Document ID: chunk:federal_register_of_legislation:F2023L00714:reg:5
Version: federal_register_of_legislation:F2023L00714
Segment Type: reg
Provision Reference: reg 5
Character Range: 3671–4387

5  Prescribed program
 (1) For the purposes of subsection 33(1) of the Act, the Support Plantation Establishment Program (the program) is prescribed.
 (2) The program provides funding to Australian businesses, State forestry bodies and Territory forestry bodies to support the establishment of new long‑rotation plantations.
 (3) The purpose of the program is to support Australian businesses, State forestry bodies and Territory forestry bodies to:
 (a) establish new plantations which are long‑rotation plantations;
 (b) reduce carbon emissions through the sequestration of carbon by trees growing in new long‑rotation plantations;
 (c) increase the supply of domestically grown timber to the Australian economy.