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Federal Budget boosts Geoscience Australia with $566 million mapping initiative

· 200 words, 1 min read

The Federal Budget 2024-25 includes a $566 million investment in Resourcing Australia's Prosperity, a landmark initiative led by Geoscience Australia. 

This decade-long program will map the entire continent, both onshore and offshore, to identify critical mineral and rare earth deposits essential for renewable energy technologies.

This unprecedented national mapping effort builds on the success of the Exploring for the Future program and addresses the fact that 80% of Australia remains underexplored. By providing detailed geological data, this initiative will unlock new resource discoveries, guide infrastructure development, and inform environmental assessments.

A 2023 Deloitte Access Economics report underscores the economic significance of precompetitive geoscience data, estimating it contributed $76 billion to the Australian economy and 80,000 jobs in 2021-22.

This investment indicates the Federal Government has grasped the importance of resource exploration in the transition to a clean energy future. Comprehensive geoscience is also important to help streamline exploration activities, identify and manage environmental impact, and engage stakeholders to ensure the industry delivers genuine community benefit.

The Budget also continues funding for the ongoing Landsat Next satellite partnership with the US Geological Survey – worth $448.7 million over 11 years from 2023.24 – and other initiatives including the Data Driven Discoveries program.

Read AusIMM's full 2024-25 budget recap here

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