Govt urged to maintain the momentum

THE Australian Resources and Energy Group (AMMA) claims that record earnings for Australia’s resources and energy exports, forecast by the nation’s chief economist, highlights the opportunity for the Federal Government to implement policies of its National Resources Statement and help stimulate further industry growth.

Released in February, the NRS was built from recommendations of the government’s Resources 2030 Taskforce, and contains a number of policy initiatives to continue developing Australia’s world-leading industry and support its ongoing global competitiveness.

According to the latest Resources and Energy Quarterly report, export earnings surpassed the previous record of $227b in 2017-18, with a further spike likely to lift export earnings to $285b in 2019–20.

AMMA Head of Policy and Public Affairs Tom Reid said the record surge of more than 20pc showed Australia was now reaping the benefits of the huge levels of investment in major resources and energy projects over the past 15 years.

“To underpin further industry growth and even greater national contribution, it is critical that industry and government work together on implementing the NRS during this term of Parliament,” he said.

However the report also warned of potential global economic headwinds, including weaker commodity prices, trade tensions and slowing production.

“Australia has little time to waste basking in the success of our resources earnings – we must focus on keeping up the momentum started by the Resources 2030 Taskforce,” Mr Reid said.

“In particular, resources and energy employers are facing a number of future skills and labour mobility challenges that can be at least partially addressed by government and industry collaboration.”