The Minerals Council of Australia (MCA) says barriers to investment must be addressed in order to harness the full potential of Australia’s gold industry.
In its latest publication — ‘Golden: The Rise of Industrial Gold’ — the MCA argues there must be no new or extra tax imposts for Australia to attract new gold mining investments.
That’s in addition to streamlining regulatory approvals and enhancing international competitiveness to ensure the industry’s sustainable growth and continued contribution to the global economy.
The MCA says Australia’s tax rates are already among the highest in the world, and while the budget is considered a concern for Australian governments, the threat of further taxes or royalties is a deterrent to mining investment and will reduce the industry’s future economic contribution.
Australia’s gold mining industry is internationally recognised as it is the world’s second largest gold producer, behind China, accounting for 10% of the world’s total production.
In 2023, Australia’s gold deposits accounted for more than 22% of global gold resources, or about 12,000 tonnes.
Despite this, the MCA says prospective gold projects are facing delays in regulatory approvals, alongside increasing costs and uncertainty from duplicative and overly complex processes.
“These regulatory burdens add to costs and make investment conditions worse,” the MCA says.
It adds that the government has a role in ensuring regulatory settings are timely, efficient, and fully integrated with state and territory processes.
Write to Aaliyah Rogan at Mining.com.au
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