WA’s powerhouse resources sector pumped a record $77 billion into the State economy last year and accounted for one-fifth of company tax paid across the entire country.
You’d be used to the phrase ‘red tape’. This is ‘green tape’ to the max! Major new projects and development will be ground to a halt or be forced just to pay up. It’ll mean more lawyers, more court challenges, more power to the opponents – in the end a minefield of new regulations and rules to make every step towards getting things done tougher. Probably why most of this being kept hushed.
Australia is in the middle of a crushing cost-of-living crisis. The most effective way out of it is to increase productivity. Improving productivity puts downward pressure on prices, but it does so without the financial pain associated with the only other major inflation-busting lever — punishing interest rate hikes. Given that, the Government should be throwing the kitchen sink at getting its policy settings right. Instead, Labor seems intent on tying up business in more and more red tape.
Minister for International Trade and Investment, Richard Maru is reemphasizing the national Government’s policy of Special Economic Zones (SEZs) stating that it is a signature policy of the Marape-Rosso government.
Ruler of Ajman issues royal decree to establish free zone in the Emirate.
Special economic zones (SEZs) in Malaysia provide fiscal incentives and tax relief, sector-specific perks, and strong infrastructure. We list the available incentives for businesses in the country’s respective SEZs.
We need policies that help Australians. We need policies that make investment in our country worthwhile. If we have any interest in maintaining our living standards we should be doing what other countries do and roll out the red carpet for investment. Expensive government-funded trade trips and trade personnel located overseas are a waste of money unless governments cut the costs and delays caused by government red tape. And Blind Freddie can see that the forcing the overburdened taxpayer to fund lawfare does nothing to encourage investment.
In the State Budget, royalties contributed over $12bn in 2022-23. Mining represents around one-third of State Government revenue. Federally, ATO data reveals that the mining industry contributes more than $40bn in company tax — around 5 per cent of ALL company tax paid in Australia in the 2021-22 financial year. This remarkable contribution should not just be seen in terms of abstract numbers. Mining not only represents jobs and growing wealth, it also represent money for schools and hospitals, defence funding, investment in new roads and other infrastructure, and on and on.
Geologist Ian Plimer has praised mining billionaire Gina Rinehart, saying she “doesn’t get enough credit” in Australia. Mr Plimer told Sky News Australia that Ms Rinehart is “the greatest Australian woman” the country has ever produced. “She did it herself, she didn’t inherit anything,” she said. “She’s built a huge private company, the biggest private company in Australia. “She should be honoured for employing so many people and for paying such a huge amount of tax.”