Deepening investment uncertainty, exhaustive delays in environmental approvals and the proposed introduction of rigid and costly industrial relations laws are combining to blunt Australia’s ability to fully capitalise on this once in multiple generation mining boom, a new report found. The Minerals Council of Australia (MCA) on Monday released its Future Critical report, which highlighted the role minerals and resources would play in the Australian economies and communities, and the risks of missing what looms as a golden opportunity to secure Australia's prosperity for decades to come.
PERTH – Deepening investment uncertainty, exhaustive delays in environmental approvals and the proposed introduction of rigid and costly industrial relations laws are combining to blunt Australia’s ability to fully capitalise on this once-in-multiple-generations mining boom, a new report found.
“The report highlights the compounding investment risks associated with the construction and development of a new mine site, and the cost to the economy of any delays.
The report noted that mining capital stock has plateaued at A$933-billion over the last five years. However, the sector remains a significant contributor to the economy, with resource export generating revenues of A$2.4-trillion, the sector paying A$252-billion in wages from 2012/13 to 2021/22, and contributing A$295-billion in taxes and royalties.
“While Australia has the attributes, the workforce, the expertise, and the array of deposits required to be a leading global supplier of the critical minerals, governments have a critical role to play.
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