Productivity Commission report recommends government streamline resource project approval
The Productivity Commission’s final report on Resources Sector Regulation makes a number of recommendations to improve approval processes by removing duplication and cutting red and green tape
Commissioned as part of the Coalition Government’s National Resources Statement, the study and its findings aim to ensure that Australia continues to have efficient regulatory settings for the nationally significant resources sector.
The study makes 47 findings and 11 recommendations to reduce regulatory duplication and streamline approval processes to ensure the sector maintains its international reputation as a leading destination for investment.
Resources, Water and Northern Australia Minister Keith Pitt said the Productivity Commission report backed the Government’s plans to streamline environmental approvals, and to oppose state-based moratoria on resources developments.
“The resources sector remains a pillar of the Australian economy, accounting for more than half of Australia’s total exports, employing around 250,000 Australians and supporting more than 1 million other jobs across the country,” Minister Pitt said.
Minister Pitt said while Australia was a top ranking country for resources investment, greater certainty was important to unlock new growth and job creation.
“The Productivity Commission has delivered a fresh look at ways to unlock our resources potential and improve investor confidence, including predictability and certainty of decisions in relation to scope 3 emissions, getting rid of state-based bans and moratoria on gas developments, and removing duplication in regulatory processes.
Assistant Minister to the Prime Minister and Cabinet, Ben Morton, welcomed the report’s findings about the need to provide clear guidance of expectations to regulators, reduce Commonwealth-state duplication and inconsistencies and to ensure regulatory reform encourages investment and builds community trust in regulatory frameworks.