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South Australia Budget 2024/25

The South Australian Government released a surplus budget on 4 June 2024 as a result of better than expected GST and state tax revenues. Supported in part by the $420M received in royalties from the minerals and petroleum industry. However, debt will escalate beyond $38B as the Government borrows to fund ongoing initiatives, which underscores the importance of growing the SA resources industry and its annual royalty revenue.

The announcements that offer mining industry support include a $3.6M  commitment over 2 years to fund a Green Iron and Steel Strategy and further investment in the existing steel industry with $1.7M for the Whyalla steelworks.

The budget also included $4.1M to deliver the new hydrogen and renewable energy legislative program. We hope to see mining policy and development approvals back in the spotlight as critical government resources have been diverted from mining over recent years to deliver this legislation.

There was little in the budget to address major industry requests. The government remains silent on funding the Accelerated Discovery Initiative (ADI) and the long-awaited Critical Minerals Strategy and an accompanying development fund, for which there were no allocations made.

AMEC’s SA Budget Media release

AMEC’s SA Budget submission 2024-25

 

SA Networking Event and Advisory Committee

South Australia’s AMEC networking event was held on 23 May and attended by over 50 people. Membership Manager Doug Bowie gave an overview of AMEC’s journey leading to the development of the Production Tax Credit and working with the Commonwealth, who announced the Production Tax Incentive in the 2024-25 Federal Budget. SA Manager, Peta Abbot hosted the event and thanked sponsors Iron Road for kindly providing an office for her to operate out of in Adelaide.

Launch of SA’s Green Iron and Steel Strategy and EOI Forum

On 20 June, the South Australian Government launched the Green Iron and Steel Strategy – as part of the Government’s State Prosperity Project. The government is seeking involvement from businesses to jointly investigate and invest in building a green supply chain to make green iron production a reality. An Expression of Interest process is now in progress and submissions are due 1 October 2024.

South Australia’s big plans for Green Iron and Steel were also supported by a recent supply chain analysis demonstrating a 21% advantage to produce Green Iron in South Australia. This is underpinned by the States significant magnetite resources, and AMEC welcomes the commitment to support industry to grow value-adding opportunities.

AMEC SA Manager, Peta Abbot attended the launch of the strategy at the Green Iron and Steel forum along with AMEC members Peak Iron and Iron Road. AMEC will remain engaged in the process and provide feedback on behalf of members throughout the EOI consultation process.

Copper to the World from South Australia

South Australia’s copper opportunities were in the spotlight at the Copper to the World conference on 18-19 June in Adelaide. AMEC was a Collaboration Partner with conference organisers Austmine and it was great to see so many AMEC members presenting and taking advantage of the networking opportunities. The South Australian Explorer’s stand was a big hit and AMEC’s SA Manager was also out and about spending time with members and making new connections.