- Media Release
Investment in mining critical to the future
The Australian minerals industry’s significant contribution to the economy through exports and tax revenue has provided the foundations for this financial year’s Budget surplus.
This Budget surplus does not have to be a one-off. The predicted fall in mining investment over the coming years can be reversed.
More than ever, Australia needs an internationally competitive and productive minerals industry given the economic headwinds and the urgent need to create a net zero emissions future.
As the Australian economy continues to face hurdles, and pressure remains on government spending, the Federal Government must do everything in its power to foster economic growth by nurturing investment.
The Federal Government must recognise the effect of its targeted policies against businesses is having on confidence and investment.
Policy settings to support business growth and investment are largely absent from the Budget. Failing to prioritise productivity measures that drive investment, wages and profitability is a missed opportunity.
Minerals have helped propel our economy forward, boosted economic opportunity and security, and enabled the Federal Government to invest in the things that really matter: families, communities and vital services like hospitals, schools, childcare, aged care and infrastructure.
The record tax paid by Australian mineral companies in 2021-22 ($41 billion) is the result of the massive investment by the minerals industry that occurred a decade ago. It underpins the Federal Government’s rapidly improved budget position this year.
Going forward, Australia’s vulnerability to competition from resource-rich economies will only grow as they seek to seize the opportunity to supply the minerals and metals needed to achieve global net zero emissions.
Businesses, large and small, are the wealth creators of Australia not government.
All Australians have a stake in the success of Australian mining.