The National Energy Guarantee has the potential to help policy-makers navigate from the quagmire of policy distortion to the mainstream of market selection of fuels and technologies.
In particular, the Reliability Guarantee recognises the reality that industrial users (who account for 70 per cent of national electricity consumption) require affordable and reliable sources of baseload power to maintain internationally-competitive operations.
The Australian mining industry is one of the most productive industries in the world. In 2016-17, resources exports accounted for 54 per cent of Australia’s total export revenues.
Australia is now reaping the benefits of a period of significant investment, with production increases over the last five years of 73 per cent for iron ore, 20 per cent for coal, 16 per cent for bauxite and 13 per cent for gold.
The sector uses sophisticated production techniques and highly-skilled labour to transform natural endowments into valuable exports. And average weekly earnings for a full-time adult working in the resources sector are $2,659 per week, more than 60 per cent higher than the national average of $1,606 per week.
The mining sector could perform at its best – generating additional benefits for the economy, the workforce and society – if policy reform was initiated in a number of important areas, including:
Other recommendations in the submission include:
Media Contact:
Simon Troeth
M: 0439 300 335
P: 02 6233 0633
E: simon.troeth@minerals.org.au
W: www.minerals.org.au