Reminding Australia of WA’s might

Article by Adrian Lowe, courtesy of The West Australian

The nation’s largest group for miners will spend millions on reminding Australians of its contribution to the national economy, with a new advertising blitz to start from Monday.

Freshly armed with a new analysis of mining’s value to government revenue, the Minerals Council of Australia said $74 billion was contributed to all levels of government in the 2022-23 financial year.

Of that, Canberra pocketed $42.5b in company tax revenue, sparking warnings from the MCA about the Albanese Government’s Industrial Relations agenda.

The Federal Government is spruiking the credentials of its Future Made in Australia manufacturing policies while Opposition Leader Peter Dutton is vowing a “pro-mining mindset” should the Coalition win next year’s election.

But Mr Dutton will not support tax incentives in critical minerals, a key plank of Labor’s plans.

MCA chief executive Tania Constable said rising government spending was funded by the mining sector.

“Despite underwriting our nation’s prosperity, living standards and security, the path forward for the mining industry remains uncertain,” Ms Constable told The Australian, adding her sector was keeping “Australia solvent”.

“Approvals are taking too long, tied up in endless red tape, well-funded lawfare and multilayered government bureaucracy, wasting taxpayers’ money and holding back Australia’s economy from realising its full potential.”

Iron ore remains WA’s most lucrative source of royalty income, accounting for a big proportion of the $23b in combined Budget surpluses over the past six years.

For each $US1 the average annual iron ore price beats the $US75/t assumption in the WA Budget, the State collects an additional $94 million in royalties.

Iron ore futures are currently at $US120.40/t.

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