Wednesday, October 19th, 2011 - Family First
FAMILY FIRST MLC Robert Brokenshire has revealed that Family First will move amendments to the legislative package on the Olympic Dam expansion requiring that 25% of royalties yielded from the project must go to a new statutory Regional Infrastructure and Investment Fund.

“Family First went to the March 2010 election with a commitment for true equity for regions, starting with royalties for regions”, Mr Brokenshire said, “These amendments will guarantee at law that 25% of the royalties from the mine must be quarantined in a fund administered by the Minister for Regional Development for expenditure on infrastructure, investment and economic opportunities specific to regional South Australia”. The policy would deliver, on current estimates, $87.5 million per annum in royalty revenue for the Fund when the Expansion was running at full production.

Mr Brokenshire said WA already has a royalties for regions policy in place, with $1.2 billion allocated for expenditure this financial year for various projects and programs.

“Family First want to secure guaranteed funds for regional SA, with particular emphasis on improved road, rail and ports infrastructure”.

Mr Brokenshire illustrated regional SA’s infrastructure needs with the current situation in Port Lincoln where, against community opposition, iron ore is approved for transport through the centre of town because no deep sea port exists in the area yet.

“Though the Eyre Peninsula Mining Alliance is working hard on that, I want to see a dedicated fund established to fund projects like that.”

The statutory RIIF fund is modelled on other statutory funds like the Victims of Crime Fund – which Family First improving to ensure funds do not become a state budget asset stockpile, but are expended on its stated purpose. Similar plans are underway to create a statutory Community Road Safety Fund using red light camera revenue.

“For transparency and certainty we need these funds to ensure revenue is collected and then disbursed for the intended purpose.”

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Robert Brokenshire

P: 08 8237 9122
M: 0419 815 990


Family First will move amendments to the legislative package on the Olympic Dam



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