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Critical minerals support welcome but government policies must deliver for all resources - QRC

BUDGET REACTION - THE Queensland Resources Council (QRC) has welcomed initiatives in the Federal Budget that promote exploration and investment in critical minerals projects but says policies must encourage and attract investment right across the resources sector. 

QRC chief executive officer, Janette Hewson, said a number of the Budget initiatives would support the emerging critical minerals sector in Queensland. 

“The Critical Minerals Production Tax Incentive, funding to progress common user facilities and $566 million to Geoscience Australia to develop new data are all important announcements that will benefit our critical minerals industry,” Ms Hewson said. 

“As announced last month, the Budget also confirmed a $400 million loan to Gladstone-based Alpha HPA to deliver Australia’s first high-purity alumina processing facility in Queensland.”   

Ms Hewson said the resources sector remains the shining light for the national economy as Australia faces economic headwinds at home and internationally and all levels of government need to focus on policies that attract investment in all commodities. 

“The resources sector is proud of its significant contribution to Australia’s economic security through taxes, royalties and jobs, and the QRC urges governments to focus on policies that encourage the essential private investment required to develop projects that benefit all Australians,” Ms Hewson said. 

“In Queensland, coal, gas and minerals producers contributed a record $116.7 billion to the state’s economy in the 2022/23 financial year. 

“This contribution includes nearly $33 billion spent by resources companies purchasing goods and services from local businesses, particularly in regional Queensland. 

“The Queensland resources sector is also helping with cost-of-living pressures for more than 530 thousand Queenslanders whose jobs are supported by the resources sector, including 61,000 directly employed in an industry with the highest average income in Australia.

“This budget underlines the importance of keeping the resources sector strong,” Ms Hewson said. 

“It is more important than ever that there is policy consistency and stability at both the State and Federal level to give investors the confidence to go ahead with new projects and jobs. 

“Communities across Queensland and Australia rely on a strong resources sector.” 

www.qrc.org.au

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CAs see 'important steps for a sustainable future' taken in Federal Budget 

BUDGET REACTION - AUSTRALIAN peak accounting body, Chartered Accountants Australia and New Zealand (CA ANZ) regards several initiatives announced as part of the latest Federal Budget as “important steps in providing the sector the resourcing and focus it needs as we transition to a sustainable future”. 

“It’s pleasing to see in the detail of the Budget, the Australian Accounting Standards Board (AASB) and Auditing and Assurance Standards Board (AUASB) are finally getting appropriate resourcing to support the development of standards for climate-related disclosures and wider sustainability reporting,” CA ANZ chief executive Ainslie van Onselen said.

“This has been something our members, and the wider profession have been calling for although we await the finer details of where the additional people will be employed.

“There is also an additional $10 million over four years for ASIC to investigate and take enforcement action against market participants engaging in greenwashing and other sustainability-related financial misconduct.  

“This is of significant interest to the profession and something we have identified as an emerging issue the government needed to address.”

New beneficial ownership transparency requirements 

“CA ANZ also notes $41.7m over four years to the Treasury, ASIC and the Attorney-General’s Department to regulate and support new beneficial ownership transparency requirements for Australian companies and other entities,” Ms van Onselen said. 

“CA ANZ were key participants in industry wide consultation on this very issue in late 2022 and look forward to seeing more detail on these requirements and engaging with government as they are developed.

“We also note funding for the Australian Small Business and Family Enterprise Ombudsman to support small business to navigate business-to-business disputes through alternative dispute resolution.

“Last year, the government undertook a review of the Payment Times Reporting Act, and the Budget includes $25m over four years for the Payment Times Reporting Regulator to implement the required reforms, increasing the Regulator’s resourcing and upgrade their technology,” Ms van Onselen said. 

“We recently provided feedback on legislative amendments arising from the review and specifically highlighted the need for Government to increase awareness of the regime with small business.”

Increased ASIC staffing 

“Following the release of the Budget, we commended the government on its strengthening of ASIC (Australian Securities and Investments Commission) with a significant increase in staffing, although we are keen to see the detail of where those people will be employed,” Ms van Onselen said. 

“At several appearances in front of parliamentary inquiries over the past 12 months, I’ve regularly stressed the importance of having a strong and well-funded independent regulator for the profession, outside our remit as a membership body.

“Twenty years on from the government announcing the shift from self-regulation to government-regulation of audit, its concerning that gaps and uncertainties remain over jurisdiction, powers and resourcing.

