MCA response to Intergenerational Report

There is no doubt, Australia is well placed to capitalise on this once-in-a-generation mining boom that has the potential to underpin the nation’s prosperity for decades to come.

We have the critical minerals, we have the expertise and we have the ingenuity to lead the world through this trillion-dollar mining boom, as the world transitions to a clean energy economy, and develops new technologies.

But there are no certainties, and no inevitability. The risks of Australia missing the boat are increasing by the day. Our global competitors are already stealing a march, attracting investment, opening up opportunities, and unleashing business to lead the charge.

Australia has become a more difficult place to do business, and a riskier place to invest because of higher costs, long approval delays, and repeated interventions by governments.

We may have some of the biggest deposits of critical minerals than anywhere in the world, but to develop those opportunities requires enabling policy settings that attract investment and build confidence.

Otherwise our wealth of critical minerals is at risk of remaining in the ground, as miners pursue options elsewhere, as some of our biggest miners are beginning to foreshadow.

Greater investment uncertainty, exhaustive delays in environmental approvals and the proposed introduction of rigid and costly industrial relations laws are combining to blunt Australia’s ability to fully capitalise on this critical minerals boom.

The Intergenerational Report makes clear the immense challenges facing the Australian economy and government budgets in the coming decades.

‘Why at this very moment, when the pressures on the Australian economy are clearly increasing, when Australia’s future prosperity is at stake, would the government seek to introduce rigid, costly and complex industrial relations changes that will only stifle investment and hamper productivity?