MCA Welcomes New Plan To Drive Mining Investment
The MCA welcomes the Federal Coalition’s Plan for a Strong Resources Industry, a positive step to unlock new mining opportunities and harness Australia’s critical minerals potential.
Together with the Future Generations Fund and Regional Australia Future Fund, the plan recognises the critical role of mining and agriculture in Australia and the opportunity to leverage Australia’s incredible advantage in a rapidly changing world.
This positive proposal would align the critical minerals list with the strategic materials list and expand it to include minerals vital to our partners’ defence and national security, such as uranium, zinc, bauxite, alumina, aluminium, potash, phosphate and tin.
Australia supplies 10 per cent of the uranium fuelling the United States’ 94 nuclear reactors and holds the world’s largest uranium reserves, enough to meet US demand for over 60 years.
As the US ramps up its energy needs, Australia is well placed to ensure secure, long-term supply.
The Coalition’s proposed dual-pronged future funds represents an opportunity for Australia to responsibly manage the enormous contribution being made by the mining industry towards the nation’s prosperity.
The record taxes and royalties from Australia’s mining sector present a golden opportunity to pay down national debt and invest in the future.
With $74.6 billion in taxes and royalties last year, mining is the reason Australia can increase funding to hospitals, schools, aged care and defence. Mining continues to do the heavy lifting, paying more tax than all other industries combined.
This contribution was again reaffirmed in the recent Federal Budget, which revealed a $4.5 billion increase in forecast company tax from the mining sector since MYEFO.
If governments want to invest in Australia’s future, they should start by backing the industry that is paying their bills today.
This plan shows a commitment to undertake long-term budget repair and ensure that Australia’s finances remain healthy for future generations.
The MCA also welcomes the Coalition’s commitment to retain the Fuel Tax Credits scheme – a critical initiative for mining, agriculture, tourism and seafood industries – building on the Federal Government’s existing commitment.
https://minerals.org.au/resources/mca-welcomes-new-plan-to-drive-mining-investment/