Australia’s resources sector makes a significant contribution to economic activity, accounting for nearly 250 000 jobs at May 2019 (ABS 2019a) and about three quarters of the value of goods exports in 2018 (DIIS 2019). The sector has also been a major destination for investment, attracting more than $600 billion over the past decade (ABS 2019b).
Alongside the economic benefits, however, resources activities often have potentially significant social and environmental impacts.
As a consequence, the sector is heavily regulated. All levels of government are involved in this process, with multiple agencies in each jurisdiction playing a role in administering and enforcing resources sector regulation. While this regulatory activity is essential, there is a risk that, if not done well, it imposes burdens on industry beyond those necessary to maximise the net benefits accruing to the Australian community.
The Australian Government has asked the Commission to identify effective regulatory approaches to the resources sector, highlighting examples of best practice both in Australia and internationally. The study is to focus on regulations with a material impact on investment.
Submissions close 31 October 2019.