Industry Research and Development (Golden Beach Gas Storage Acceleration Program) Instrument 2022

I, Angus Taylor, Minister for Industry, Energy and Emissions Reduction, make the following instrument.

Dated 16 February 2022

Angus Taylor

Minister for Industry, Energy and Emissions Reduction

Contents

1 Name

2 Commencement

3 Authority

4 Definitions

5 Prescribed program

6 Specified legislative power

1  Name

  This instrument is the Industry Research and Development (Golden Beach Gas Storage Acceleration Program) Instrument 2022.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under section 33 of the Industry Research and Development Act 1986.

4  Definitions

  In this instrument:

Act means the Industry Research and Development Act 1986.

program: see subsection 5(1).

5  Prescribed program

 (1) For the purposes of subsection 33(1) of the Act, the Golden Beach Gas Storage Acceleration Program (the program) is prescribed.

 (2) The program provides a loan to GB Energy (VIC) Pty Limited to support early works on the Golden Beach gas storage project.

 (3) The purpose of the program is to ensure that GB Energy (VIC) Pty Limited can reach a final investment decision in relation to the Golden Beach gas storage project in time for the project to play a part in alleviating forecast gas shortfalls in the east coast gas market.

6  Specified legislative power

  For the purposes of subsection 33(3) of the Act, the power of the Parliament under paragraph 51(xx) of the Constitution to make laws with respect to foreign corporations and trading or financial corporations formed within the limits of the Commonwealth is specified.