The World Economic Forum has ranked Australia 129th out of 148 countries in terms of the burden of government regulation.
Reuters reports that Australian miners say:
they are frustrated by layers of state and national approvals that take years to secure, anti-coal campaigners using the courts to delay projects, and carbon and mining taxes eating into potential returns.
Of course, they would say that. But still, that World Economic Forum ranking lends support to their point of view.
Australia’s federal election is on Saturday (September 7), with Abbott’s coalition looking certain to win majority government (they’ve been ahead in the polls the whole campaign and appear to be pulling out to a greater lead.)
Hopes are up for the new government; again from Reuters:
Australia’s conservative opposition, led by Tony Abbott, has promised to scrap a super profits mining tax, a carbon tax, and create a one-stop shop for project approvals, eliminating duplication between federal and state processes.
I’ve said throughout the campaign that business sentiment should get, at least, a short-term boost after the election. There are concerns about Abbott’s profligacy when it comes to middle-class welfare (the “hugely expensive federal scheme for parental leave“), but we’ll give him the benefit of the doubt for the short-term on that one, he may well jettison it once he’s in.
