Nuclear strategy would spearhead growth in SA

Nuclear strategy would spearhead growth in SASouth Australia could accumulate $445 billion over 70 years, drive infrastructure investment and generate jobs and growth through a nuclear fuel cycle strategy, leaders at the Property Council’s InvestSA conference heard last week.Dr Leanna Read (pictured), South Australia’s chief scientist, shared the findings of the Nuclear Fuel Cycle Royal Commission, established in 2015 to investigate the potential for expanded mining and processing, storage and disposal of radioactive and nuclear waste, and the use of nuclear fuels for electricity generation.The Commission’s report, tabled in May, found South Australia could safely increase its participation in nuclear activities. In particular, the report found disposal of waste material could provide “significant and enduring” economic benefits to the South Australian community.Analysis undertaken for the Commission determined that a waste disposal facility could generate more than $100 billion in income in excess of expenditure – and that would include a $32 billion reserve fund for closing the facility and ongoing monitoring – over the 120-year life of the project.Investing the $257 billion in total revenue would generate a state wealth fund of $445 billion over 70 years. Over the first 30 years, the waste repository would generate around $5 billion a year – about one-third of the state government’s current revenue.”Just as investors are now looking at South Australia knowing we have a $90 billion defence pipeline, the potential $445 billion in a state wealth fund would attract investment in large-scale infrastructure projects and other flow-on activities,” says the Property Council’s South Australian executive director, Daniel Gannon.”If the waste storage facility proceeds, it would be operational by the late 2020s. This would require initial infrastructure, including a dedicated port, airport and railway line – creating jobs for the state,” Gannon adds.While participation brings risks, the report found the state is managing many of these risks effectively and the remainder are manageable.”The feeling in the room was upbeat, with leaders from all sectors of the economy recognising that nuclear fuel storage presents an incredible opportunity – but one that must be pursued in its own right, not as a panacea to solve our current economic woes,” Gannon concludes.The topic was one of many explored at the 13th annual InvestSA conference, which brought together leaders from the property, resources, tourism and service sectors to consider investment priorities and development opportunities for South Australia.