Proponents may apply to the Minister for MPF status if their proposed project meets the following criteria:
The project is of strategic significance to Australia:
- The project will significantly boost Australian industry innovation.
- Increasing research and development (R&D) and commercialisation capability and/or
- A new application of skills and knowledge and/or
- Technology transfer and/or
- Cluster development
- Or, the project will have significant net economic benefit for regional Australia, taking account of a region’s investment needs.
- Or, the project’s estimated investment exceeds A$50 million and makes a significant contribution to economic growth, exports, employment and/or infrastructure development.
In certain cases, the size of the project will mean that this criterion will be readily satisfied. The value of land and capitalised lease payments are excluded and the major elements of total capital expenditure should be provided. The major items of capital equipment in the project need to be identified and cost estimates from relevant pre-feasibility or feasibility studies should be submitted. Employment numbers for various phases of the proposed project should also be included.
Requires Australian Government approval(s) administered under Australian Government legislation in order to proceed and/or significant Australian Government involvement, including through other Government programs.
Australian Government approvals that may be required include:
- Foreign investment approval;
- Compliance with Australian Government legislation;
- Environmental and heritage approvals;
- Approvals under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 and related Acts;
- Customs and quarantine approvals;
- Import tariff concessions;
- Access to employment and training programs; and
- Assistance under immigration programs.
The Department can assist proponents to identify further approvals that may be required or relevant government assistance programs.
Has sufficient financial resources to complete the Australian Government approval(s) process.
Proponents seeking MPF status need to demonstrate the extent of financial support for the project - sufficient at least to carry it through the approvals processes. The Department will seek information to show that the project has attracted adequate funding and other support, including experience and proponent history to sustain it through the approvals processes.
Evidence of adequate funding to enable the project to successfully complete approvals processes and the project’s general viability may take many forms. These may include:
- Resolutions of support from the Board of a parent company, or a letter of support from a parent company, financial organisation or other investor;
- Letters of Intent, Heads of Agreement or other commercial documents, offtake and supply agreements, audited company accounts etc; and
- Feasibility and pre-feasibility studies.
Demonstration of reasonable commercial viability.