The Forestry Industry Association of the NT applauds the Federal government’s investment in a Regional Forestry Hub for the Northern Territory. $1 million worth of funding was committed for the hub in the federal budget handed down by Treasurer Josh Frydenberg.
‘The creation of a Forestry Hub in the Northern Territory will be instrumental in fostering long term investment, research & development and job creation in the emerging forestry sector.’ stated Mr Frank Miller, President of FIANT.
‘The budget decision is recognition of the important role forestry currently plays in the Territory’s economy and in Australia’s post COVID recovery. The NT hub will support further growth in our $115 million per annum industry which employs 170 FTE staff, many of which are in regional areas.’
‘One of the priorities of the Hub will be to implement a taskforce to analyse how the industry can enhance production, efficiency and value-add to our local timber products. FIANT looks forward to working closely with the Forestry Hub to deliver outcomes for the industry and the Territory economy.’
‘The unique nature of the Forestry hub will facilitate access to the Climate Solutions Fund for Territory plantations. The ability to access carbon credits provides an enhanced income stream for producers and attracts further investment to the region.’ It will also facilitate the removal of Schedule 3 of the Carbon Credits (Carbon Farming Initiative – Plantation Forestry) Methodology that excludes two significant plantation species in the NT – African mahogany and Indian sandalwood from claiming carbon credits.
FIANT has been proactive in calling for the creation of a local Forestry Hub, the association has met with numerous Commonwealth and Territory politicians to secure the hub. The recent Aussie Logs for Aussie Jobs parliamentary committee report supported FIANT’s call for the creation of a Forestry Hub.
‘FIANT thanks the Government for responding to the needs of industry, the hub will be a valuable asset for industry.’ Mr Miller said.
Source: Forestry Industry Association of The NT