❓ Mr. Blayney asks about positive results from the Fraser Institute survey on mining investment. The Minister highlights WA's top ranking in investment attractiveness due to mineral potential and policy improvements.
AnsweredQoN 91Legislative Assembly
QuestionView source ↗
MINING —
INVESTMENT
91. Mr I.C. BLAYNEY to the
Minister for Mines and Petroleum:
Can the minister please explain to the house the recent
positive results released by the Fraser Institute survey of investment in
mining?
INVESTMENT
91. Mr I.C. BLAYNEY to the
Minister for Mines and Petroleum:
Can the minister please explain to the house the recent
positive results released by the Fraser Institute survey of investment in
mining?
AnswerView source ↗
I thank the member for Geraldton for the very good question.
Indeed, I have some very good news. In 2013, the Fraser Institute surveyed 4 000
mining companies throughout the world, covering 116 jurisdictions, and looked
at three indexes. The most important index, which actually combines two
indices, is the attractiveness index. I have great pleasure in announcing to
the house that Western Australia is ranked first place in the whole world in
the investment attractiveness index. That is an outstanding achievement. The
index was compiled by looking at two other indices—the mineral
potential index and the policy index. Under the mineral potential index, we are
ranked second in the world behind Alaska. That index is about the
attractiveness of our geology. As everyone knows, Western Australia is blessed
with quite a lot of minerals and resources, but we have come up from
twenty-first place in 2009–10 to second place last year because of the
amount of work we put into our exploration incentive scheme, including our
highly successful co-funded drilling program and our greater data in relation
to geophysical and geochemical information. We are ranked second in the mineral
potential index behind Alaska. In the policy perception index, which basically
is a report card on government impact on attractiveness—this is really
the index that relates to the performance of the Western Australia government—we
were ranked sixth place in the world, up from nineteenth in 2009–10.
How do we improve? How do we go
higher than sixth place? Sweden and Finland are rated first and second. Why are
they rated higher than us? Last year I met Finland's minister for
economic development, and he said he was quite proud of the fact that Finland
was previously ranked first on this index and ranked second this year behind
Sweden. Finland is ranked higher in policy because it has no royalty rate at
all. Obviously, that is a pretty attractive policy, so being ranked sixth in
the world is a pretty good achievement.
In moving forward, we cannot rest on
our laurels. One of the most important things about the mining industry is the
necessity to attract investment so that we can continue to explore more and
develop mines, and of course that brings in more royalties to Western Australia
and a necessary income stream for the state government. Well done to my
department for bringing us up from seventeenth ranked placing overall to first
ranked placing overall in the investment attractiveness index.
I will end by quoting an exploration
company spokesperson, who reported on the importance of policy as follows —
� introduction of the mining tax—although
not far-reaching—puts investor uncertainty up front, and more
importantly provides less developed jurisdiction a precedent for increased
royalties etc.; without any of the benefits of having stable and developed
regulations �
Which Australia has.
Indeed, I have some very good news. In 2013, the Fraser Institute surveyed 4 000
mining companies throughout the world, covering 116 jurisdictions, and looked
at three indexes. The most important index, which actually combines two
indices, is the attractiveness index. I have great pleasure in announcing to
the house that Western Australia is ranked first place in the whole world in
the investment attractiveness index. That is an outstanding achievement. The
index was compiled by looking at two other indices—the mineral
potential index and the policy index. Under the mineral potential index, we are
ranked second in the world behind Alaska. That index is about the
attractiveness of our geology. As everyone knows, Western Australia is blessed
with quite a lot of minerals and resources, but we have come up from
twenty-first place in 2009–10 to second place last year because of the
amount of work we put into our exploration incentive scheme, including our
highly successful co-funded drilling program and our greater data in relation
to geophysical and geochemical information. We are ranked second in the mineral
potential index behind Alaska. In the policy perception index, which basically
is a report card on government impact on attractiveness—this is really
the index that relates to the performance of the Western Australia government—we
were ranked sixth place in the world, up from nineteenth in 2009–10.
How do we improve? How do we go
higher than sixth place? Sweden and Finland are rated first and second. Why are
they rated higher than us? Last year I met Finland's minister for
economic development, and he said he was quite proud of the fact that Finland
was previously ranked first on this index and ranked second this year behind
Sweden. Finland is ranked higher in policy because it has no royalty rate at
all. Obviously, that is a pretty attractive policy, so being ranked sixth in
the world is a pretty good achievement.
In moving forward, we cannot rest on
our laurels. One of the most important things about the mining industry is the
necessity to attract investment so that we can continue to explore more and
develop mines, and of course that brings in more royalties to Western Australia
and a necessary income stream for the state government. Well done to my
department for bringing us up from seventeenth ranked placing overall to first
ranked placing overall in the investment attractiveness index.
I will end by quoting an exploration
company spokesperson, who reported on the importance of policy as follows —
� introduction of the mining tax—although
not far-reaching—puts investor uncertainty up front, and more
importantly provides less developed jurisdiction a precedent for increased
royalties etc.; without any of the benefits of having stable and developed
regulations �
Which Australia has.
Explore WA Government Data
Search the full archive in the free dashboard, or query programmatically via API.
Explore more
Government Gazette
Appointments, regulatory notices, planning changes.
Hansard
Debates, questions, speeches and sentiment.
Tabled Papers
Reports and documents tabled in Parliament.
Committees
Committee profiles and recent reports.
Regulations
Subsidiary legislation with filters and summaries.
Bills
Proposed laws and parliamentary progress.
Acts
Current WA legislation and summaries.
Explanatory Memoranda
Bills with EMs (text/PDF) available.
Members
MP profiles, party breakdown and rankings.
Pollie Rankings
Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.