Australia is becoming less globally competitive and is decreasing as a desirable destination to do business. This trend has been seen in recent reports from The Fraser Institute and can be seen in the destination of funds raised on ASX increasing to 65% in 2013 for global projects.
This is a key issue that needs to be addressed to ensure Australia has the future revenue streams required to fund projects, infrastructure and research for a more productive Australia. Australia will be forced to tackle onerous levels of government spending and regulation if it wants to boost productivity, according to former chairman of the Future Fund and Commonwealth Bank chief executive David Murray.
David Murray will outline his views at the AMEC Convention 2013 on how Australia needs to overcome structural obstacles in order to become a more efficient provider of commodities, food and energy and add to global knowledge and high value added products and services. The convention will be held at Perth Convention and Exhibition Centre on September and 4.
“To achieve this Australia must overcome high levels of government spending, regulation and debt; an uncompetitive and an out-dated system of industrial law; a culture of complacency; and lack of constitutional clarity around the roles and funding of the States and Commonwealth,” David Murray says.
His presentation will address how the global economy needs Australia to face up to these issues as the world’s population grows and the demand for food and energy grows with it.
“Australia’s actions now impact on future generations; their levels of prosperity and engagement in the world,” he says. “To do nothing will see less wealthy people in highly populated and less developed countries being excluded from a better life.”
New South Wales (NSW) Minister for Resources and Energy, Chris Hartcher will also be speaking at the AMEC Convention 2013 on how the NSW Government is working to improve investment confidence in the NSW mining sector through amendments to regulatory processes.
NSW, like every other state in Australia, is facing tough times in the minerals exploration and mining industry. Rising costs of production and sluggish capital markets mean it is difficult to promote even the very best of projects. The enduring nature of geology is that the minerals are not disappearing, however to capitalize on them, the right policy environment is required for companies to be able to extract them.
“In recent times investment confidence has declined in NSW and it must be enhanced to ensure we continue to maintain one of our key industries – the mining sector. Global boards intent on investing in NSW can be confident that the NSW Government is working hard to ensure our State’s regulatory controls recognize the value and benefits of the resource, whilst balancing the impacts that mines may have on local amenities,” Chris Hartcher says.
The AMEC Convention is hosted by the Association of Mining and Exploration Companies (AMEC), Australia’s peak industry body for the mining and exploration industry.
With a diverse range of speakers and topics the AMEC Convention 2013 will cover issues of interest to people working or investing in the mining industry. The AMEC Convention brings together key company representatives and senior government officials within the mining and investment industry.