Slower growth challenges traditional understanding of core commodities
PERTH (miningweekly.com) – Diversified miner BHP Billiton still believes there is a significant opportunity in supplying commodities to China, despite the Asian giant’s slower economic growth, but it will challenge Australia’s traditional understanding of core commodities and highlight the need for competitiveness improvements, an executive said on Thursday.
“Commodity demand growth will remain robust as the fundamentals of wealth creation, demographics and urbanisation continue to drive demand for resources,” BHP health, safety, environment and community, and marketing and technology president Mike Henry said at a conference in Canberra.
He said BHP expected that commodities supporting the production of food, energy and consumer goods would see more durable demand growth over the extended part of the economic development curve, as China transitioned to a more consumption-based economy, and the level of “true” urbanisation increased.
However, Henry pointed out that it was critical for industry and policy makers to work together to capitalise on these opportunities.
“We believe the vast majority of the productivity challenge lies with industry and it is incumbent on employers to create an environment that inspires people to work smarter and rewards productivity improvements.”
He added that government also had a role in securing future investment, particularly in taxation and industrial relations policy, and addressing duplications between state and federal regulatory obligations.
“To ensure Australian projects are not disadvantaged, tax policy should target reforms that deliver more competitive, sustainable taxation and help make the system more efficient and internationally competitive.”
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