TMS Awards 2023ViganPort of South LouisianaVan AalstCimbriaPort of Stockton
  • TBA Group
  • Geneva Dry
  • Cimbria
  • Van Aalst
  • Vigan
  • Port of Stockton

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

Dynamic Mining shipping arm and GeoServe’s one-year milestone

(Posted on 15/07/25)

A strategic collaboration between Icon Gulf Trading DMCC (part of the Dynamic Group) and GeoServe Energy... Read more


SSAB and Metal Solutions start partnership in fossil-free steel

(Posted on 15/07/25)

SSAB and Metal Solutions have entered a long-term partnership for the supply of decarbonized steel with... Read more


NGFA thanks lawmakers for including industry priorities in ‘One Big Beautiful Bill’

(Posted on 08/07/25)

The National Grain and Feed Association (NGFA) in the USA has applauded Congress for including a slate... Read more


Fertilizers Europe: Commission announcement on CBAM falls short

(Posted on 08/07/25)

Fertilizers Europe’s have released their reaction to the European Commission announcement on the... Read more


Bunge completes sale of its North America corn milling business

(Posted on 02/07/25)

Bunge Global SA has confirmed that it has completed the previously announced sale of its North America... Read more


SSAB secures additional EUR 430 million green financing for Luleå

(Posted on 02/07/25)

Following the successful debt raising at the end of April 2025, SSAB has secured an additional EUR 430... Read more


Soaring demand opens up investment opportunities across West Africa

(Posted on 25/06/25)

Despite China’s dominant position in securing commodities across Africa, there are still many... Read more


Rio Tinto and Hancock Prospecting invest $1.6 billion in Pilbara iron ore project

(Posted on 25/06/25)

Rio Tinto and Hancock Prospecting will invest $1.61 billion (Rio Tinto share $0.8 billion) to develop... Read more


SSAB postpones commissioning of new steel mill in Luleå by 12 months

(Posted on 20/06/25)

SSAB has commenced preparatory work to build a new, state-of-the-art steel mill in Luleå, Sweden... Read more


Anglo American streamlines leadership team to reflect portfolio progress

(Posted on 20/06/25)

Anglo American plc has streamlined its executive leadership team to reflect substantial progress with... Read more


Bühler GmbHTBA GroupGeneva DryTelestackSailors Society
  • TMS Awards 2023
  • Telestack

Subscribe to our newsletter

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