Investor Updates
Australia announces streamlined process for significant new tourism projects
7 November 2012
A streamlined process to reduce delays for significant new tourism projects through a new tourism investment facilitation service has been announced by Australia’s Minister for Tourism, Martin Ferguson.
Mr Ferguson said that increasing tourism investment is a key priority of the government’s Tourism 2020 strategy.
"Investment in new product is needed if we are to realise our potential of increasing annual overnight visitor expenditure up to $140 billion by 2020," the Minister said. He added that tourism investment projects often require multiple approvals from different agencies in different jurisdictions because of their multiple-use nature.
“The Tourism Major Project Facilitation (TMPF) Service will case manage projects through the Australian Government approvals process saving investors time and money by streamlining interactions with Australian Government approval agencies,” Mr Ferguson said.
He noted that the service will offer investors a national tourism investment facilitation service by linking with existing services offered by state and territory governments.
"This will ensure tourism projects that require approvals from both Commonwealth and state approving bodies can access an integrated investment facilitation service to minimise delays.”
The facilitation service will be available to projects that have a capital value in excess of $50 million.
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