TIME TO GET VICTORIA’S MINING SECTOR MOVING

The Minerals Council of Australia – Victorian Division has today presented its case for economic and regulatory reform in its pre-Budget submission.

Victoria continues to remain prospective for a wide range of minerals, but Victoria’s reputation as a place for mining investment is poor and declining. A recent survey of 802 minerals companies by the global investment think-tank The Fraser Institute found that Victoria was the least attractive state for mining investment in Australia.

The same survey assessed Victoria’s regulatory environment and land use restrictions as being worse than Ghana and Kazakhstan.

Despite regular commitments to reduce the overlapping and duplicative regulatory burden on the mining industry in Victoria - without lowering standards of performance - the level of red tape in the state has been steadily increasing.

The development and implementation of sound policy and regulatory regimes, with well-resourced and capable departments, will drive mineral exploration and development. This will provide jobs and revenue for Victoria.

The recent announcements by the Victorian Government on coal allocation and removal of the state’s 2020 climate change target are two very positive steps that will drive economic reform, but more work is needed.

We hope the Victorian Government will take the pre-budget submission as an indication that low cost economic and regulatory reform can deliver significant opportunities for the Victorian economy and employment.

The pre-budget submission is available at here.

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