Project Sea Dragon was awarded Major Project Status by the Federal Government in 2015, and there is significant ongoing support for the Project, most recently demonstrated by the Northern Territory, Federal and Western Australian Governments through their respective commitments for the upgrade of the Keep River public road. The upgraded road will provide all year access between Kununurra in WA and Legune Station in the NT.
The Australian Government’s strategy for northern Australia and several policy initiatives have importance for Seafarms Project Sea Dragon, including the White Paper on Developing Northern Australia (2015). One of these new policy initiatives for developing Northern Australia is the A$5 billion Northern Australian Infrastructure Facility which will provide concessional loans to suitable projects being developed in this region.
The Australian Government has also successfully finalised new Free Trade Agreements with a number of countries in the high growth regions of Asia, including China. The China-Australia Free Trade Agreement will allow Australian businesses unprecedented access to the world’s second largest economy and will lead to significant reductions in tariffs for Australian exporters. Importantly in relation to Project Sea Dragon, the agreement includes the elimination of up to 8% tariffs on prawn imports within 4 years.