A new report states Western Australia needs to adopt an agenda of reform if it wants to be a world-leading global mineral and energy resources hub.
The Chamber of Commerce and Industry Western Australia (CCI) will today launch The Future of the Resources Sector: A Vision for WA, a report that looks at the long-term growth possibilities for the resource industry.
The report states in 2013-14, around one third of WA’s economy, or $78 billion, was generated from the resources sector.
CCI Chief Executive Officer Deidre Willmott said if the industry was to remain strong, reforms around workplace relations, red tape, and the tax system needed to be addressed.
“CCI’s vision is for Western Australia to be a world-leading place to live and do business, and our resources sector must play a central role,” M Willmott said.
“The fundamentals for the long-term growth of the resources sector remain sound with demand for resources to continue to be driven by strong economic growth and urbanisation in Asia.
“Encouraging greater investment in exploration will help Western Australia become a world leader in resource sector technologies and a global mining hub.
“We can start by removing the budget cap and expanding the eligibility of the Exploration Development Incentive and expanding the scale and scope of the Research and Development Tax Incentive.”
Image: WA Today