(1) It is the intention of Parliament that in the administration of this Act regard should be given to the principles of sustainable development.
(2) For the purposes of this Act, the principles of sustainable development are—
(a) community wellbeing and welfare should be enhanced by following a path of economic development that safeguards the welfare of future generations;
(b) there should be equity within and between generations;
(c) biological diversity should be protected and ecological integrity maintained;
(d) there should be recognition of the need to develop a strong, growing, diversified and internationally competitive economy that can enhance the capacity for environment protection;
(e) measures to be adopted should be cost effective and flexible, not disproportionate to the issues being addressed, including improved valuation, pricing and incentive mechanisms;
(f) both long and short term economic, environmental, social and equity considerations should be effectively integrated into decision-making;
(g) if 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 and decision-making should be guided by—
(i) a careful evaluation to avoid serious or irreversible damage to the environment wherever practicable; and
(ii) an assessment of the risk-weighted consequences of various options;
(h) development should make a positive contribution to regional development and respect the aspirations of the community and of Indigenous peoples;
(i) decisions and actions should provide for community involvement in issues that affect them.