Without mining investment, our future will not be made in Australia
Australia has a brief window of opportunity to meet the government's ambitions of becoming a clean energy superpower. But that ambition will only be achieved if Australia doubles down on what it's best at - producing the minerals and metals required for the clean energy transition.
The Minerals Council of Australia's new report, Minerals-plus: An investment strategy for a resource-intensive future, sets out a comprehensive strategy to support Australian industry successfully integrating into fast growing, high demand global supply chains.
It is another step forward for government and industry.
Realising opportunities to value add in mining, minerals processing and advanced manufacturing means creating the business conditions to attract the investment that will boost productivity and future proof the economy.
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 10 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.
Well-targeted policies and public expenditure that improve investment conditions are crucial to enabling private sector capital to do the heavy lifting in achieving the desired outcomes.
With energy demand expected to double by 2050, all technologies - renewables, batteries, hydrogen, carbon capture and storage, and nuclear - will be required to meet future energy needs. That's why the report also advocates for the removal of legislative prohibitions on nuclear activities.
Ensuring that no technology is excluded will be crucial for Australia's energy security and the success of the government's Future Made in Australia initiative.
