The Minerals Council of Australia (MCA) welcomes the opportunity to contribute to the Senate Select Committee on the Future of Work and Workers Inquiry.
The minerals industry is a fundamental source of Australia’s comparative advantage in the global economy and a major contributor to the nation’s innovation effort. Notwithstanding the recent downturn in commodity prices, mining remains Australia’s second largest industry and Australia’s largest export earner by a very wide margin. Australia’s mining capital stock is now almost four times what it was at the start of the mining boom.
Innovation is central to maintaining Australia’s comparative advantage in minerals and energy by supporting more competitive, safer and more environmentally sustainable operations. The mining sector spends nearly $3 billion a year on research and development (R&D) and is an exemplar of collaboration with research bodies.