Richard Colbeck (Tasmania, Liberal Party, Parliamentary Secretary to the Minister for Finance and Administration) Share this | Hansard source

The principles of ecologically sustainable development were agreed by COAG in 1992. These principles are:

• decision making processes should effectively integrate both long and short-term economic, environmental, social and equity considerations;
• where there are threats of serious or irreversible environmental damage, lack of full scientific certainty should not be used as a reason for postponing measures to prevent environmental degradation
• the global dimensions of environmental impacts of actions and policies should be recognised and considered
• the need to develop a strong, growing and diversified economy, which can enhance the capacity for environmental protection should be recognised
• the need to maintain and enhance international competitiveness in an environmentally sound manner should be recognised
• cost effective and flexible policy instruments should be adopted, such as improved valuation, pricing and incentive mechanisms
• decisions and actions should provide for broad community involvement on issues that affect them

That was the definition that was accepted by COAG in 1992 and has, I understand, since been reviewed to include protection of intergenerational equity. In relation to the modifications of the boundaries in the north-west, Australia’s continental shelf submission was lodged with the UN Commission on the Limits of the Continental Shelf on 15 November 2004 under article 76 of the United Nations Convention on the Law of the Sea. This includes a claim over an area of seabed off Western Australia, near Joey Rise, as far north as the point of latitude 12 degrees, 45 minutes and 55 seconds south and longitude 113 degrees, 31 minutes and 42 seconds east. A fraction of this area falls further north than the northern boundary of Western Australia described in schedule 2 of the Petroleum (Submerged Lands) Act. Accordingly, in the equivalent area—the description in schedule 1 of the OPB—an adjustment is proposed to the trajectory of the boundary line in the vicinity of the above mentioned point to expand the scheduled area to encompass the whole seabed area claimed by Australia. I have two maps here that I am happy to provide that show the before and after boundaries referred to. I will table those for distribution.