The review also called for an assessment of the existing process for offshore acreage permits.