Competition for mining investment requires urgent policy reforms

The release of the Fraser Institute’s Annual Survey of Mining Companies has sounded the alarm on the need for policy reforms by state governments to drive greater investment in Australia’s mining industry.

While Australia remains an attractive place to do business, the survey results show other mining regions in North America and Africa are becoming more competitive as investment destinations because of improving investor perceptions of government policy.

As a result, all states except New South Wales have slipped in the survey’s international rankings of regions’ investment attractiveness.

Urgent reforms are needed to deliver internationally competitive tax and royalty rates, faster project approvals and less regulatory duplication to attract more job-creating investment in Australia’s world leading mining industry.

Australia cannot take mining’s contribution to jobs, investment and communities in the future for granted.

Despite a very challenging 2020, the Australian minerals industry drove prosperity in Australia, making substantial contributions to investment, exports, wages, jobs and government revenue.

There are 240,000 people directly employed by the resources sector and a total of 1.1 million direct and indirect jobs in the mining and mining equipment, technology and services (METS) sectors.

Mining companies also support thousands of regional businesses around Australia and their workers who provide essential services that keep the industry operating.

In addition to new jobs across the nation and paying its fair share of taxes and royalties, the mining industry also supports local communities through backing local businesses through the COVID-19 pandemic and donations to hospitals, charities, child care centres and schools.

Policy reform and greater investment will ensure that the minerals industry continues to contribute significantly to Australia’s economy and communities.

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