Miners call for changes to boost investment
PERTH (miningweekly.com) – The Minerals Council of Australia (MCA) has urged the Australian government to implement reforms to lower taxes and shorten project approval times, to allow the minerals industry to play a greater role in supporting the economy post Covid-19.
CEO Tania Constable on Monday said that the industry body had provided the federal government with a range of policy and regulatory options, which if adopted, could help the Australian minerals industry maximise its contribution to Australia’s economic recovery.
“Our world-leading minerals companies are hampered by regulatory duplication and overlap, while projects take too long to be approved – denying regional communities jobs and investment.
“Expediting environmental assessments and approvals, reforming greenfields agreements and expanding incentives for exploration will also help realise and refresh the potential pipeline of new and expanding mining projects,” Constable said.
She noted that a potential mining investment pipeline of up to A$100-billion of coal, iron-ore, base metal, critical minerals and gold projects as well as tens of billions of spending to sustain the Australian mining industry cannot be taken for granted.
“With other mining nations significantly hampered by the Covid-19 pandemic while Australian minerals companies continued to operate, Australia’s competitors will waste no time in attempting to increase their share of the recovery.
“In this context, Australia’s company tax rate of 30% is too high and not internationally competitive.”
Constable said that future mining investment should not be put at risk by any move to increase the already high burden on the sector. In particular, the fuel tax credit scheme, which operates to avoid taxing a vital business input, should remain in its current form.
Meanwhile, skills and training needs would also require a particular focus, including retraining and reskilling entrants from other industries affected by Covid-19, Constable said, pointing out that the minerals industry stood ready to accelerate 1 000 new apprenticeships through the Mining Skills Organisation Pilot.
“While world economic growth is expected to contract sharply in 2020, the industry’s ability to keep operating through the Covid-19 crisis has positioned it strongly to take advantage of the global recovery and the ongoing resources demand of developing economies,” she added.
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