Minerals Council of Australia Executive Director for Western Australia David Parker kicked off Day 2 of the WA Mining Conference and Exhibition with his keynote address on the MCA’s strategy for mining industry growth.
Mr Parker presented the MCA’s latest industry report, Minerals-plus: An investment strategy for a resource-intensive future, which sets out a comprehensive strategy to support Australian industry successfully integrating into fast growing, high demand global supply chains.
Mining investment matters to the prosperity of all Australians; and every Australian does well when mining does well – key points outlined in the report.
Minerals-plus identifies ways to address the seven-year stagnation in mining capital. Getting investment flowing again is the best way to turn around our nation’s worst productivity growth since 1991 and deliver long-term wage growth for Australians.
The report provides ten key recommendations to leverage Australian mining’s comparative advantage and ensure the industry continues to underpin the nation’s economic future. This will only be possible with internationally competitive tax settings, productive workplace arrangements, streamlined regulatory approvals and expanded trade and investment opportunities.
Mr Parker highlighted some of the key findings of the report, including the fact that in the industry in Australia, there are no shortage of projects being investigated by investors – but there is a low conversion rate from these investigations to final investment decision.
“In any given year, only 1 in 20 projects are progressing to development,” said Mr Parker.
“Every adverse impact only amplifies the threshold for new investment. The harder we make things, the more investors are going to head elsewhere.”
According to Mr Parker, Minerals-plus outlines the key steps that will allow Australia to leverage mining’s strengths in new areas of comparative advantage.
“We need to leverage spillovers, improve coordination, provide public inputs, build on planning expertise and create opportunities.”
His overarching message to governments was help us and support us, and we can do more.
“Let markets do their thing, address weak links, augment private capital and leverage downstream opportunities, and mining can continue to contribute to Australia’s prosperity for many years to come.”
