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Iron ore major Rio Tinto paid the State Government more than $US2 billion ($3b) in royalties during 2023 out of a total $US6.6b Australian tax bill for the year. The miner — which derives the bulk of its income from iron ore operations in WA — paid $US2.2b in overall taxes and royalties to the State Government compared to a $US2.1b payment for 2022, according to a report released on Thursday

A looming gas shortfall that threatens to curtail industries and derail Australia’s energy transition is the fault of 10 successive government interventions, the Gina Rinehart-backed Senex Energy has declared, and now the country has little time left to fix the mess.

He says he only found out about the “nature-positive” plan a few weeks ago, even though he is chairman of four listed companies and has investments in all pockets of the country. Gina Rinehart’s Hancock is the other company brave enough to publicly raise the alarm bells – most businesses seem to be hiding behind the Business Council of Australia, lobbying on their behalf, or worried about political backlash.

LACK OF SUPPLY THREATENS POWER GRID Gas generators may be forced to burn diesel to keep the power grid running after authorities warned that states face a catastrophic supply shortfall from next year unless new sources of supply are developed. The Australian Energy Market Operator revealed that gas generators could have to run on diesel through to 2026 during periods of high demand, due to the lack of gas on the east coast. Gas generators were last forced to use diesel to prop up the electricity grid in 2022 when Russia’s invasion of Ukraine triggered a domestic crisis.

We could run out of gas on chilly days as early as next winter, the Australian Energy Market Operator (AEMO) has warned again. The SMH reports ExxonMobil and Woodside Energy are preparing to shutter one of three key plants that process gas from the Bass Strait, the 50-year-old Gippsland Basin, which has provided two-thirds of the southern states’ gas appetite.

One of Gina Rinehart’s top lieutenants says the Albanese government’s so-called nature-positive laws pose a huge threat to farming and mining. Hancock Agriculture boss Adam Giles said the process “smelled” like a repeat of the shambolic Indigenous heritage legislation rolled out by West Australia’s Labor government last year.

Booming commodity prices saw major minerals exporter Australia upgrade its budget revenue by more than A$100 billion ($66.12 billion) in 2022-2023, a feat that is unlikely to be repeated this year, Treasurer Jim Chalmers said in a speech. “The revenue upgrades will be smaller,” he said. “In each of our first two budgets we benefited from more than A$100 billion in revenue upgrades. This year, we won’t see anything like that. “In fact we are even looking at much less than the A$69 billion we booked in the latest mid-year budget update.”

Mining’s contribution ensures Australians have access to quality healthcare, education, and infrastructure – the pillars of a strong and vibrant society. Nor could we afford the significant increases in defence spending we are told our strategic circumstances require. Too many in Canberra seem to be embarrassed that our nation depends so thoroughly on our natural resources bounty. Despite underwriting our nation’s prosperity, living standards and security, the path forward for this industry that contributes so much remains uncertain. The mining sector is our economic golden goose, and it is up to us to nurture its health for current and future generations of Australians. It’s time to set the stage for a healthy mining sector, primed to continue laying its golden eggs long into the future.

The growth of the mining sector contributed more than half of the growth in Australia’s GDP in the last quarter. At a time when economic growth is slowing, and household budgets remain under intense pressure from inflation and interest rates, this contribution provides much-needed support for the economy and the Australian people. To put this data in real terms, it means jobs for Australians, it means contracts for local suppliers, it means ongoing investment in some of Australia’s most remote communities, and it means an increased contribution to government coffers through taxes and royalties. This provides revenue for governments to invest in critical infrastructure such as hospitals, schools, roads and important social support like investment in NDIS and aged care.

The Government is intent on adding layer after layer of onerous regulation at a time other nations are rolling out the welcome mat to investment in an effort to get their economies moving. If there is a cheaper, more stable option elsewhere, investors won’t hesitate to walk. Mining will continue to do much of the heavy lifting in propping up the Australian economy. But even the most robust and resilient industry has its limits.