MCA welcomes the latest export revenue forecasts from the Department of Industry, Innovation and Science released today that highlight the continued importance of Australia’s mineral and energy commodity exports.
The report confirms that export revenue from iron ore, coal and gold will continue to be strong, boosting Australia’s national income and generating jobs.
Australia’s resources sector generates 55 per cent of the nation’s export revenue and directly employs 250,000 Australians in highly paid jobs, particularly in regional communities.
A recent report Deloitte Access Economics commissioned by MCA showed the mining industry generated $12 billion in royalties for state governments in 2017-18 and paid $18.6 billion in company tax.
These mining revenues fund the teachers, nurses, police and infrastructure projects that are essential services on which all Australians rely upon.
The Department of Industry, Innovation and Science’s report forecasts tighter future commodity prices will result in lower export revenues in the future.
To increase Australia’s future resources exports the Federal and state governments must support greater investment and enable Australian companies to be more productive.
Competitive taxation rates, flexible workplace relations and streamlined regulatory systems are essential to ensuring the mining industry can continue to deliver grow with confidence, supporting regional communities and increasing Australian living standards.
MCA’s The Next Frontier: Australian Mining Policy Priorities outlines a plan for policy-makers that supports jobs and investment in the minerals sector, which will enable Australia to continue to generate vital export dollars into the future.