THE Queensland Resources Council’s (QRC) latest State of the Sector report highlights the continuing adaptability and resilience of the state’s $82.6 billion resources industry, in spite of the impact of the global pandemic, chief executive Ian Macfarlane said today.

Mr Macfarlane said a survey of QRC member company CEOs in February 2021 showed resources companies were actively looking at new technologies such as hydrogen to reduce emissions and grow their business in a sustainable way.

“More than two-thirds of the CEOs surveyed said they were thinking about hydrogen-related opportunities, and 10 percent are already committed to projects involving hydrogen,” Mr Macfarlane said. 

“In a clear sign hydrogen will play a role in Queensland’s response to the global challenge of climate change, 33 percent of CEOs believe hydrogen will provide an opportunity to reduce emissions in their own business, and a further 33 percent see hydrogen as an opportunity for growth.

“The resources sector’s interest in hydrogen supports Premier Annastacia Palaszczuk’s decision to appoint a dedicated Hydrogen Industry Development Minister, Mick de Brenni following the state election last year. 

“I’m also pleased to have been invited by Minister de Brenni to serve on the Ministerial Energy Council, which provides the resources sector with an opportunity to engage with the government and other stakeholders in the critical area of energy policy.”

Mr Macfarlane said Australian Bureau of Statistics’ figures showed Queensland mining and gas jobs increased by 15 percent over the 12 months to February 2021, indicating the number of jobs supported by the resources sector is now well over 420,000.

“Even better, 24 percent of the CEOs who responded to our survey said they planned to increase employment at their Queensland operations over the next 12 months, with half expecting to increase their workforce by more than 25 percent,” he said.

“This response from our CEOs is a huge vote of confidence in the resources sector which benefits every Queenslander through a stronger state economy and more jobs.”

Mr Macfarlane said maintaining a ‘people first’ approach to COVID-19 and following Chief Health Officer protocols has helped keep Queensland communities safe and allowed the resources sector to keep working, earning and employing its way through the pandemic.

“Resources companies are now also looking at how to best support the government’s state-wide vaccine roll-out to ensure people living and working in regional communities are vaccinated as soon as possible,” he said.

Three quarters of member CEOs who responded to the QRC survey said they would consider providing employees with information about vaccination benefits and risks; two-thirds would arrange for employees to be vaccinated voluntarily during work hours; and almost one in 10 said they would consider incentivising employees to be vaccinated voluntarily.

For the sixth consecutive quarter, the QRC report found the number one area of concern keeping CEOs awake at night was the volatility of the global economy.

Sharing equal second place was concern about poor regulation including regulatory uncertainty, and problems raising capital, with the link between the environmental, social and governance (ESG) performance of companies and their ability to capital-raise consistently raised as a major issue.

www.qrc.org.au

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GOVERNMENTS should seize opportunities that deliver long-term economic and social benefits to secure Australia’s recovery from the COVID-19 pandemic, according to CEDA’s 2021 Economic and Political Outlook (EPO) report. 

CEDA chief executive Melinda Cilento said COVID-19 "has taught us we do better when we are bold" . Investments in social infrastructure such as childcare, aged care and housing should be high on the list, she said.

Australia should also build on the momentum of 2020 in the digital and data space by improving data sharing and linkage, to underpin evidence-based policymaking, Ms Cilento said.

“A key message from the economic contributors to this report is that despite periodic outbreaks of the virus, confidence and economic activity has been incredibly resilient,” Ms Cilento said. 

“Australia remained resilient by taking bold steps on health and the economy – 2021 will be no different.

“A rapid and widespread vaccine rollout will be crucial to maintaining recent momentum. In 2021, everything will flow from this, especially as governments wind back income support such as JobSeeker and JobKeeper that kept much of the economy afloat last year.

“The government should not be afraid to provide continuing support to the hardest-hit industries and individuals to support jobs and incomes, ensuring that the recovery is not derailed.”  

Australia’s openness to the world has come under increasing pressure and will be an important watchpoint as COVID-19 recedes.

“We must ensure our migration program emerges stronger, to support the recovery,” Ms Cilento said.

Some key policy debates are already re-emerging, although growth and jobs will dominate this year. 

“Climate change should be front of mind, given its business, economic and social significance, as well as the global policy shifts driven by the new Biden Administration in the United States,” Ms Cilento said.

“The Federal Government is moving towards committing Australia to net-zero emissions by 2050.

“Embracing that goal as soon as possible, and outlining more ambitious policies to get Australia there, would build confidence among business and the broader community.”

