|Question Without Notice No. 1215 asked in the Legislative Council on 22 November 2018 by Hon Peter Collier |
Minister responding: Hon Alannah MacTiernan
Parliament: 40 Session: 1
ALBANY WAVE ENERGY PROJECT — CARNEGIE CLEAN ENERGY — FUNDING PLAN
1215. Hon PETER COLLIER to the Minister for Regional Development:
I refer the minister to her decision to extend the deadline by which time Carnegie Clean Energy must provide a credible funding plan to the government, and to the comment attributed to her in The West Australian of 24 November in which she said that the proposed changes to the federal government’s research and development tax had —
… upended the business plan for Carnegie’s Albany project by slashing the value of … tax credits from $16 million to $4 million.
Will the minister confirm that the proposed changes to the research and development tax will slash the value of expected tax credits from $16 million to $4 million for Carnegie?
Hon ALANNAH MacTIERNAN replied:
What I can confirm is that, should the current R&D proposals before the federal Senate be approved, the upper limit will be $4 million. I will have to double-check exactly what amount Carnegie was expecting to receive, but my understanding was that it was considerably more than $4 million. My understanding was that it had been hoping to roll this project out over a couple of years and get something in the order of $16 million to $20 million in tax cuts. I am happy to see whether we have a record of its exact projections. The member would be aware that the Leader of the Opposition, Mike Nahan, and the Leader of the Nationals WA, Mia Davies, have made representations on behalf of WA companies concerned precisely about these cuts in R&D and how they would impact on businesses like Northern Minerals.