Mining investment crucial for Australia’s economic growth

The Australian Mining Review
The KCGM “Superpit” at Kalgoorlie, Western Australia – the largest open mine in the Southern hemisphere.

Minerals Council of Australia chief executive Tania Constable has emphasised the pivotal role of mining investment in driving Australia’s economic growth.

In a statement, Ms Constable highlighted the significant contribution of the minerals industry to the country’s prosperity and urged the Federal Government to prioritise policies that support and attract investment in the sector.

Australia’s minerals industry has been the backbone of the economy, generating substantial export earnings and tax revenue, and laying the foundation for this year’s Federal Budget surplus.

Ms Constable stressed that sustaining this economic success requires a renewed focus on mining investment, particularly in light of the challenging economic climate and the urgent need to transition to a net-zero emissions future.

“The minerals industry is an indispensable component of Australia’s economy, and it is crucial that we maintain international competitiveness and productivity,” she said.

She pointed out that the predicted decline in mining investment over the coming years can be reversed through targeted policies and government support.

Ms Constable raised concerns about the current policy landscape, highlighting the impact of certain measures on business confidence and investment.

She called on the Federal Government to prioritise policies that foster business growth, attract investment, and drive productivity.

“Neglecting to seize this opportunity would be a missed chance to unlock the sector’s full potential and secure long-term economic prosperity,” Ms Constable said.

The minerals industry has played a vital role in propelling Australia’s economy forward, creating economic opportunities and ensuring stability.

The record-breaking tax contribution of $41b from Australian mineral companies in the previous fiscal year serves as a testament to the industry’s significant investments made a decade ago.

This contribution not only improved the Federal Government’s Budget position but also enabled investments in critical areas such as healthcare, education, childcare, aged care, and infrastructure.

Looking ahead, Ms Constable underscored the need for Australia to stay competitive amidst growing global demand for minerals and metals required to achieve net-zero emissions.

“Resource-rich economies are increasingly vying to supply these essential resources, and Australia must remain at the forefront of the market,” she said.

“By supporting businesses, large and small, and fostering an environment conducive to investment, the Federal Government can ensure that Australia continues to be an economic powerhouse.”

Ms Constable reiterated that the success of Australian mining is crucial to the nation’s economic well-being.

The Federal Government must recognise the pivotal role of mining investment in driving economic growth and take proactive steps to support and attract investment in the minerals sector.

By doing so, Australia can solidify its position as a global leader in mining, ensuring a prosperous and resilient future for all Australians.