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NUCLEAR CO-OPERATION AGREEMENT WITH INDIA

The Minerals Council of Australia’s Uranium Forum applauds the Prime Minister’s announcement to the Parliament today that he hopes to sign a nuclear co-operation agreement with India to allow uranium sales to this important trading partner. India is set to be a significant developer of nuclear energy over the next decade and a half. While it is already one of the largest energy consumers in the world, it still has around 400 million people without access to electricity.

Australia’s competitiveness: Reversing the slide

Since the turn of the century, Australia’s competitiveness has collapsed, contributing to the economy’s rate of growth falling below potential. Over this time, Australia has experienced an unprecedented mining boom which sustained income growth and minimised the macroeconomic impact of the global financial crisis (GFC) in 2008-09, greatly assisted by the flexibility of the exchange rate and strong trade ties to Asia, most notably China.1 However, the fact that Australia has not fared as badly as many other advanced economies since then has bred complacency in policy circles about the need to address a persistent competitiveness problem.

AUSTRALIA’S COMPETITIVENESS: REVERSING THE SLIDE

Urgent budget repair and structural reform are critical to restoring Australia’s international competitiveness and growth prospects, according to a new MCA Monograph by Professor Tony Makin.

MINERALS INDUSTRY WELCOMES REPEAL OF MRRT

The Minerals Council of Australia welcomes the repeal of the Minerals Resource Rent Tax (MRRT), a major step on the road to Australia reclaiming its status as a globally competitive producer and an attractive destination for mining investment. The MCA also welcomes the wider signal sent by the Commonwealth Parliament that workable and pragmatic solutions can be found to support legislative action in line with election commitments. The Abbott Government, key cross-bench Senators and the Palmer United Party are to be congratulated for finding the common ground necessary to pass the MRRT repeal legislation.

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