Business
19 June, 2024
Exploration industry not impressed with state budget
The Queensland government could have done more to advance the resources industry, one group says.
The Association of Mining and Exploration Companies says last week’s state budget fell short of expectations for the Queensland resources industry.
AMEC chief executive officer Warren Pearce said his organisation understood that nation-wide governments at all levels were grappling with a cost of living crisis, however said the mining and exploration sector was left out in the dark.
“It’s disappointing that there isn’t greater support for the resources sector in this budget, that could have built on previous commitments aimed at advancing the industry,” he said.
“Instead, the very successful Geological Survey of Queensland’s Collaborative Exploration Initiative has not been extended beyond June 2027.
“Plus, calls for action on fundamental regulatory improvement to reduce green and red tape has not been advanced.”
AMEC acknowledged the main $110 million over five years for the Queensland Battery Industry Strategy, to support the development of future skills.
This, along with the previously announced $50 Mount Isa Transition and Acceleration Funds, was welcomed.
The additional $66.4 million over four years to improve the health, safety and environmental risks across the abandoned mines portfolio also drew the backing of AMEC.
“AMEC appreciates this is a marathon and not a sprint, so if Queensland wants to future proof the resources sector, continued funding incentives and vision are critical,” Mr Pearce said.
Meanwhile, the state government has passed legislation that it says will strengthen coexistence between the state’s resources, agriculture and renewable energy industries.
The reforms include expanding the remit of Queensland’s coexistence institutions including the GasFields Commission Queensland which will now be called Coexistence Queensland.
Coexistence Queensland’s expanded role will be to provide enhanced information, engagement and education services to the community and industry on land access and coexistence issues across the resources and renewable energy sectors.
Previously this institution’s focus was just on the onshore gas industry.
Mr Pearce said more detail was required to determine whether it would benefit the industry in the long run.
“AMEC has been calling for greater coexistence measures in Queensland for some time now and we support it,” he said.
“However, we believe there was an opportunity for more consultation before this announcement.
“We look forward to working through further details in the regulations with authorities.”