A new report shows concerns about State and Federal government policy and Queensland's new royalty taxes are among a raft of issues that have impacted confidence in the state's crucial minerals and energy exploration sector.
Today's release of an annual Exploration Scorecard report by the Queensland Resources Council (QRC) and its exploration arm, the Queensland Exploration Council (QEC) reveals a dive in industry confidence over the past 12 months.
QRC Chief Executive Ian Macfarlane said the sentiment survey of more than 60 exploration companies shows government policy changes are affecting the confidence and mindset of Queensland's all-important exploration industry.
The report, which surveyed 18 key operating factors, revealed that a striking 15 of them ranked negatively, underlining growing concerns among explorers.
Key concerns included policy uncertainty at the state level, increased costs due to inflation, the impact of environmental regulations, and royalty tax rates.
Mr Macfarlane said the results were less positive than the previous year and it was clear government policy intervention at a state and federal level was having a negative impact on Queensland's exploration sector.
"Queensland's resources 'nest egg' has provided generations of Queenslanders with economic stability, jobs and business opportunities, but explorers are concerned that government policy decisions are sapping industry confidence and have created uncertainty.
"Perception shapes reality, so we need more proactive engagement and consultation between government and industry to ensure Queensland is in a position to supply the minerals and materials the world needs to decarbonise."
QEC Chair Kim Wainwright said a strong resources sector in the future relies on exploration now.
"Mining projects have a long lead time, so we need to have policies in place now that provide investors with the long-term confidence they need to invest in exploration in Queensland," she said.
"The world-class mines and energy projects that fuel Queensland's economy all have one common origin - a thriving exploration industry.
"The Exploration Scorecard is an invaluable source of information for industry and policy makers, and it's clear a more collaborative approach is needed to support the ongoing prosperity of our state.
"Strategic partnerships to develop competitive commercial settings are crucial to attracting investment in exploration, so these results are a call to action for all stakeholders to work together to shape a positive future for Queensland," Ms Wainwright said.
About Queensland Exploration Council (QEC):
The QEC is the exploration arm of the QRC and is dedicated to promoting exploration in Queensland's resources sector. It collaborates with members and stakeholders to provide insights and advocate for the growth and sustainability of the exploration sector in Queensland.
