Stage 1 works to develop a mines fund for the Lake Macquarie region is underway, fully-funded by a $2 million commitment from the Albanese Labor Government.
The Lake Macquarie Mines Fund will give businesses and the private sector confidence to invest in new developments in our community and also help to address the housing crisis.
It seeks to underwrite developers for the unpredictable cost of filling and remediating historical underground coal mine voids, above a capped rate, providing them with greater cost certainty.
The Lake Macquarie Mines Fund project is being delivered in two stages:
Economic analysis conducted by Dantia prior to the 2022 Federal Election showed establishing the Lake Macquarie Mines Fund is expected to unlock an estimated 2,500 new jobs in the community and accelerate over $450 million of investment in eligible development applications.
In addition, it will also allow the construction of more dwellings, which is crucial given the current housing shortage in the Hunter.
Stage 1, which was funded with a $2 million commitment from the Australian Government, will be completed in February 2025.
Funding for Stage 2 will be determined based on the outcomes of Stage 1.
The Lake Macquarie Mines Fund is expected to open for application in mid-2025.
Quotes attributable to Federal Member for Shortland Pat Conroy:
“This is exciting progress on one of my key election commitments.
“The Lake Macquarie Mines Fund will give the private sector the certainty they need to invest in our community, including in new housing which we all know is desperately needed.
“I am committed to delivering on my election commitments for the Shortland electorate, including unlocking Lake Macquarie’s economic potential by investing in a mines fund.”
Quotes attributable to Mayor of City of Lake Macquarie Kay Fraser:
“This funding will have real and tangible benefits in helping our city grow and prosper.
“It literally lays the groundwork to take a further step away from mining and heavy industry towards innovative new commercial enterprises and higher density residential development around existing infrastructure and services.”