New figures showing a sharp drop in mineral and petroleum exploration have prompted urgent calls for the Albanese Labor Government to reverse its attacks on the resources sector, with warnings investor confidence continues to fall.
Shadow Minister for Resources, Senator Susan McDonald said the latest Australian Bureau of Statistics (ABS) data showing a 5.5% drop in expenditure on mineral exploration coupled with a 16.6% drop in petroleum exploration, is a direct result of flawed resources policies and has again exposed the folly of Labor’s “renewables only” approach at the expense of all other sectors.
Senator McDonald said the latest statistics on mineral and petroleum exploration expenditure confirm Labor’s anti-mining agenda is having a real and worrying impact on future exploration in Australia.
“Despite Labor’s recent and insincere attempts to pander to mining communities particularly in Queensland and Western Australia, the resources sector still lacks the confidence to increase investment in exploration,” said Senator McDonald.
“In May 2024, the government announced its Future Gas Strategy to much fanfare – yet in that very quarter, petroleum exploration expenditure fell by 16.6%.
“At a time when urgent calls to increase gas supply continue to be made, today’s data proves that Labor is to blame for the downturn in gas production.
“It is clear that despite the Prime Minister’s big media flurry in Western Australia trying to sell his expensive, unproven Future Made in Australia scheme, this government is failing the test when it comes to the resources sector.
“If we are to continue to see growth in the resources industry, to keep over 1.1 million people employed, and keep paying the bills for Australians, we need consistent growth.
“The first sign of a mining bust is a slowdown in exploration spending. It is critical that we reverse the two years of damaging Labor policy, or risk losing out on much more.”
