Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

The Treasurer has provided the following answer to the honourable senator's question:

Mineral and energy companies have continued to expand production, invest in new projects and hire new workers in full knowledge of the new resource tax arrangements that will commence on 1 July 2012.

Investment in the mining sector has continued to grow strongly from $47 billion in 2010-11 to an estimated $86 billion in 2011-12, and is expected to reach $119 billion in 2012-13.

According to the Bureau of Resources and Energy Economics, the planned pipeline of projects in the resources sector is worth over $500 billion, with more than half of these projects at an advanced stage.

Employment in the mining industry has also increased significantly, from 198,100 in August 2010 to 275,200 in May 2012 – an increase of 77,100 or 39 per cent since the new resource tax arrangements were announced.