Cleveland Cascades LtdTBA GroupCoaltrans Global 2021Sailors SocietyBühler GmbHVigan
  • TOC Events
  • Vigan
  • Coaltrans Global 2021
  • Telestack
  • Cleveland Cascades Ltd
  • Port of Vancouver USA

MCA calls for structural reform

(Posted on 14/05/18)

The Minerals Council of Australia’s interim Chief Executive, David Byers believes that the 2018-19 Budget’s economic and fiscal outlook is once again heavily reliant on strong growth in resources exports and a significant contribution by the mining sector to rising government tax receipts.

The MCA represents Australia’s exploration, mining and minerals processing industry.

Byers has written on the council’s website that with resources accounting for a record $207 billion in exports in 2017 – more than half Australia’s total export earnings – it is clear that the minerals industry is critically important to economic prosperity.

Treasury is forecasting growth in mining exports of 4 per cent in 2017-18 and 6.5 per cent in 2018-19. Mining industry capital expenditure is expected to grow by 3.5 per cent in 2019-20 as mining companies maintain the capital stock built up during the mining investment boom.

By 2019-20 Australia’s mining exports will have roughly doubled since the start of the mining investment boom. This is boosting wages, jobs and tax revenues for all Australians. The mining sector is also making a major contribution to the $5.2 billion increase in company tax receipts since the Mid-Year Economic and Fiscal Outlook estimates last December.

The Budget papers show that Australian business will contribute more than $100 billion a year in company tax payments by 2021-22. This highlights the fundamentally important role played by mining and the wider business sector in funding education, healthcare and other services that Australians rely upon.

Rising company tax collections, together with growth in individual tax payments, underpin the improvement in the Budget balance over the forward estimates.

While this cyclical upswing has provided a welcome short-term boost – and enabled income tax relief – the government should pursue structural reforms to deliver long-term improvements to the Budget position and the economy’s growth potential.

The Budget’s investments in infrastructure – including in national science and research infrastructure – are important new measures that will contribute to economic growth. The government should also use the Budget as the impetus for fresh economic reforms to drive the investment and growth needed to deliver jobs and prosperity into the future.

Only a genuine reform program, which boosts investment and workplace productivity, can deliver the strong and lasting growth required for serious budget repair.

These reforms should include a comprehensive deregulation and competition policy agenda, a more flexible and productive workplace relations system and streamlined major project assessment processes.

Parliament must also pass the Enterprise Tax Plan to improve the international competitiveness of Australia’s corporate tax rate and encourage business investment.

Latest News

$8.4bn tax contribution by Rio Tinto

(Posted on 11/04/21)

Rio Tinto has released its 2020 Taxes paid. The company’s economic contribution report, which... Read more


En+ director joins Aluminium Stewardship Initiative board

(Posted on 06/04/21)

En+ Group, the world’s leading producer of low-carbon aluminium and independent hydropower, has... Read more


Project to monitor global fertilizer usage

(Posted on 01/04/21)

The International Fertilizer Association (IFA) and agri benchmark Cash Crop have announced the start... Read more


Rusal invests over $1bn on environment in a decade

(Posted on 01/04/21)

Rusal, a leading global aluminium producer, invested over USD1bn in environmental projects between 2011... Read more


World crude steel production rises

(Posted on 28/03/21)

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel... Read more


Rio Tinto selects solar technology for Boron mine

(Posted on 28/03/21)

International mining and metals company Rio Tinto and renewable energy technology company Heliogen has... Read more


NGFA outlines priorities for transportation bill

(Posted on 22/03/21)

The USA’s National Grain and Feed Association (NGFA) has urged lawmakers to prioritise improvements... Read more


British Steel to invest £100m this year

(Posted on 17/03/21)

British Steel has announced that it is investing £100m this year to support the next stage of... Read more


Rusal announces 2020 results

(Posted on 17/03/21)

Rusal, a leading global aluminium producer, has announced its results for the year ended 31 December... Read more


Power supply launch prepares smelter for commissioning

(Posted on 11/03/21)

En+ Group, the world’s largest producer of low carbon aluminium and independent hydropower, has... Read more


TelestackTOC EventsThe Wolfson Centre for Bulk Solids Handling Technology CimbriaPort of StocktonPort of South Louisiana
  • TBA Group
  • Sailors Society
  • Bühler GmbH
  • Port of South Louisiana

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping