Australian resources and energy group AMMA says that surging investment in the resources and energy sector is a positive sign for its ongoing contribution to national living standards, employment and regional communities.
Speaking after the release of quarterly figures by the ABS, AMMA said they highlighted the opportunities for continued strong industry growth.
The ABS figures revealed more than $3.5 billion was spent on exploration across the resources and energy sector in 2018-19.
“Strong growth in exploration demonstrates the high confidence investors have in the future of Australia’s resources and energy industry,” said AMMA Head of Policy and Public Affairs, Tom Reid said.
“The resources and energy industry is a source of high-skilled, high-paying jobs and generates significant taxes and royalties to national revenues.
“The ABS figures are overwhelmingly positive for the broader community and highlight how the industry’s growth can continue delivering not only a wide range of diverse and rewarding career opportunities, but a brighter future for all Australians.”
The positive ABS figures follow the welcome announcement of Minister for Resources and Northern Australia Matt Canavan to streamline approval processes for job-generating projects, with a 12-month inquiry by the Productivity Commission into regulation.
“With the right policy settings, the development of Australia’s national resources can continue to drive new discoveries, which will contribute towards today’s high standard of living, employment and building regional communities,” Mr Reid said.