The federal government should phase out policies that encourage greater extraction of oil and gas and provide funding for green steel and aluminium industries so that Australia can seize the opportunity to flourish in a net zero global economy, the Grattan Institute says.
It calls for all or most coal royalties to be directed to coal regions for as long as coal mining continues, and for the creation of sovereign wealth funds so that the benefits of the pending mining boom in critical minerals can be shared with future generations. It recommends a stricter approach on emissions, with lower emissions baselines under the Safeguard Mechanism for each sector, with no exemptions. That sits in contrast to the Albanese government’s plan to protect emissions-intensive, trade-exposed industry sectors.
He said that while both sides of government have been keen to boost domestic manufacturing, initiatives need to be more focused: “This isn’t about making cars just because we’ve got lithium.
the benefits of the mining boom in critical minerals can be shared with future gen Now the miners grab all the profit The royalty is a puny 6% Many miners escaped tax because of multi national tax fiddling They r raping our resources n ripping our tax Norway has sovg wealthFund