AUSTRALIA SUFFERS AS MINERS BUCKLE UNDER LABOR’S MISMANAGEMENT

• Labor must urgently reset national conversation on mining sector
• MYEFO update carves billions in revenue
• Coalition gives Labor list of three ‘dos’ and three ‘don’ts’ to ramp-up mining investment

The Albanese Government must urgently reset the national conversation on mining and boost productivity in the resources sector amid industry criticism of flagging confidence brought on by struggling commodity prices.

Shadow Minister for Resources, Senator Susan McDonald, made the call for urgent action following this week’s Mid-Year Economic and Fiscal Outlook (MYEFO) which confirmed Australia will slash $100 billion from its forecast earnings from mining exports.

“This will rip $8.5 billion worth of services from the Federal Government’s budget which relies on company tax receipts from the mining sector,” she said.

Senator Susan McDonald said the updated accounts were a warning siren for the Labor Government which had been deliberately stymying approvals for the resources and gas sectors, deliberately withholding industry support from government, and trash-talking Australia’s hard-earned brand as a reliable resources trading partner.

Senator McDonald said that while the government could not control international commodity prices, it could control investment sentiment, trade opportunities, approval processes and legislation.

“There are three ‘dos’ and three ‘don’ts’ for Labor: do ramp-up approvals; do increase support from investment programs; do open new markets, and don’t trash-talk the mining sector; don’t create investment uncertainty with anti-mining legislation; and don’t listen to the economic idiocy of the Greens and Teals and the radical Environmental Defenders Office,” she said.

“Albanese and Labor need to urgently hit the reset button when it comes to their attitude to the mining sector.

“Australians are feeling the loss of national income in their pockets and in the services they expect.

“For a long time, the Coalition has been warning that Labor’s ‘layering’ of anti-mining legislation would have a disastrous impact as commodity prices waver,” she said.

“Labor’s latest MYEFO report shows just how reliant Australia’s economy is on the mining sector and new environmental, energy and industrial relations laws are combining with price volatility to create a poisonous cocktail of uncertainty.

“When you add Labor’s taxpayer-funded lawfare against mining projects, the headwinds facing our most lucrative economic contributor are staggering.”

Senator McDonald criticised Labor’s attempts earlier in the week to blame veterans for the struggling budget position with a $1.8 billion increase in the value of veterans’ claims.

“The projected loss of revenue because of mining would amply cover those costs,” she said.

“That’s just one example of how much government revenue from mining supports Australians from all walks of life.”

ENDS