WA mining ensures Australians have Medicare

Over the past financial year, WA mining and oil and gas companies contributed $83 billion directly to Australia’s economy, roughly one sixth of the entire federal government’s revenue over the period. This is more than the federal government’s budget for Medicare ($29.7 billion) and defence ($44.6 billion) combined. There are more than $140 billion worth of projects in the mining and oil and gas sector across WA, many of which are greenfield developments. The CMEWA said similar contributions from the resources sector would continue over the next decade.

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WA resources sector injects $122 billion into economy in 2019-20, CME survey shows

WA mining and resources companies injected almost $122 billion into Australia’s economy in the 2019-20 financial year through direct and flow-on spending, helping create 309,000 full-time jobs during COVID-19. The figures, from WA’s peak resources industry body, revealed the extent to which the local sector powered economies and communities around the nation as they reeled from the impacts of the pandemic. “That’s why it’s so important that both industry and government continue to tackle key challenges like current and future skills shortages, in order to fully capitalise on the significant opportunities we have in front of us.”

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Red tape the problem rather than monopoly

Rather, what one should be looking for are explanatory factors which are themselves economy-wide. In reality, one doesn’t need to look far, for the past decade has seen a tsunami of regulation – from climate change to directors’ liability – that has increased the risk involved in investing and pushed up required profit margins and rates of return. And by the way, those regulations also make it harder for new firms to enter and expand, giving some substance to Treasury’s story.
We are, in other words, in the midst of a battle between an innovation process that is yielding enormous consumer benefits and a regulatory explosion that threatens those benefits. Once upon a time, Treasury would have been more alert to that clash and its dangers than anyone. Its analysis might have been technically less sophisticated than this paper is, but it would have focused on the real problems – and provided ­better guidance to policymakers.

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Iron ore demand driving Australian resources exports to new highs

Minister for Resources, Water and Northern Australia Keith Pitt said as the world recovers from the global COVID-19 pandemic, record iron ore prices have driven a surge in export earnings, while metallurgical coal exports are also benefiting from a surge in world steel production. “These incredible results underline the importance of Australia’s resources sector to the national economy and international markets throughout the COVID-19 downturn.”

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Approvals reform can protect natural assets & boost economy

The Minerals Council of Australia estimates that the EPBC process can cost companies developing greenfield resource projects up to $47 million every month. Professor Samuel recommended the job-destroying duplication should be addressed by improving, strengthening, and streamlining the capacity of the Federal Government to delegate approval functions to State governments.
It’s time to get on with reforms to better protect natural assets and deliver a needed boost for our economy.

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Regions drive broader economy

“If we don’t get it right we’re not going to go anywhere, because regional Australia is actually the engine that drives the broader economy,” he said.

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Ore tax props up a nation

WA’s booming iron ore industry contributed nearly one-fifth of total company tax paid across the whole of Australia last year — about $15 billion — keeping the nation on its feet in the face of a devastating pandemic.

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$10bn aid pool to cut premiums in north

“To underwrite it, you’re going to talk about billions because you need the comfort of that behind you. If we do this right, there’s no reason we can’t expand it into bushfire areas and flood areas.”

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$108b infrastructure wave

Western Australia has $108 billion worth of infrastructure projects in the pipeline — more than any other Australian State or Territory — as sky-high commodity prices fuel confidence and business investment.

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Australia backs world-leading clean hydrogen projects

“The Morrison Government is committed to building a clean and competitive hydrogen industry in Australia, and these projects are a huge step towards Australia cementing its place as a world leader,” Minister Taylor said.

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