The Queensland Resources Council (QRC) has welcomed the Morrison Government's announcement of a Productivity Commission review into streamlining regulation in the resources sector, with a view to cutting red tape but maintaining the highest standards.
"Every new investment in the resources sector means more jobs for Queenslanders," Mr Macfarlane said.
"The Queensland resources sector employs more than 315,000 Queenslanders both in direct jobs and supporting industries, and it is paying more than $5.2 billion in royalty taxes to the State Government this year alone. More than 80 per cent of our exports come from the resources sector.
"Those returns benefit all Queenslanders. But our future prosperity relies on attracting new projects and new investments.
"We think it is especially important that the review focuses on post approval time lines, and eliminating avenues for lawfare whereby activists and protestors attempt to hold up properly approved projects through court delays.
"According to the Queensland Major Projects Pipeline Report, around $2 billion of resource projects are currently under construction with a further $19 billion in the pipeline to 2022-23.
"Queensland cannot take future investment for granted. The most recent report from the Fraser Institute on investment attractiveness showed Queensland had fallen to 13th place on the global rankings.
"Queensland already has world leading environmental rehabilitation laws. By ensuring appropriate regulation, without unnecessary red tape, Queensland has every reason to be at the front of the pack for Australia and the world when it comes to creating jobs and exporting our high quality resources. This review will be a vital step in ensuring we deliver on that potential.
"QRC looks forward to participating in the Productivity Commission review."