“As we said in our recently released Going Further roadmap, it’s vital that additional funding is focused sufficiently on audit and financial reporting regulation and standards, to provide the coverage needed for government to meet the regulatory mandate it has taken on with respect to these critical aspects of Australia’s capital markets and economy,” Ms van Onselen said. 

“In addition to increased funding, it’s also essential to provide clearer regulatory powers for ASIC on quality management at audit firms and relevant governance requirements, as the audit regulator and standards setters have called for in recent submissions to parliament. 

“We must be mindful however, that an increase in funding for ASIC will likely be paid for via industry levies, business and professionals,” Ms van Onselen said. 

www.charteredaccountantsanz.com

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Just Cuts welcomes new Apprenticeship Incentive System, calls for states to follow

BUDGET REACTION – Australia’s largest employer of hairdressers, Just Cuts franchising, has welcomed the Federal Government’s Budget announcement to invest $265.1 million over four years to provide additional targeted support under the Australian Apprenticeships Incentive System.

Just Cuts leadership welcomed the key aspects of the support program, but wished it was more extensive.

Under the changes, apprentices training in priority areas will be eligible for an additional $2,000 ($5,000 in total) to assist them to undertake and complete their training.

Furthermore. employers taking on apprentices in priority areas will be eligible for an additional $1,000 ($5,000 in total) to help subsidise costs associated with employing an apprentice.

Just Cuts employs more than 3,500 stylists in over 190 salons across metropolitan, regional and rural Australia. At present 16 apprentices are training in New South Wales, Queensland and Northern Territory salons. 

With hairdressing a priority skills occupation, Just Cuts CEO Amber Manning said the network of family-owned salons across Australia wished they could make more use of the upcoming support.

“This is great news,” Ms Manning said. “But our salon owners just wish we could actually make more use of it.

“In NSW, for example, we are limited to a maximum of 15 apprentices being enrolled in an apprenticeship with Just Cuts at the one time, which is a missed opportunity as we have 78 Just Cuts salons in NSW.

“We’ve invested our own resources in developing our own approved apprenticeship programs because we recognise the need and the demand for hairdressers, and we have owners ready to support more apprentices to help grow the next generation of hairdressers.

“We need state governments to support our salons in closing the skills gap for the industry.”

Just Cuts is an Australian hairdressing franchise that bridges the gap between a barber and a high end hair salon. With salons in every state of Australia, on both the North and South islands in New Zealand and in the United Kingdom, Just Cuts is the largest hairdressing company in the Southern Hemisphere, performing more than 100,000 style cuts per week across three countries. 

www.justcuts.com.au

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Rewiring Australia calls for ‘universal household electrification finance’ for Net Zero

BUDGET REACTION – The Rewiring Australia organisation has applauded the 2024 Federal Budget’s stepping up its approach to achieving Net Zero, but is calling for a ‘next step’ approach through ‘universal household electrification finance’.

“The Federal Budget includes important commitments to build clean energy manufacturing, reform its energy market and improve the nation’s electrical skill base, critical steps towards universal electrification of the nation’s homes, according to Rewiring Australia chief scientist and co-founder, Saul Griffith.

“Australia needs to massively expand its pool of electricians and energy workers so they can install solar, storage and electric appliances on millions of homes and build renewable energy on the grid,” Dr Griffith said.  

“The government’s $91 million commitment to accelerate the development of a clean energy workforce is vital and overdue.

“The Future Made in Australia announcements of $22.7 billion to create clean energy industries are important for the economy and climate. As we saw during the COVID crisis, every advanced nation needs to make a range of essential products, and for decades to come,” Dr Griffith said.

“It makes sense to invest in Australian manufacturing in industries where we have a competitive advantage, like green minerals and metals. Investment should focus on providing the capital to startups and disruptors, and educational reform investing in disruptors and university research.”

Rewiring Australia executive director, Dan Cass said, “The next step on Australia’s journey to Net Zero is for the Australian Government to create a low-cost loan scheme for the millions of Australians who cannot afford the up-front investment to ditch expensive gas and petrol for cheap and healthy solar, EVs and electric appliances.

“This will be central to any credible climate policy at the next election and has unparalleled support across the political spectrum and broader community.”

Rewiring Australia was confident of further progress towards electrification in the coming months, according to Mr Cass.

