LABOR OVERSEES LARGEST FALL IN EXPLORATION SPENDING IN A DECADE

• Labor oversees the largest drop in mineral exploration expenditure since 2015.
• Investment for drilling new deposits plummets 15 per cent year-on-year.
• Investors defy Labor, uranium exploration investment up 53 per cent.

New reporting from the Government’s Chief Economist has confirmed that the future pipeline for Australia’s resources sector is crumbling under Labor.

The release of the Resources and Energy Quarterly has exposed a 12 per cent drop in mineral exploration year-on-year, which is the largest annual decline since 2015.

Shadow Minister for Resources, Senator Susan McDonald, said the latest figures once again confirmed Anthony Albanese and Labor were squandering Australia’s hard-earned reputation as a reliable trading partner and investment destination.

“This latest report is yet another damning indictment of the Government’s anti-mining agenda, by their own Chief Economist,” Senator McDonald said.

“Most concerning is the significant drop in greenfields exploration – down 15 per cent year-on-year”, she said.

“Because of Labor’s anti-mining policies, every dollar taken out of mining exploration is jobs taken out of Australia,” she said.

With the pending Federal Election, Senator McDonald said that within 150 days voters would get the opportunity to get Australia back on track.

“Without investment in drilling for new deposits, the very future of our resources sector is threatened, and with over 80 per cent of Australia being under-explored, it is crucial our miners and explorers are out looking for new deposits to invest in.

“That’s good for our economy, our jobs, our income, and our energy needs,” she said.

Ironically however, Senator McDonald said investors were defying Labor’s anti-nuclear scare campaign, with the latest figures showing a 53% increase in investment in uranium exploration.

“While Labor continues to ignore and deny the science on nuclear energy, investors are making it clear that they see a future for clean, no-emissions nuclear power in Australia and overseas,” she said.

ENDS