Image credit: Bruce Peebles. Copyright the state of Queensland.
Queensland has been given a wake-up call after its mining investment attractiveness fell to 15th place worldwide in the latest Fraser Institute survey.
Queensland was surpassed by Western Australia (first place) South Australia (sixth place) and the Northern Territory (13th) place in the new survey.
The state was previously the second highest Australian jurisdiction for investment attractiveness in the last survey, where it placed 13th.
Queensland has continued to drop down the rankings for the last four years, which is a cause for concern according to Queensland Resources Council (QRC) chief executive Ian McFarlane.
“This is a wake-up call for Queensland that we can’t take our place as a resources superpower for granted,” he said.
“World class and abundant mineral resources are not enough. These results show that Queensland must work harder to attract international investment in the projects that create jobs and support regional communities.
“This hasn’t come out of the blue, but Queensland must heed the warning.”
Policy changes and a lack of consultation are believed to be two major factors harming Queensland’s investment attractiveness.
“In the past 12 months there have been several examples that have raised industry concern about policy and consultation on significant issues that could affect investment and jobs.
“Examples include a proposed significant expansion to the area of land locked up from gas development in western Queensland under the pristine rivers policy, a sudden 25 per cent hike in the gas royalty rate, and lack of consultation on important issues such as methane regulations and cultural heritage,” McFarlane said.
With the Queensland state election looming, the QRC aims to consult parliament on a long-term plan to improve the state’s investment potential.
“QRC will be consulting with the government, opposition and cross bench in the lead up to the state election to reinforce the importance of a long-term plan to attract new resources investments across a range of commodities,” McFarlane said.
“This will be especially important if Queensland wants to turn the potential of the North West Minerals Province into a reality.”
Queensland sits at number 31 on the Policy Perception Index and number 11 on the Best Practices Mineral Potential Index.