Resources sector encouraged to send submissions to parliamentary inquiry

L-R: Minister for Resources, Water and Northern Australia Keith Pitt, Tim Magoffin – CEO Techserve, Federal Member for Dawson George Christensen, Dean Kirkwood – General Manager of Resource Industry Network

Minister for Resources, Water and Northern Australia, Keith Pitt was in Mackay today to urge the resources sector to continue making submissions to a parliamentary inquiry into the financial sector’s treatment of the industry.

Minister Pitt said the Joint Standing Committee on Trade Investment and Growth, of which I serve as Chair, is examining the prudential regulation of investment in Australia’s export industries, including the mining sector.

“These are all critical industries that are major employers, particularly in regional areas, and are key to Australia’s economic success,” Minister Pitt said.

“I requested the Committee look into the issues following concerns raised with about the treatment of the resources industry by some financial institutions.

“In the last year we’ve seen Australian banks, insurers and superannuation funds make announcements about withdrawing support to businesses with an involvement in coal mining, despite its continuing importance to our economy and the thousands of jobs it provides.

“I’ve since been approached by a number of industry representatives, including from central and north Queensland, expressing concern about the impact the move is having on their ability to secure insurance and finance.

“It’s not just the big miners, but smaller “mum and dad” businesses that are being affected and I urge them all to have their say through this inquiry,” Minister Pitt said.

There’s been a strong response from our export industries to the inquiry and the number of submissions we’ve received so far.

However, it’s important that we receive as many submissions as possible so the inquiry gets the full picture of the impact these issues may be having on some of our key industries, particularly resources.

Submissions close on March 31 and can be made through the Joint Standing Committee on Trade and Investment Growth website.