“The government must open up electricity markets to competition from households, so they can generate, store and sell the solar electricity they harvest on an equal footing with the energy giants,” Mr Cass said. “By pledging $27.7 million to better integrate community energy resources into the grid the Federal Government will help reduce the cost of the transition for households.

“After this budget we will continue to work with the government to bring households to the centre of energy and climate policy,” he said. 

“That is the fastest, most cost effective way to reduce energy bills and help households move off dirt, fossil fuel gas onto cleaner, cheaper solar-generated electricity.”

Rewiring Australia is a non-profit, independent, non-partisan organisation dedicated to representing the people, households and communities in the energy system. The organisation organisation aims to empirically demonstrate and communicate the cost savings, emissions reductions and energy system benefits of electrification across Australia. It was founded by Saul Griffith and Dan Cass.

www.rewiringaustralia.org

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Engineers Australia: Is Budget the blueprint for a smarter, greener Australia?

BUDGET REACTION – Engineers Australia CEO, Romilly Madew AO said the Budget announcement of the Future Made in Australia is the first “true generational plan” to tackle Australia’s energy transition head on.

“The Federal Budget sets an ambitious and forward-thinking plan that focuses on skills, innovation, sovereign capability, and the global energy transition—a direction supported by Engineers Australia,” Ms Madew said. 

“Engineers will be instrumental in advancing an agenda designed to tackle the financial, workforce, environmental, and global challenges we currently face.

“Unleashing the engineering workforce right across industry, boosting engineering skills in government, and investing in more engineering research and development are the keys to creating the innovation and value-add that the government is seeking.” 

Ms Madew said Engineers Australia had been advocating for this kind of seismic shift in Australia’s approach for many years.

A Future Made in Australia

“The Future Made in Australia framework is our first true generational plan to tackle the energy transition head-on,” Ms Madew said.

“We’re moving from market-led decisions to strategic investments, leveraging our natural advantages keep competitive and sustainable. This isn’t just about going green, it’s about making it economically viable on a global scale.

“Engineers Australia supports Federal Budget funding announcements to accelerate the transition to net zero through support for solar, hydrogen, critical minerals, and batteries.  Clean hydrogen is the Swiss Army Knife of energy transition, thanks to its versatility across the transport, industry, and power sectors.

“By establishing a robust regulatory and policy framework, and by securing necessary funding for research, development, and commercialisation, we can fully unlock and leverage hydrogen’s vast potential within Australia’s economy.”

“With the new Commonwealth Prac Payment, students in key fields like teaching, midwifery, and social work now get $319.50 a week during their practical placements. Given our shortage of engineers, the government must extend this support to engineering students too. If we truly want a smarter future, we need to make it easier for aspiring engineers to support themselves and their families as they prepare to drive Australia’s progress,” she said.

“We are pleased with the budget’s focus on tackling workforce shortages, implementing initiatives from the Universities Accord, boosting STEM skills, and supporting women. It’s clear we urgently need to upskill our workforce to handle the energy transition, enhance our manufacturing, and beef up our digital capabilities. To stay competitive globally, we must embrace a future where continuous learning and quick adaptation are key to Australian engineering.”

Sustainable future

Ms Madew pointed out that so much of the forward-looking approach underpinning the 2024 Federal Budget relied upon Australia’s current and future engineering capability.

“The transition to clean energy is one of the most critical issues we face,” Ms Madew said. “While we appreciate the climate-focused initiatives in the budget, we need to significantly boost engineering innovation to fast-track our shift towards a sustainable economy.

“It’s crucial we develop a detailed, collaborative plan for long-term infrastructure to ensure our economic prosperity. We urge governments at all levels to commit to continuous improvement through best-practice governance, planning, procurement, and delivery.”

Defence

Modern national security requires a priority on innovative engineering, according to Engineers Australia.

“Engineers Australia supports the strategic investments in Defence in line with the priorities outlined in the 2024 National Defence Strategy,” Ms Madew said. “The investment in the Defence Industry Development Strategy (DIDS) is crucial to support the skills essential for the successful implementation of AUKUS, including specialised funding for the School Pathways Program. 

“Engineers play a pivotal role in embedding robust defence measures to safeguard national security. For the success of Australia’s Defence Force and to deliver on AUKUS, it is crucial we have the engineers we need and consistently integrate the engineering perspective throughout project lifecycles.”

