The value of Australia’s resource and mining sector exports are forecast to increase by 35% by 2020 – 21, according to the Department of Industry, Innovation and Science’s Resources and Energy Quarterly, as continuing urbanisation, growth in manufacturing and infrastructure investment in Asia maintains demand growth for Australia’s coal, iron ore and other minerals.
Coal exports are expected to grow by 5.3% over the timeframe compared to 2014 – 15. Volumes of iron ore, uranium, gold and alumina will also increase.
“With mining continuing to be a major economic contributor with approximately 10% of Australia’s gross domestic product, it is critical that further steps are taken to remove obstacles to further mining investments and improve competitiveness and productivity,” said Brendan Pearson, Chief Executive of the Minerals Council of Australia (MCA).
Recent MCA research shows that reducing the levels of company tax is of particular importance. “Australia had be sixth highest company tax rate among 34 OECD countries in 2015 compared with the 14th highest in 2005,” continued Pearson.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/14042016/mining-industry-has-strong-future-in-australia-2016/