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Commonwealth Coat of Arms of Australia

 

Industry Research and Development (Gas Acceleration Program) Instrument 2017

I, Matt Canavan, Minister for Resources and Northern Australia, make the following instrument.

Dated 15 December 2017

Matt Canavan

Minister for Resources and Northern Australia

 

 

 

 

Contents

1 Name

2 Commencement

3 Authority

4 Definitions

5 Prescribed program

6 Specified legislative power

7 Eligibility criteria relating to program

 

1  Name

  This instrument is the Industry Research and Development (Gas Acceleration Program) Instrument 2017.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

• Commencement information
• Column 1 Column 2 Column 3
• Provisions Commencement Date/Details
• 1. The whole of this instrument The day after this instrument is registered. 20 December 2017

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under section 33 of the Industry Research and Development Act 1986.

4  Definitions

  In this instrument:

Act means the Industry Research and Development Act 1986.

domestic gas consumer means a natural gas consumer, other than a liquefied natural gas project, located in Australia.

domestic gas market means a collection of natural gas buyers and sellers in Australia who are interconnected by infrastructure that allows them to trade natural gas.

target consumer means a domestic gas consumer who:

 (a) is affected by what is forecast to be a tight supply‑demand balance; and

 (b) would experience a material benefit from additional natural gas becoming available.

target market means a domestic gas market containing a substantial number of target consumers.

5  Prescribed program

  For the purposes of subsection 33(1) of the Act, the program specified in item 1 of the following table is prescribed.

 

• Prescribed program
• Item Column 1Program Column 2Description and purpose of the program
• 1 Gas Acceleration Program The program provides funding to:(a) encourage direct investment in onshore natural gas projects that are likely to secure new and significant volumes of natural gas for domestic gas consumers in target markets; and(b) address potential natural gas supply shortfalls in target markets.

6  Specified legislative power

  For the purposes of subsection 33(3) of the Act, the powers of the Parliament under paragraph 51(xx) of the Constitution to make laws with respect to foreign corporations and trading or financial corporations formed within the limits of the Commonwealth are specified.

7  Eligibility criteria relating to program

  For the purposes of subsection 33(4) of the Act, the eligibility criteria relating to the program include the requirement that applicants must be trading or financial corporations to which paragraph 51(xx) of the Constitution applies.