Group Executive News

Discover the latest news and updates from Hancock Prospecting Group.

China’s iron ore imports are boosting Australia’s economic recovery

Prior to the pandemic, Australia’s relationship with China was at times strained, but generally uneventful. Despite Beijing giving federal cabinet the silent treatment on multiple occasions, the flow of trade between Australia and China continued relatively unimpeded.

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Iron ore stars in June export figures: ABS

“These incredible results underline the importance of Australia’s resources sector to the national economy and international markets throughout the COVID-19 downturn,” he said in response to the Quarterly. “Australia’s energy and resources sector has remained safe and reliable suppliers to domestic and global markets throughout the pandemic, helping to underpin economic growth and overcome the challenging trade conditions of the past year.”

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WA’s iron clad help for NSW

Leading economists believe that without WA’s record iron ore trade the Federal Government would not have had the financial flexibility to support NSW to the tune of $500 million a week during its COVID-19 lockdown. AMP chief economist Shane Oliver said without high iron ore prices the Government would not have had the cash to help NSW as much as it had. “The national income is given a boost by the iron ore boom and that is allowing the Federal Government to provide assistance to NSW, which then means incomes in NSW are protected and can bounce back more quickly,” he said.

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WA mining ensures Australians have Medicare

Over the past financial year, WA mining and oil and gas companies contributed $83 billion directly to Australia's economy, roughly one sixth of the entire federal government's revenue over the period. This is more than the federal government's budget for Medicare ($29.7 billion) and defence ($44.6 billion) combined. There are more than $140 billion worth of projects in the mining and oil and gas sector across WA, many of which are greenfield developments. The CMEWA said similar contributions from the resources sector would continue over the next decade.

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WA resources sector injects $122 billion into economy in 2019-20, CME survey shows

WA mining and resources companies injected almost $122 billion into Australia’s economy in the 2019-20 financial year through direct and flow-on spending, helping create 309,000 full-time jobs during COVID-19. The figures, from WA’s peak resources industry body, revealed the extent to which the local sector powered economies and communities around the nation as they reeled from the impacts of the pandemic. “That’s why it’s so important that both industry and government continue to tackle key challenges like current and future skills shortages, in order to fully capitalise on the significant opportunities we have in front of us.”

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Iron-ore drives Aus exports to record highs

“These incredible results underline the importance of Australia’s resources sector to the national economy and international markets throughout the Covid-19 downturn. “Australia’s energy and resources sector has remained safe and reliable suppliers to domestic and global markets throughout the pandemic, helping to underpin economic growth and overcome the challenging trade conditions of the past year."

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WA Perth Royal Show Dairy Awards, Bannister Downs recognised once again!

Competing in the 2021 Perth Royal Food Awards for the 15th consecutive year, Bannister Dairy produce, renowned for its quality and great flavour, awarded these champion titles, a true reflection of the effort and care that is made daily, with a complete focus on quality.

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WA premier Mark McGowan hikes port fees on iron ore miners BHP, Fortescue, Roy Hill

Mr McGowan on Monday announced that WA had delivered a $2.36 billion operating surplus for the first nine months of the current financial year, due primarily to the surge in iron ore prices. WA is the only jurisdiction in Australia running an operating surplus.

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Ore tax props up a nation

WA’s booming iron ore industry contributed nearly one-fifth of total company tax paid across the whole of Australia last year — about $15 billion — keeping the nation on its feet in the face of a devastating pandemic.

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Pilbara iron ore powering Australia’s economy

“I congratulate our iron ore sector for its strength, reliability and resilience during the COVID-19 pandemic, and for its continued support of Australia’s economy,” Minister Pitt said.

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New figures show mining sector powering the economy

“These changes will transform the NAIF to make it a more proactive investor in projects that will generate economic activity and job creation,”

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Miners deliver record $39bn windfall to boost government bottom lines

“Australia’s minerals industry paid record taxes and royalties to federal, state and territory governments in 2019-20 even as the COVID-19 pandemic started to push the economy into recession,”

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Resources sector boosts federal budget spending spree

The mining industry exceeded government expectations in its tax receipts, accounting for 30 per cent of company tax collections, which is forecast to reach $100.5 billion by 2024-25.

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Surging iron ore prices a ‘get out of jail free card’ for Morrison and Frydenberg

Accenture Managing Director Andrew Charlton says a recent surge in iron ore prices is a “get out of jail free card” for Scott Morrison and Josh Frydenberg

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THE IRON GIANT

Booming iron ore exports are supercharging Australia’s pandemic recovery, helping to deliver the Federal Government a company tax windfall this year that’s almost $9 billion higher than forecast.

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News Australia’s iron ore boom: Investors profit as global economy recovers

It is one of the most isolated major cities on earth, boasts some of the world’s finest beaches and is mercifully Covid-19 free. But Perth – which straddles the banks of the Swan River on the shores of the Indian Ocean – has another key attraction. The sun-drenched city is the capital of Western Australia, the world’s largest supplier of iron ore.

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Iron ore is saving Australia’s trade with China. How long can it last?

Now, one commodity is almost single-handedly keeping the trade relationship afloat: iron ore.

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