(1)  The Panel must prepare an initial assessment report in relation to a major project within 28 days, or a longer period allowed by the Minister, after whichever is the later of the following:

(a) the day by which a participating regulator must give to the Panel a notice under section 60ZV(1) ;

(b) the day on which the Panel received from a person or body information that the Panel requested under section 60ZW ;

(c) the day on which the Panel last received under section 60ZY(1) a preliminary advice in relation to the major project from a participating regulator.

(2)  A initial assessment report in relation to a major project –

(a) must include a statement setting out the Panel's opinion, having regard to the information that is before the Panel prior to the public exhibition of the major project, as to the extent to which the major project impact statement in relation to the major project addresses the matters that are set out, in accordance with section 60ZM(4) , in the assessment criteria in relation to the major project; and

(b) must include a statement setting out any other information in relation to the major project that is provided to the Panel by a proponent under this Division after the major project impact statement was provided to the Panel under section 60ZS(1) ; and

(c) may include any conditions or restrictions which the Panel considers that, having regard to the information that is before the Panel prior to the public exhibition of the major project, it may impose on a major project permit, if the Panel were to grant under section 60ZZM such a permit in relation to the major project.