High among the planned security initiatives are the acquisition of two new patrol boats and trialling unmanned aerial surveillance drones.
“Funding has been provided for the purchase of two additional patrol boats and trials of unmanned aerial vehicles for the North West Shelf security project,” said defence minister Robert Hill.
“This will enable the navy to provide dedicated surveillance and monitoring of the North West Shelf.
APPEA described the PRRT changes as meaningful. Jones said under the former tax payment lodgement deadlines (previously 42 days, now 60 days), companies were often paying their PRRT tax before they’d earned it.
Jones said some of the policy changes were needed as “there were things that were never thought about when the Act was written in 1983 and 1990, such as the internal transfer of gas between parties within an LNG project.”
“This has important consequences for every potential LNG project in the country.”
He said there were important financial and cash implications and he was pleased with the way government had consulted with industry during the process,
“It is a good outcome because of the cooperative process between industry and government in resolving these issues,” he said.
Another budgetary measure which should have a positive impact on industry is the abolition of a three per cent import tariff on imports, which applies to the specialist equipment often used in the oil and gas industry, where no similar goods are made in Australia.
“Removing the tariff for all imports will reduce the business costs and improve the international competitiveness of Australian business,” said treasurer Peter Costello.
Jones said that while imports for LNG projects were already favoured under the LNG Action Agenda, APPEA service companies and oil projects would certainly receive some benefit.
Australian-based companies will also find it easier to attract quality international oilfield executives to work in the country, with legislation to be reintroduced creating a foreign income exemption for temporary residents.
The proposal is for a four year exemption period for foreign executives covering most income earned in other positions offshore. It also proposes foreign residents are not hit by capital gains tax increases or losses when they sell assets during the four year period.
