The Minerals Council of Australia welcomes the Coalition's proposal for the establishment of Investment Australia to streamline and accelerate project approvals.
This proposal reflects the urgent need for a fast-track approvals process to get major projects moving, particularly for resources and energy projects critical to Australia's ongoing prosperity and energy security.
Australia's laggard approvals processes are restricting critical investment across the economy, placing the handbrake on job creation, regional development, housing, and the delivery of infrastructure and energy supply. If we do not get approvals moving, we risk undermining our competitiveness and further damaging Australia's reputation as a reliable investment destination.
Establishing a legislated body within Treasury, with a direct path to cabinet, will not only cut through unnecessary red tape, enhance coordination, it will hold regulators and agencies accountable to meet deadlines.
It will be a vital lever for rebuilding confidence and unlocking investment, which has been seriously undermined by the recent wave of restrictive and unpredictable policy settings, from industrial relations, tax, energy and environmental approvals.
This proposal aligns with the Minerals Council of Australia's pre-Budget submission, which called for the establishment of a single front-door function to facilitate investment and major project approvals, and support coordination of overlapping policy responsibilities across jurisdictions.
And to get more spades in the ground.
