BREE WORKSHOP 2014 28 November 2014 “Policy challenges: A minerals industry perspective” John Kunkel Deputy Chief Executive Minerals Council of Australia.

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Presentation transcript:

BREE WORKSHOP November 2014 “Policy challenges: A minerals industry perspective” John Kunkel Deputy Chief Executive Minerals Council of Australia 1

The economic challenge How do we maintain reasonable growth in living standards with the terms of trade bearing down on income growth for the foreseeable future and with additional headwinds from the ageing of the population? 2

Income growth 3 Source: Australian Treasury

The productivity challenge 4 Note: Contributions to income growth in the period 2013 to 2025 are consistent with the forecasts and projections detailed in the Budget. Income refers to gross national income. Source: ABS and Treasury.

Phase 3: export volumes 5 Source: Bureau of Resources and Energy Economics

The policy nub “The microeconomic policy challenges for Australia remain the same whether there is a mining boom or not. The imperative must be to drive productivity improvements throughout the economy, through actions that can effectively foster competition, facilitate organisational flexibility and adaptability, and build capability.” Gary Banks, June

Competitiveness: Measure 1 nominal exchange rate adjusted for domestic inflation relative to inflation in major trading partners (inverted) 7 Source: Reserve Bank of Australia and Makin 2014

Competitiveness: Measure 2 relative prices of non-tradables to tradables (inverted) 8 Source: Reserve Bank of Australia and Makin 2014

Competitiveness: Measure 3 World Economic Forum competitiveness ranking 9 Source: World Economic Forum and Makin 2014

Productivity and Competitiveness “to do” lists – not all that different For example: −streamlining project approvals −regulation of project purchasing decisions −coastal shipping reform −workplace relations. 10