The Chamber of Minerals and Energy of Western Australia (CME) welcomes the Federal Treasurer’s statement that the Government will not support an inquiry into Australia’s iron ore industry.
“The resources sector operates in a global market place and our trading partners would’ve been anxiously watching any parliamentary inquiry,” said CME Chief Executive Reg Howard-Smith.
“It is pleasing the Liberal-National Coalition Government and the Labor Opposition both recognise the risk of any inquiry being interpreted by our trading partners as a regressive step with the prospect of increased Government regulation and intervention in the market place,” said Mr Howard-Smith.
“Free markets have delivered enormous prosperity to the Australian community. Our resources sector has thrived in this competitive environment,” said Mr Howard-Smith.
The Western Australian resources sector (minerals and petroleum) is an important contributor to the Australian economy with a sales value of $114 billion in 2014, with iron ore sales accounting for $65 billion.
“Despite the transition to production and volatile commodity prices, the resources sector still employs approximately 90,000 Western Australians. This amounts to a doubling of the sector’s workforce over the past decade,” said Mr Howard-Smith.
“The focus of all policy makers needs to be on how we make our industry more internationally competitive and more productive. CME looks forward to working with Government to ensure the resources sector continues to deliver for the Australian people,” said Mr Howard-Smith.