- Write by:
-
Thursday, May 11, 2023 - 00:16:16
-
203 Visit
-
Print
Mining News Pro - The Minerals Council of Australia (MCA) and the Queensland Resources Council (QRC) have responded to the recently released Federal Government Budget, which saw critical minerals receive a boost.
Both the MCA and QRC said the resources sector’s record tax revenue of $41 billion contributed towards the Federal Government delivering its first budget surplus in 15 years.
MCA chief executive officer Tania Constable said this budget surplus does not have to be a one-off and the predicted decrease in mining investments can be reversed.
“More than ever, Australia needs an internationally competitive and productive minerals industry given the economic headwinds and the urgent need to create a net zero emissions future,” Constable said.
Constable said the $41 billion in taxes paid by Australian mineral companies in 2021-22 is the result of the massive investment by the minerals industry which occurred a decade ago.
“It underpins the Federal Government’s rapidly improved budget position this year,” Constable said.
“Going forward, Australia’s vulnerability to competition from resource-rich economies will only grow as they seek to seize the opportunity to supply the minerals and metals needed to achieve global net zero emissions.”
QRC chief executive Ian Macfarlane when the resources are strong, the economy is strong.
“Tax revenue from resources exports will contribute 20 per cent – or $8 billion – of the extra $41 billion now expected next financial year, which has proved the difference in the Government being able to deliver a $4 billion budget surplus,” Macfarlane said.
The QRC said Queensland coal, gas and minerals producers contributed a record $94.6 billion to the state’s economy in the 2021-22 financial year.
The QRC welcomed many of the budget initiatives related to the resources sector, such as the Federal Government’s investment of $57.1 million to develop critical minerals international partnerships and $23.4 million for critical minerals policy development and project facilitation.
The QRC said it builds upon the $2 billion Critical Minerals Facility and $1 billion targeted to value adding in resources under the recently passed National Reconstruction Fund.
“This budget underlines the importance of keeping the resources sector strong,” Macfarlane said.
Short Link:
https://www.miningnews.ir/En/News/622923
![Whitehaven Coal sees higher prices on disruptions](/Incsys/Photo.aspx?image=/Uploads/News/20240723142535752.jpg&width=236&height=180)
Australia’s Whitehaven Coal said it expected higher prices for steelmaking coal in the near and medium term due to ...
![Iron ore’s $100 price floor at risk of collapse from jump in supply](/Incsys/Photo.aspx?image=/Uploads/News/20240719190633546.jpg&width=236&height=180)
Iron ore prices are likely to stay in three digits for the rest of 2024, insulated to a large degree from China’s ...
![Anglo considers options to sell coal assets after fire](/Incsys/Photo.aspx?image=/Uploads/News/20240712223750343.jpg&width=236&height=180)
Anglo American Plc is considering options to push ahead with a sale of its coal business after an explosion at its ...
![Trump re-election may lead to commodity market fragmentation](/Incsys/Photo.aspx?image=/Uploads/News/20240708025247874.jpg&width=236&height=180)
Commodity markets face greater fragmentation and supply disruptions if former US president Donald Trump wins the Nov. 5 ...
![Uzbek copper producer will spend $15 billion to more than double output](/Incsys/Photo.aspx?image=/Uploads/News/20240708023627169.jpg&width=236&height=180)
Uzbekistan’s Almalyk Mining and Metals Combine (AGMK) plans a $15 billion expansion programme to increase copper cathode ...
![What damages did electricity restrictions cause to KSC in the last 3 years?](/Incsys/Photo.aspx?image=/Uploads/News/20240621222659896.jpg&width=236&height=180)
Mining News Pro - In recent years, energy consumption restrictions imposed on parent and strategic companies and ...
![Mining M&A stokes coal race against cleaner power](/Incsys/Photo.aspx?image=/Uploads/News/20240702165114362.jpeg&width=236&height=180)
Coal is doomed, or so the energy thesis goes. Many banks, insurers and investors have backpedalled from or abandoned the ...
![Coal India exploring lithium assets in Argentina with US company](/Incsys/Photo.aspx?image=/Uploads/News/20240628212632632.jpeg&width=236&height=180)
State-run Coal India Ltd is exploring lithium blocks in Argentina along with a US company to secure supplies of the ...
![The annual general assembly of Gol Gohar Iron and Steel Development Company was held](/Incsys/Photo.aspx?image=/Uploads/News/20240616230102733.jpg&width=236&height=180)
Mining News Pro - The Annual General Meeting of Gol Gohar Iron and Steel Development Company was held on June 9 with the ...
No comments have been posted yet ...