IT IS hoped a new Darwin agency offering a one-stop-shop for major project approvals will boost investment in northern Australia.
Officially opened on Monday, the federal government’s Major Projects Approval Agency is modelled on the already established Tasmanian agency and will help major project proponents navigate regulatory processes.
“Investors currently face multiple hurdles when identifying the regulatory requirements for establishing new projects. This ‘single point of entry’ will work with major project investors to help streamline their regulatory approvals pathway,” said Minister for Industry, Innovation and Science Christopher Pyne.
“The agency provides free services for eligible projects and works with domestic and international project proponents to make sure every box is ticked and projects can get off the ground quickly.”
Minister for Resources, Energy and Northern Australia Josh Frydenberg said the new agency will create a ‘friendlier’ environment for investors already showing significant interest in northern Australia.
“There is significant interest in investing in northern Australia. In November, the government hosted the Northern Australia Investment Forum which attracted 350 senior executives and investors to Darwin to see for themselves the region’s enormous potential,” he said.
“Establishing the agency in Darwin will help reduce the burden of red tape for such potential investors and furthers the government’s blueprint for the region established by the White Paper on Developing Northern Australia.”
The White Paper included more than $1.2 billion in investment commitments, spread across over 50 policy initiatives and 15 Commonwealth agencies.
Click here for more information on the major project approvals agencies in both Tasmania and the Northern Territory.