Water Week

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Federal funding of $201 million over six years to support installation of water tanks and other water-saving devices by schools and community organisations

Posted by waterweek on 2 October 2007

Federal treasurer Peter Costello promised a new environmental initiative in the Budget to provide $197 million over five years for the Global Initiative on Forests and Climate, reported The Australian (9/5/2007, p. 12).

Solar panel rebates double: “We want to encourage home owners to install solar panels across Australia,” Costello said. “The current rebates will be doubled so that households will receive up to $8000 for installing an average system, which costs around $14,000, a rebate of over 50 per cent. Grants of up to $12,000 will be available for solar panels in schools and community buildings. Funding of $201 million over six years will be provided to support the installation of water tanks and other water-saving devices by schools and community organisations.

Tax deductible carbon-sink forests: “I announce that the costs of establishing qualifying carbon-sink forests will be tax deductible with immediate deductibility for five years commencing July 1 and concessional depreciation arrangements after that,” said Costello. “This budget provides $197 million over five Years for the Global Initiative on Forests and Climate. This initiative will assist developing countries to manage and maintain – rather than slash and burn – their precious tropical forests. And this will be complemented by the establishment of partnerships with developing countries to support water management, energy efficiency and alternative energy initiatives.

New Climate Change center will be established: “A new Australian Centre for Climate Change Adaptation will be established. The CSIRO will be allocated $103 million for climate change and energy research. The Government is further extending the Natural Heritage Trust until June 2013, with an injection of $2 billion to support activities that improve water quality and reduce land degradation at the local, regional and national level.”

New Environmental Stewardship announced: Costello said: “I announce a new Environmental Stewardship Program, an innovative longterm initiative which will engage the Australian Government in partnerships with landowners to protect and improve environmental assets on private land. The first of our natural assets to be targeted are the Box Gum, Woodland areas that span inland from Queensland to Victoria. There is less than 5 per cent of this significant nationally endangered ecosystem left and much of it needs urgent work.”

The Australian, 9/5/2007, p. 12

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