Last week in the Australian Financial Review, AREEA Chief Executive Steve Knott penned an article on why union opposition to the Morrison Government’s IR Reform Bill is holding back new investment and jobs in Australia’s mining and oil and gas industries.
In the opinion piece published by the major newspaper, Mr Knott said Australia’s resources sector was ready to lead our recovery from COVID-19 and continue delivering huge benefits to our economy, employment and living standards.
Currently there is $334 billion of new major project investment in the pipeline. $84 billion worth is either locked in or advanced in planning, while the remaining $250 billion is up for grabs in a highly competitive global investment marketplace,” he said.
With $334 billion of new major project investment in the pipeline to lead Australia’s recovery from COVID-19, providing industrial stability for the full length of a project’s construction has never been more important.
The government’s proposed reforms will do just that, allowing greenfields agreements for major resources projects with a minimum capital value of $500 million to be in effect for up to eight years.
“Given the massive opportunities on offer for all Australians, the unions’ campaign against this important reform is inexplicable,” Mr Knott said.
You can read the article here.
