Australia's Labor government, if the party wins the federal election, will invest $1 billion in storm water harvesting and desalination projects to protect the nation's urban water supplies, according to Opposition Leader Kevin Rudd.
The plan would provide 10 percent tax credits toward water projects, with a capped maximum benefit of $100 million. The funds, though, would become fully available only near the end of a Rudd government's first term.
The announcement of possible funding comes as the first addressing water policy from either major party since Prime Minister John Howard added the issue to the national agenda in January with his $10 billion Murray-Darling takeover plan.
"The need to fix urban water supplies and urban water security long-term [is] acute and needs new national leadership," Rudd said. "This $1 billion desalination and urban water plan for Australia is designed to provide funding support for desalination plants across the country and also provide funding support for recycling and other water projects concerning the harvesting of storm water."
The $1 billion investment, according to Rudd, could leverage up to $10 billion in new water projects.
Beginning in 2009, the water tax credits would be fully available as grants to local and state governments and the private sector.
Source: news.com.au
