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Tuesday, 7 December 1971
Page: 4131

Mr BUCHANAN (MCMILLAN, VICTORIA) - Will the Minister for National Development advise the House of the conclusions that have been reached about submissions from the Austraiian Petroleum Exploration Association on oil and mineral exploration within Australia?

Mr SWARTZ (DARLING DOWNS, QUEENSLAND) (Minister for National Development) - As I indicated previously, the Australian Petroleum Exploration Association has made some submissions in relation to incentives for exploration both on-shore and off-shore, and this matter is at present under consideration by an interdepartmental committee that has been set up by the Government. I think I should make it clear that the APEA submissions are the second lot that have been made. We looked at them some months ago but we made it quite clear to the Association that this matter would be referred to this committee for consideration and report to the Government. At the same time the position in relation to incentives in a number of countries overseas differs from that in Australia. In other words different types of incentives are provided in some of the major producing countries in the world as compared with Australia. 1 think one of the greatest incentives we can have is the discovery of additional supplies and additional resources of liquid petroleum. Fairly recently there were announcements of indications of further deposits of gas and some indication of further minor liquid petroleum deposits, but the greatest incentive to the industry in Australia would be the discovery of a major liquid petroleum deposit either on-shore or off-shore in Australia. However the position in relation to other forms of incentives - the question of price, the question of incentives in relation to taxation and circles and other matters - is being considered by the committee at the present time and we expect that in the very near future a report will be submitted to the Government.

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