The Tasmanian Government will secure the future of Tasmania’s regional communities by establishing a $20 million Recovery Fund for Regional Resilience.
The Fund will provide a dedicated and enduring source of support for communities experiencing significant economic disruption, helping regions respond to major industry change, employer closures, workforce impacts and other economic shocks.
Premier Jeremy Rockliff said the Fund was about turning today’s investment success into tomorrow’s regional resilience.
“Our regional communities are at the heart of Tasmania’s economic success and they deserve the confidence that comes from knowing support will be there when it is needed most,” Premier Rockliff said.
“The strong investment made by the Tasmanian Government to support the future of the King Island Tungsten Mine has allowed us to reinvest a significant portion of the windfall back into the very regions that helped generate that success.
“This Fund is about transforming a one-off financial return into an enduring asset for regional Tasmania.
“Too often governments are forced to react after a major employer closes or an industry undergoes significant change.
“Instead, we are getting ahead of those challenges by establishing a fund that will help communities navigate economic disruption, attract new investment and create new opportunities for the future.
“The Recovery Fund for Regional Resilience will help support economic diversification, workforce transition, investment attraction and community-led recovery initiatives when communities face significant economic disruption.”
“Drawing on the principle that windfall gains should create lasting public benefit, the Fund will preserve capital while creating a long-term asset that can grow over time for the benefit of future generations of Tasmanians.
“The investment in King Island and the establishment of the Recovery Fund for Regional Resilience represents approximately $25 million in support for Tasmania’s regions.
“At the same time, proceeds from this investment will also contribute to reducing debt, helping to strengthen the State’s financial position.
“These are prudent measures that allow us to build stronger regional communities, prepare for future challenges and invest in the future of every Tasmanian.”
