In the last 12 months a record $57 billion worth of resource projects have been finalised in Australia, with a significant increase in production, including 215 million tonnes of iron ore, 43 million tonnes of coal and more than 1,100 petajoules of gas, according to the latest report from the Bureau of Resources and Energy Economics (BREE).
The report would seem to confirm, statistically, what most in the industry were already well aware of; that investment in new mining projects is slowing considerably, while production is ramping up.
Commenting on the report, Minister for Industry Ian Macfarlane said, ““The resources sector will continue to drive our economy through this new phase, but it’s essential that we don’t become complacent.
“Over recent years Australians have benefitted from the jobs and growth flowing from high levels of investment in the resources sector,”
“The benefits from growth in production are considerable and welcomed, but at the same time we also need to ensure that the resources sector is given the support it needs for Australia to remain an attractive investment destination.
“Investment remains key to long term growth and the Government is working with the industry to put in place policies to support the resources sector, sustain existing investment and ensure Australia is internationally competitive and well positioned to attract the next wave of investment,”Macfarlane said.
“The Government is pushing ahead with the abolition of Minerals Resource Rent Tax and the carbon tax and is streamlining the approvals process for new projects.
“It’s clear from today’s report that Australia is set to reap the benefits of a strong resources sector entering the production phase.
The Resources and Energy Major Projects – April 2014 report is available on the BREE website http://www.bree.gov.au/.