Less red tape for mineral and resources exploration projects

Businesses may be interested in the developments concerning the mineral and resources sector in Australia.

Energy and resources minister Martin Ferguson announced Thursday (September 27) that there is to be an inquiry into the Non-Financial Barriers to Mineral and Energy Resource Exploration.

The review aims to reduce the amount of red tape around exploration projects, the minister said.

"The inquiry will examine exploration approvals systems and processes, within and across jurisdictions, to assess their effectiveness and efficiency," Mr Ferguson said.

These barriers will be discussed and addressed by a new Productivity Commission Inquiry.

Assistant treasurer David Bradbury said: "The productivity commissions will commence the inquiry this month and will release a draft report for consultation and conduct public hearings before the final report is delivered in twelve months."

The inquiry will assess the processes across various state, territories and Commonwealth regulation and examine the costs to the local economy.

However, the commission is not going to address local, state, territory and Commonwealth tax, fiscal policy, financial incentives, fees, charges or royalties.

This may provide a good time for Australian businesses to reassess their electricity supplier and to see how new mining and resource projects may impact power producers.