The Productivity Commission wants the Australian Government to ease mining regulations to address growing costs of resource exploration.
Australia spends the second most on mining exploration, after Canada, accounting for 9% of global exploration expenditure in 2011 – down from just under 20% in the early 1990s.
The cost of exploration has increased “substantially” over that period, the commission reports. Companies are now spending more on exploring ‘frontier’ countries as Australia becomes more mature and less cost-effective.
The commission’s draft report is here.