News

Iron ore steals the show in gift for Budgets as lithium loses steam

“Reduced global supply of energy commodities following the implementation of Russian sanctions (over its invasion of Ukraine) has raised the vulnerability of gas/LNG/coal prices to supply outages and demand spikes,” it said. “As such, there is more uncertainty than in the past around how energy prices may develop through the northern hemisphere winter and summer demand peaks.” LNG export earnings are seen benefiting from higher prices in recent months, with the annual forecast lifted $2b to $73b, down from $92b last financial year. It remains Australia’s biggest resource earner behind iron ore, with metallurgical and thermal coal set to place third and fourth on $52b and $36b respectively.

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Billionaire’s sweetener in pursuit of $1b project

Billionaire Chris Ellison has promised a sweetener as he pursues official backing for a huge gas export project, offering the State Government the right to redirect gas heading overseas to the local market in the event of a shortage. Mr Ellison’s Mineral Resources hopes to build a $1 billion plant at the Lockyer field in the Perth Basin, but he has warned the project can’t go ahead at that scale without an allowance to export most of the gas. His pledge comes one day after the Australian Energy Market Operator revealed a worsening shortage of the critical fuel in WA, with 27 per cent of demand likely to go unmet by 2033.

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Big miner lauds WA reforms after premier cooks greenies

West Australian Premier Roger Cook says his government will continue to help fund the Environmental Defenders Office despite his veiled swipe at the organisation and green groups for dividing Aboriginal communities to block major projects. The mining and resources industry, including Gina Rinehart’s Hancock Prospecting, welcomed the Cook government’s proposed overhaul of environmental approvals on Wednesday, which the premier launched a day earlier along with his broadside at green groups.

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Editorial: Gas shortage shows the need to cut green tape

It’s a pre-Christmas surprise that will add even more stress to families struggling to balance the household budget The independent Australian Energy Market Operator says WA is likely to face a gas shortage next year, pushing prices higher amid an already crushing cost-of-living crisis . And the budget pain won’t only be felt through the household gas bill. The gas shortage will also affect manufacturers and businesses. That means it could cause the cost of just about everything to rise.

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TAX WHACK ON SUCCESS, COSTS KEEP A LID ON GROWTH HOPES

Seven in 10 WA businesses are struggling to find workers for specific skills as they battle what the State’s leading business group has described as a “tax on success”.Rising operating costs are being fuelled by what the chamber calls the State’s excessive payroll tax burden — hitting small and family businesses hardest. “We know that WA pays the highest payroll tax in the country, despite the fact that our State’s finances are the best in the nation,” CCIWA chief economist Aaron Morey, said.

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Farmers Wary of IR Bill

A nationwide overhaul of industrial relations laws has passed through the House of Representatives, angering farmers who had urged Federal Labor to take the “catastrophic” legislation back to the drawing board.

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GAS CRUCIAL TO AUSTRALIA FOR DECADES TO COME, MODELLING REVEALS

Australia will likely need gas for electricity, industry and exports for decades to come and politicians have been warned not to shut down technology options too early, new modelling reveals.“Preparing for only one pathway leaves Australia extremely vulnerable to developments that are outside Australia’s control,” the report says. “Should any energy pathway or technology face challenges in its deployment, it will be critical to have alternative energy sources in the mix to maintain energy security and affordability and to keep emissions reductions efforts on track.”

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Businesses warn of extra costs & less casual work if more changes to IR Bill

CCIWA chief executive Chris Rodwell said the biggest losers would be casuals themselves.
“Christmas is a great time of year for casual workers, many of whom are university students or working parents because they can take on more hours,” Mr Rodwell said.c“Employers will see casuals as a liability, knowing they could be forced to convert them to permanent after just six months if they have a regular pattern of work, regardless of any legitimate business reasons they may have to keep the worker as a casual.

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IR Battle could end Labour

The Government is already ending the year on an absolute shocker with the complete farce over the concerning list of people released from immigration detention. And now it has pushed ahead with controversial industrial relations laws and Tania Constable, the head of the Minerals Council of Australia, says the Government has started a “war” with the booming industry.

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LABOR MAY FIND IR WAR HAS ONLY JUST BEGUN

Minerals Council of Australia says the crossbench deal is “an act of economic vandalism” that would put expansion plans and critical minerals opportunities at risk. “This deal represents a complete breach of trust with Australian business and workers,” CEO Tania Constable says. “For the resources States of Western Australia and Queensland, this Bill represents a devastating blow that will reverberate throughout their economies and put a ceiling on growth.” These changes are yet another handbrake on productivity at a time it has already slowed to a crawl. The outcome will be fewer jobs, less investment and a compounded cost-of-living pressures.

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Rio Tinto eyes Guinea iron ore production from 2025

Announcement could bring China a step closer to sources of imports beyond Australia and Brazil. British-Australian mining group Rio Tinto has confirmed iron ore production at its Simandou mine in Guinea, West Africa, will start in 2025, bringing China – which co-invests in the mine – a step closer to accessing alternative sources of iron ore beyond Australia and Brazil.

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