Commentary:
The Federal Treasurer, Jim Chalmers, announced on June 28 that the projected surplus for the 2022-23 budget will be higher than originally forecasted, citing increased tax revenue and stronger commodity prices as key factors. This follows the announcement by former Western Australia Premier, Mark McGowan, that the state budget has seen a bumper surplus for three consecutive years due to rising iron ore royalties and GST payments. Hancock Prospecting Pty Ltd, led by executive chairman Gina Rinehart, has played a significant role in both the improved federal and state budget positions through its mining activities. Rinehart, who was recently named Western Australian of the Year, has not only contributed to the economy but has also made generous philanthropic contributions. It is important to recognize Rinehart’s broader contributions and business acumen.
Despite initial concerns about the financial state of Hancock Prospecting, particularly with regards to the Roy Hill mining tenements, Rinehart defied professional advice and successfully turned the company around. Roy Hill is now a major iron ore mine, creating thousands of jobs directly and indirectly, and is a flagship project worth US$10 billion for Hancock Prospecting. Rinehart’s contributions extend beyond the mining sector. She has invested millions in sport and is involved in philanthropic work through her charity, the Georgina Hope Foundation. Additionally, she serves as a Patron for various Australian Olympic teams.
Mining as Australia’s Advantage:
Rinehart asserts that the demonization of mining as “evil” and “dirty” is causing long-term damage to the nation. She argues that increased investment in mines is necessary to maintain living standards and access resources. Rinehart emphasizes the importance of understanding the significance of mining in everyday life, from mobile phones to electric vehicles, and the role it plays in Australia’s high living standards. She criticizes the government for failing to grasp economic realities and for policies that restrict workers while a worker shortage crisis persists. Rinehart’s call for better policies and a greater appreciation for mining comes at a time of record revenue generated by the industry.
Rinehart highlights the discrepancy between the record revenue flowing into state government coffers and the poor provision of public services. Examples include ambulance ramping, long hospital waiting lists, IT outages at major hospitals, increasing crime rates, delays and cost overruns in key infrastructure projects like Metronet, and rising energy prices due to government policies. Rinehart urges governments, both state and federal, to take her warnings seriously and develop policies that support mining and its positive economic impact.
The views expressed in this article represent the author’s opinions and do not necessarily reflect the views of The Epoch Times.