Innovative future with careful AI approach

The Future Made in Australia innovation funding and regulatory oversight proposals in the Federal Budget are timely and vital, according to Engineers Australia.

“This new funding boost is a significant step forward for artificial intelligence (AI) in Australia, reinforcing industry confidence through enhanced policies and regulations,” Ms Madew said.

“It is encouraging to see investments not only in the adoption of AI but also in the establishment of an AI advisory body.

“Engineers Australia has advocated for such a body, which will foster collaboration between industry, academia, and government to drive the research and development of AI technologies that are both ethical and responsible.”

www.engineersaustralia.org.au

 

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‘A bucket full of shiny things won’t displace a barrel full of pain’ says SPA

BUDGET REACTION – The Federal Budget “attempts to appease struggling households with a few hand-outs, while maintaining the underlying drivers of per capita recession” according to Sustainable Population Australia (SPA) president Peter Strachan.

“The main reason Australia’s post-Covid inflation is more persistent than in other developed countries is our run-away population growth, sending rents and building costs skyrocketing,” Mr Strachan said.

He said the Federal Treasury “still relies on mass immigration to pump up GDP and balance the budget, without a thought for the costs it imposes on households and other levels of government, let alone the obvious environmental impacts”.

“Between state and local governments and utilities, each additional resident costs upwards of $130,000 in public infrastructure, then there are ongoing costs for healthcare and children’s education, that are not met by the quantum of tax generated,” Mr Strachan said. 

“The Albanese government has promised to reduce net migration to pre-pandemic levels but keeps taking actions that increase it. Only a reduction in student numbers will allow a sustainable improvement in housing affordability.

“Pre-pandemic immigration levels are still far too high, more than twice the average intake before 2005. The high-immigration experiment has been running for 20 years. It’s time to admit that it hasn’t worked. It hasn’t fixed skills shortages, it made them worse. If not for the mining boom our balance of trade would be tanking with all the extra imports needed to build and fit out houses.

“Population growth has flattened vast areas of natural habitat, made our cities dependent on desalinated water, and is making it much harder to reduce Australia’s greenhouse gas emissions. Australians can see their quality of life going backwards,” Mr Strachan said.

“The vast majority of Australians don’t want more population growth. It is time their voices were heard and heeded.”

www.population.org.au

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QEC welcomes Federal Budget critical minerals and exploration initiatives

BUDGET REACTION - The Queensland Exploration Council (QEC) has welcomed exploration-focused initiatives, announced in the 2024-25 Federal Budget, that will support critical minerals exploration in Queensland.

QEC chair, Kim Wainwright said the $7 billion allocation for a 10 percent production tax credit over the decade from 2027-28 was encouraging for critical mineral explorers to progress to production.

“Queensland's vast endowment of critical minerals, like rare earth elements, cobalt, titanium, vanadium and silica, lays a solid foundation towards advancing clean energy technologies worldwide,” Ms Wainwright said. 

“Recognising the pivotal role of critical minerals in shaping A Future Made in Australia, the Australian Government’s initiative is welcome, and I look forward to seeing critical minerals production increase over the decade.

Ms Wainwright said the additional announcement on the allocation of funds for pre-feasibility studies for common-user processing facilities and a critical minerals trade enhancement initiative underscored the Federal Government’s stance in positioning Australia as a critical minerals leader.

“The crucial component to complete the puzzle is the essential infrastructure across the supply chain for critical minerals processing here in Queensland,” Ms Wainwright said.

“We’ve witnessed a notable success story in Queensland with the common-user vanadium processing facility in Townsville, originally announced in 2021. However, to further advance our capabilities, we need additional facilities in Queensland, particularly in the North West Minerals Province.

Queensland Resources Council chief executive officer, Janette Hewson said the Federal Budget’s $566 million funding to Geoscience Australia over the next 10 years towards the Resourcing Australia’s Prosperity program, heralded a new era of comprehensive mapping and exploration efforts.

“Through in-depth analysis of highly prospective regions, critical minerals, groundwater reservoirs, and resources essential for our transition to a lower emissions future, this initiative lays the groundwork for sustained prosperity and innovation,” Ms Hewson said.

QEC’s Kim Wainwright said Queensland continued to play a pivotal role in Australia’s exploration landscape.

“QEC stands ready to collaborate with stakeholders to harness the full potential of these initiatives,” Ms Wainwright said. 

www.qrc.org.au

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