The Minerals Council of Australia said on Tuesday it is extending temporary investment incentives for a further year to encourage business expenditure on equipment and technology.
“More resources for efficient and robust environmental assessments and approvals will facilitate new and expanded mining projects that generate jobs and prosperity in regional Australia while protecting the nation’s unique environment,” Tania Constable, CEO, Minerals Council of Australia said in a media statement.
The Council said the mining industry’s commitment to a safe, healthy, diverse and skilled workforce will also build the economy for the future as Australia recovers from the covid-19 pandemic.
Constable said mining continues to be the bedrock of the nation’s finances, adding that the Treasury notes that mining delivered higher-than-expected company tax receipts, forecast to reach $100.5 billion in 2024-25.
Mining exports will grow 5% next financial year and increase strongly in the future, the Council said, adding that the Australian minerals industry accounts for 30% of company tax collections.
New analysis by Deloitte Access Economics shows that the industry paid $39.9 billion in company tax and royalties in 2019-20, and $238.8 billion in the 10 years to 2019-20.
“Increased government support for apprentices, mental health, Indigenous girls academies, STEM scholarships for women, more affordable childcare and women’s safety will enhance and complement the mining industry’s efforts to secure a skilled and diverse workforce, as well as inclusive and respectful workplaces,” Constable said.
“Australian mining works closely with federal and state governments to mitigate and manage covid-19,” she said, adding that increased spending on vaccine distribution and quarantine services aims to help keep mining workers, their families and communities safe.
Funding for First Nations organisations will help realise the intergenerational benefits of mining and complement the Budget’s significant investment in Indigenous skills and employment, the Council said. The new Global Resources Strategy will develop new markets to enable Australia’s mining industry to take advantage of future opportunities.
Spending on precompetitive exploration, technology research and development and targeted support for regions will build on the mining industry’s massive investment in the future pipeline of jobs and exports and help deliver a zero emissions economy.
“As the economy strengthens, additional reforms to expand trade, investment and productivity growth will support exports, jobs and services for all Australians.”