The Tasmanian Government has today taken an important step to deliver its 2030 Strong Plan for Tasmania's Future commitment to increase the statutory cap imposed on co-investment for strategic projects that benefit Tasmania.
Acting Premier Michael Ferguson released a draft bill for public consultation, which will enable co-investment of projects of up to $35 million – significantly increasing the value of projects that can be supported by Tasmanian Development and Resources (TDR).
"TDR provides an important and robust mechanism for supporting Tasmania's economic development," the Acting Premier said.
"As governed by the Tasmanian Development Board, TDR's primary focus is the creation of investment and associated employment growth through supporting the implementation of government priorities and policies.
"The draft bill amends the Tasmanian Development Act 1983 by increasing the loan and liability discharge capped limits for co-investment across a number of categories and makes other minor amendments to improve the effective operation of the Act.
As part of our 2030 Strong Plan for Tasmania's Future, we are ensuring TDR is set up to succeed in its mission to promote economic development and increased industry development activities across Tasmania.
"This Bill is the first step in our plan to modernise TDR and make sure it has the powers it needs to support businesses, maintain Tasmania's low rate of unemployment, and promote balanced economic development," Acting Premier Ferguson said.
The draft Bill is available on the Department of State Growth's website, with the public consultation period open until Friday 26 July.
Following consideration of any feedback received, it is expected that the bill will be introduced into Parliament in the next sitting session.
