Federal opposition leader Peter Dutton has used a flying visit to a charity event in the Swan Valley to hit out at the nation’s regulatory environment, warning investment dollars are at risk.
Federal opposition leader Peter Dutton has used a flying visit to a charity event in the Swan Valley to hit out at the nation’s regulatory environment, warning investment dollars are at risk.
Speaking at the LBW Trust’s Critical Minerals & ESG conference at Sandalford this afternoon, Mr Dutton said the burdens of complexity across three layers of government were disincentivising investment locally.
Voicing criticism of the industrial relations reform heavily opposed by the state’s resources sector, he said international companies were starting to vote with their feet.
“It’s certainly a costly environment in the energy space for a number of reasons – the fault of both sides of government and three levels of government over the preceeding few decades,” Mr Dutton said.
“We find ourselves in quite a contrast to other countries, and that’s not to mention what’s happening in Africa or Asia at the moment, where capital is moving from Western Australia, and from Australia more broadly, into those markets.
“International boards who are looking at what it is we have to offer here, look at an incredible natural resource, general stability in terms of sovereign risk, good returns… but there are many reasons why they’re not investing and why they won’t in the future.”
Mr Dutton highlighted geopolitical risk facing the world and called for a reset of the cost structures and compliance burdens impacting business – invoking Kevin Rudd’s 2007 calls for federalist reform.
“We need to make sure that the environmental processes through the Nature Positive bill, which we don’t truly know the extent of yet, aren’t really about grinding down even further, the opportunity to invest in an absolutely essential sector,” he said.
Speaking at a critical minerals event after vocally opposing the federal government’s proposed production tax credits for downstream processors, Mr Dutton did not go into detail said he believed that government assistance was not enough to win the race for investment.
“There is government assistance that can be provided, but you run out of taxpayer money very quickly,” he said.
“Efficiency of processes and a concentration on our strengths, I think, is absolutely necessary.”
Quizzed on the opposition leader’s appearance at an event in Perth while visiting Pilbara Minerals’ Pilgangoora lithium mine in the Pilbara, WA Energy Minister Reece Whitby hit out at Mr Dutton for his opposition to production tax credits following the Federal Budget in May.
“Industry is saying these tax credits are needed, especially seeing what’s happening at Albemarle[‘s Kemerton refinery],” he said.
“Then you’ve got a federal opposition leader who is opposing this. That’s not a good thing for industry, and I’m sure industry wants to see that support at a time when it needs it.”
Mr Dutton also reiterated his controversial support for nuclear as a stable baseload power for the nation’s decarbonisation.
“It’s fantastic to be able to invest into renewables, and they’re obviously a growing part of the picture here in our economy, but if you don’t have baseload power, people will see a disruption in cost… particularly high energy users,” Mr Dutton said.
Mr Dutton’s uncosted proposal to build a nuclear plant at Collie was largely opposed locally, when it was announced in June.
