Confidence in the mining industry suffers following legislation in Queensland

A survey published by the Queensland Resources Council (QRC) has revealed that confidence in the mining industry from chief executives is at its lowest in five years.

“The so-called chain of responsibility legislation has ended up going way too far, and is causing severe angst and uncertainty in the business community,” said QRC executive director Michael Roche.

The Environmental (Chain of Responsibility) Amendment Bill was introduced in March 2016 to prevent irresponsible businesses leaving taxpayers in Queensland footing the bill of subsequent environmental clean ups.

But the latest findings in the survey have shown that it is has only proven to make some CEO’s question the future of the industry.

“Confidence is fast disappearing in our regulatory system. It’s little wonder the resource leaders’ sentiment has substantially changed,”

"This legislation is so far-reaching and has created so much uncertainty that investors are now putting their plans on hold," he said.

Environment Minister Steven Miles leapt to the defence of the legislation, believing the fear of those in the industry is unwarranted when considering the benefits.

"I think, once the dust settles, people will see that they are being used responsibly and the fears expressed by some are unfounded," Dr Miles said.

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