Another theme is the need to address inequality, which ANZ chief economist Richard Yetsenga said had been rising across many parts of the globe. Lower-paid roles are bearing the brunt of job losses in many nations, and the inequality implications of this will be one of COVID-19’s more important legacies.

“To address inequality in Australia, a permanent increase to the rate of JobSeeker is long overdue,” Ms Cilento said.

“It will do much to support the recovery, and as Reserve Bank of Australia Governor Phillip Lowe has said, it is a fairness issue.”

There are clearly many question marks hanging over this year. CEDA’s Economic and Political Outlook (EPO) 2021 provides valuable analysis to help policy makers and business respond to these issues.

This analysis will be complemented by a keynote speech by Australia's Ambassador to the US, the Arthur Sinodinos, who will share his insights into the US-Australia relationship, at the launch of the report.

The 2021 EPO will be launched at a two-day digital forum today  from 11am to 12.30pm and tomorrow, February 17, from 11am to 1pm (AEDT).

The economists and journalists who have contributed to this report are:

• Political outlook: Phillip Coorey, Political Editor, Australian Financial Review
• Domestic economic outlook: Alan Oster, Group Chief Economist, NAB
• Policy outlook: Cassandra Winzar, Senior Economist, CEDA
• International economic outlook: Richard Yetsenga, Chief Economist and Head of Research, ANZ Banking Group

In addition to the authors, speakers include Australia's Ambassador to the United States, Arthur Sinodinos, in conversation with ABC Insiders host David Speers; Griffith Asia Institute director, Prof. Caitlin Byrne; ANU Australian Centre on China in the World director, Prof. Jane Golley; ABC RN Breakfast presenter, Fran Kelly; and Asialink Business chief executive Mukund Narayanamurti.

Download the report here. 

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THE MOST DETAILED planning review of the city centre in more than four decades is set to play a critical role in Sydney's recovery from the impacts of the Covid-19 pandemic. 

Lord Mayor Clover Moore said the City of Sydney’s Central Sydney Planning Strategy provided a long-term vision that would promote job creation and economic growth, "while protecting the inner-city’s heritage and public spaces".  

“By providing for buildings taller than 300m and creating increased employment space, while ensuring high-quality design and protecting our important public places, this strategy provides a vision for the city’s commercial, residential and recreational future,” Cr Moore said.

“Our communities, businesses, landowners and industries have all had the opportunity to contribute to the development of this strategy. It will help us lay the foundations for the city’s recovery from the devastating economic and social impacts of the coronavirus and maintain Sydney’s status as an attractive place for business investment. 

“Following extensive consultation and three years of block-by-block research, we are proud to present this blueprint for planning done well – allowing the city to grow with new skyscrapers that will also ensure sunlight continues to shine on treasured public spaces such as Hyde Park, the Royal Botanic Gardens, Martin Place and Wynyard Park. 

“This is about strengthening public open space, accessibility and connections to make moving around the city easier and more enjoyable for workers, residents and visitors. The new strategy uses extensive evidence-based work and considers the current and future needs of our city. 

“We will protect, enhance and expand Central Sydney’s heritage, public places and open spaces for all to use and enjoy," the Lord Mayor said.

“If we want Sydney to maintain its status as an economic powerhouse of innovation and collaboration, it’s vital we safeguard economic floor space while allowing residential development to continue in the city centre.”  

After community consultation and feedback during the public exhibition, the City has made changes to the planning framework. These include: 

• phasing out the incentive for residential development of additional floor space over two years;
• saving time by allowing a project to proceed to a detailed design development application (stage 2) based on the approval of the concept design;
• excluding the northern part of the Kent St tower cluster around Gas Lane, which is a transition area between the residential character of Millers Point and the commercial centre;
• removing the proposed additional 30m in height control in the same northern Kent Street area;
• updating guidelines for site-specific planning proposals in central Sydney to allow landowners to lodge planning proposals.

To ensure local infrastructure keeps pace with growth, the council will ask the Minister for Planning and Public Spaces to amend the regulations to allow for a contributions levy of up to 3 percent to apply to new development. 

"This increased levy will fund new infrastructure to support the increase in floor space in the planning proposal and ensure Central Sydney remains an attractive place for investment," Cr Moore said.

She said other key elements of the strategy include supporting emerging designers and architects and promoting more women into design leadership roles to ensure central Sydney’s ongoing growth, success and equity.

www.cityofsydney.nsw.gov.au

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