The Chamber of Minerals and Energy of Western Australia’s Federal Pre-Budget Submission calls for lower costs and faster project assessments.
The submission, which was released on Friday (31 January), contains more than 90 recommendations that provide a blueprint for the Australian Government to reverse years of falling productivity and attract necessary investment in the country’s resource sector.
CMEWA says its central themes for this year’s submission include recommendations for targeted support for emerging industries critical to the global energy transition.
Acting CEO Adrienne LaBombard says industry confidence has been rocked by a wave of damaging legislative changes and regulatory decisions.
“While countries all over the world are jockeying for investment in resources vital to decarbonise the planet, plans for growth in Western Australia have given way to fears for survival,” LaBombard says.
“Streamlining end-to-end approval processes should be the highest priority for the Australian Government to unlock investment in transformational projects.”
CMEWA also supports halting stage two of the Nature Positive reforms that are currently before the Senate, to allow for further consultations. CMEWA notes pausing stage two will ensure laws are delivered on their stated intention of improving outcomes for the environment and businesses.
Further, CMEWA is also calling for a focus on legislating proposed production tax incentives for critical mineral refining and hydrogen production, ahead of the Federal Parliament scheduled to sit for two weeks in February.
LaBombard notes delaying passage of the legislation until after the election would “harm efforts to attract investment into new industries that have no shortage of international suitors”.
In conjunction, CMEWA has recommended developing a new green iron production tax credit that is stackable with the hydrogen production tax incentive to further encourage investments in the decarbonising initiative.
“Western Australia-made green iron has the potential to offset global emissions equivalent to every tonne of CO2 produced in Australia each year, create nearly 20,000 jobs and generate $74 billion in economic activity by 2050,” LaBombard adds.
Other recommendations CMEWA put forward include cutting the corporate tax rate to 25% or introducing a broad-based, permanent investment allowance, and further investment in expediting the build-out of low-emission, reliable, and affordable electricity infrastructure in Western Australia.
The Chamber of Minerals and Energy of Western Australia is a non-profit organisation that advocates for the resources sector in the state.
Write to Aaliyah Rogan at Mining.com.au
Images: CMEWA
