"Are they doing anything to promote the mining industry in an attempt to attract more local and foreign investors in that sector?"
$100 mil, doesn't look much, but we also have the NT Infrastructure Fund
Investing in the future strength of the Australian resources sector
The Turnbull Government will commit $100 million to secure additional private investment in vital greenfield mineral exploration to drive the next wave of mineral discoveries crucial to the resources sector and the Australian economy. The Government will provide tax incentives for junior exploration companies to encourage investment and risk taking which are needed to underpin the future strength of our resources sector and the Australian economy. Prime Minister Malcolm Turnbull said the Junior Mineral Exploration Tax Credit (JMETC) would allow the tax losses in greenfield exploration companies to be distributed as a credit to Australian resident shareholders. “Everything my government is doing is focussed on promoting investment and driving economic activity,” Prime Minister Turnbull said. “These tax incentives will encourage ‘junior explorers’ to take risks and to have a go at discovering the next large-scale mineral deposit. “We want to back enterprise. We want to turnaround the greenfields minerals exploration expenditure that have declined by almost 70 per cent over the past five years.” Under the new $100 million Junior Mineral Exploration Tax Credit scheme, Australian resident investors of junior explorer companies will receive a tax credit where the exploration company chooses to give up a portion of their losses relating to their greenfields exploration expenditure in an income year.
