The Chamber of Minerals and Energy WA (CME) congratulates Prime Minister Anthony Albanese and Federal Labor on their election win on Saturday.
Notable commitments from Federal Labor's election campaign included establishing a $1.2 billion Critical Minerals Strategic Reserve, going back to the drawing board on Nature Positive reforms and ruling out new taxes or royalties targeting the resources sector.
CME Chief Executive Officer Rebecca Tomkinson said she looked forward to genuine and transparent consultation on the implementation of election promises and other ways to support the sector that underpins the national budget.
"Streamlining and accelerating Federal environmental assessments goes to the heart of reversing the recent decay in Australia's investment fundamentals," Ms Tomkinson said.
"Environmental law reform is long overdue but must deliver on the stated goal of improving outcomes for both the environment and for business. The only way to achieve that is through early, open and frequent consultation with all stakeholders.
Ms Tomkinson said well-designed industrial policy could position WA as a trusted and stable supplier of rare earths and other critical minerals as the globe scrambles to diversify supply chains.
"The Critical Minerals Strategic Reserve is a potentially important avenue to unlock investment in Australia's rare earth reserves, which are the third largest in the world," she said.
"However, it is vital any plans for stockpiling contain safeguards against applying continued downward pressure to commodity prices that might impact the viability of existing or prospective Australian operations."
Ms Tomkinson said the best way to sustain and grow the WA resources sector remained reducing the cost and complexity of doing business.
"WA has an abundance of the minerals and energy the world needs to navigate both the energy transition and rising geopolitical instability," she said.
"But we're not the only place that produces commodities like iron ore, LNG and rare earths.
"Investors have options. As a nation, we need to start acting like we're serious about competing for their capital.
"The issues impacting our sector have been clearly articulated. Energy prices are too high and rising. Project assessments take far too long. Australia's corporate tax settings are uncompetitive. Industrial relations changes have broken the crucial connection between productivity and wages growth.
"While Future Made in Australia supports like production tax incentives and the Green Iron Investment Fund are important and welcome, they cannot compensate for flawed fundamentals.
"Australia is well placed to capture a new wave of resources investment to underpin another generation of prosperity - but that wave will pass us by completely if we fail to get the basics right."
Ahead of the election, CME released a Federal Pre-Budget Submission containing more than 90 comprehensive recommendations that provide a blueprint for the Commonwealth to reverse declining productivity and maintain Australia's standing as a resources powerhouse.
