Australian mining industry urges PM to kick start reforms for reviving the sector

The mining industry in Australia has urged the new Prime Minister to hasten economic reforms to revive the country’s struggling mining sector. The Minerals Council of Australia – the top industry lobby group, praised Mr Turnbull's "signal of continuity" with regard to Tony Abbott's emissions policies and hoped the new PM's strong credentials as an ace reformer will bring good results.

According to the industry, the mining sector has been going through a tough phase over a decade and it is looking up to Mr Turnbull's policies and economic know-how to address the problems being faced by the industry, the AAP reported.

“The minerals sector looks forward to working with the new prime minister and his team to craft an ambitious economic reform and productivity agenda,” Minerals Council boss Brendan Pearson said.

Pearson hailed Mr Turnbull’s strong credentials as an economic reformer and his signaling of “continuity on climate and energy policy.”

Meanwhile, the environmental and farming lobby group “Lock The Gate” urged the Prime Minister to end the “special treatment for the mining industry” and abandon all pro-mining changes made on environment laws by Tony Abbott.

James Packer hails new PM

Meanwhile, billionaire James Packer praised the new PM and said he can take Australia’s pivotal relation with China to the next level. Packer also said Australia is indebted to former PM Tony Abbott for the free trade agreements he signed with China, South Korea and Japan, reports the Australian Financial Review.

According to Packer, Prime Minister Malcolm Turnbull has the ability to take Australia's pivotal relationship with China to “the next level.” Calling Mr Turnbull and deputy Julie Bishop as a "formidable team," the Melco Crown Entertainment chairman said the new Liberal leadership would be able to capitalise on the trade agreements.

“I've known Malcolm Turnbull for a very long time and I share his optimism about Australia's future and the opportunities that exist here if we get our policies right,” Packer told Fairfax Media. He added that the new PM understands China’s importance in Australia’s economic security.

Mr Turnbull has already spelt out his economic vision saying he wants to see an Australia which succeeds in remaining a “high-wage, generous social-welfare-net economy.” However, the economy is slowing after a mining-led growth staved off recession for 24 years. Unemployment is at a decade high and government revenue has also taken a hit after commodities' demand from China slowed, an AFP report noted.

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