Australian Prime Minister the Hon Anthony Albanese announced on Wednesday 29 April 2026 that, in the lead-up to the country’s budget (due 12 May), Parliament is focused on the industries and investments that are crucial to Australia’s economic security and future prosperity.
With that, Albanese announced a commitment of $45 million in the budget to speed up and simplify the approvals process covering energy and resources projects. He also confirmed fuel security investments and highlighted that gas exports remain vital to the national fuel supply while introducing a domestic gas reservation for the east coast.
Notable in the announcement was the statement that governments that sign new bilateral agreements will be empowered to conduct assessments and approvals on the Commonwealth’s behalf, subject to new National Environmental Standards. This would create a streamlined, ‘single-touch’ process.
Minerals Council of Australia Chief Executive Officer Tania Constable commented that the funding announced to accredit state and territory approvals under the Environment Protection and Biodiversity Conservation (EPBC) Act through these bilateral agreements will help to achieve a core aim of the reforms. That is, reducing approval times while still maintaining strong environmental protection.
“If Australia is to stay in the lead of the global race for investment in critical minerals and bulk commodities such as coal and iron ore for energy, defence, and global progress, we need to develop more mines, more quickly, while safeguarding our precious environment,” Constable notes.
Constable also points out that the country’s often slow and complex approvals process can create a serious risk for Australia, impacting investment in exploration, mining, and processing, as investors look to other global jurisdictions.
“The Fraser Institute’s Annual Survey of Mining Companies listed regulatory duplication as the number one investment deterrent facing Australian mining companies in 2024, so this funding to fast-track bilateral agreements with states and territories will help create a more efficient process,” Constable says.
With national environmental standards still being finalised, it is essential that the federal government works closely with industry and Australia’s states and territories to ensure the framework is evidence-based, practical, and adaptable across jurisdictions.
Following yesterday’s announcement, the Department of Climate Change, Energy, the Environment and Water released its first standard for consultation as part of the reforms to the EPBC Act — the Matters of National Environmental Significance (MNES) Standard.
MNES is one of five standards that will be developed under the EPBC Act reforms. While a previous version was released in 2025, today’s release reflects the updated approvals reforms.
The Association of Mining and Exploration Companies notes that there are four more standards that will be released, including regional planning, environmental offsets, community engagement and consultation, and First Nations engagement and participation in decision-making.
A statement by AMEC notes that they expect these standards to be released in the coming weeks. AMEC is advising the Australian Government to finalise all five standards by July 2026.
Write to Amy Rotman at Mining.com.au
Images: Minerals Council of Australia
