NEWS


QUEENSLAND GOVERNMENT APPOINTS CONSORTIUM TO ASSIST WITH DEVELOPMENT OF THE NEW FINANCIAL PROVISIONING SCHEME
Friday, June 15, 2018


Melbourne - 15 June 2018 -  The Queensland Government is leading the way by developing a new financial provisioning scheme for the resources sector (the Scheme). The innovative new Scheme reduces the risks to taxpayers resulting from unmet rehabilitation and environmental obligations for any disturbed land resulting from a resources project.

We are very proud to announce that we are well progressed on designing the Scheme, with the recent selection and appointment of a Risk Advisor. The Risk Advisor we have selected to assist in the design, implementation and operation of the Scheme is a Consortium led by KPMG that includes Advisian and Australia Ratings.

In late 2017, KPMG and Australia Ratings were engaged for the preliminary design and development of the risk rating process for the Scheme.

The Queensland Government sees the implementation of the Scheme as a significant step forward for the industry and has a strong desire to continue KPMG and Australia Ratings involvement to implement and operate the risk assessment process component of the Scheme, with the additional support of Advisian.

For the Scheme to operate successfully, advice provided to the Scheme Manager must be based on robust methodology, delivered by advisors with the respect and trust of key stakeholders. The combination of Advisian, Australia Ratings and KPMG, all of which have a proven track record of being able to successfully collaborate on such exercises, delivers on all these requirements. They will work with industry to successfully implement and operate the Scheme.

About the Consortium

KPMG is a leading respected brand in the market, known for regularly developing bespoke and innovative solutions for its clients. KPMG have a strong presence and extensive experience in the resources industry. KPMG works shoulder-to-shoulder with its clients with passion and purpose to deliver real results.

Advisian is the independent global advisory and consulting division of the WorleyParsons Group that provides extensive operational knowledge and experience in the resources sector. Advisian’s offering encompasses deep expertise and advice to clients, not only in the resources industry, but also a well proven track record of advising governments across Australia.

Australia Ratings is an ASIC licenced credit rating agency with demonstrated strength in assessing credit risk of debt securities and providing financial risk assessments having developed bespoke and innovative credit rating processes and methodologies appropriate for Australia’s financial system.

FOR MORE INFORMATION CONTACT:

Chris Dalton, Managing Director, Australia Ratings
chris.dalton@australiaratings.com 03 8080 6684

Kirsten Vagne,Project Director, Queensland Treasury
Kirsten.Vagne@treasury.qld.gov.au


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