Critical minerals support welcome, but Government policies must deliver for all resources

The Queensland Resources Council has welcomed initiatives in last night’s Federal Budget that promote exploration and investment in critical minerals projects but says policies must encourage and attract investment right across the resources sector.

QRC Chief Executive Officer, Janette Hewson, said a number of the Budget initiatives will support the emerging critical minerals sector in Queensland.

“The Critical Minerals Production Tax Incentive, funding to progress common user facilities and $566 million to Geoscience Australia to develop new data are all important announcements that will benefit our critical minerals industry,” Ms Hewson said.

“As announced last month, the Budget also confirmed a $400 million loan to Gladstone-based Alpha HPA to deliver Australia’s first high-purity alumina processing facility in Queensland.”

Ms Hewson said the resources sector remains the shining light for the national economy as Australia faces economic headwinds at home and internationally and all levels of Government need to focus on policies that attract investment in all commodities.

“The resources sector is proud of its significant contribution to Australia’s economic security through taxes, royalties and jobs, and the QRC urges Governments to focus on policies that encourage the essential private investment required to develop projects that benefit all Australians,” Ms Hewson said.

“In Queensland, coal, gas and minerals producers contributed a record $116.7 billion to the state’s economy in the 2022/23 financial year.

“This contribution includes nearly $33 billion spent by resources companies purchasing goods and services from local businesses, particularly in regional Queensland.

“The Queensland resources sector is also helping with cost-of-living pressures for more than 530 thousand Queenslanders whose jobs are supported by the resources sector, including 61,000 directly employed in an industry with the highest average income in Australia.”

“This budget underlines the importance of keeping the resources sector strong,” Ms Hewson said.

“It is more important than ever that there is policy consistency and stability at both the State and Federal level to give investors the confidence to go ahead with new projects and jobs.

“Communities across Queensland and Australia rely on a strong resources sector.”

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