The Tasmanian Forests Intergovernmental Agreement was an initiative made between the then Prime Minister, the Hon Julia Gillard MP, and the then Premier of Tasmania, the Hon Lara Giddings MP, on 7 August 2011.
$277 million, including $15 million from the Tasmanian Government, was allocated under the agreement. Key funding elements included:
- $85 million to support contractors and their families affected by the downturn in the industry, including the $45 million Tasmanian Forests Intergovernmental Agreement Contractors Voluntary Exit Grants Program
- $120 million for regional development projects
- $43 million to facilitate protection of new reserve areas
- $7 million per annum ongoing to manage new reserves.