Mining projects may come to fruition quicker than ever before, indicating the importance of investors getting in early, according to new proposed changes.
Resources and infrastructure projects should be approved in less time under a new initiative from the Productivity Commission, which has been urged on by the mining boom.
Federal Labor Party assistant treasurer, David Bradbury, recently announced they will be looking into cutting ‘red tape’ to allow major projects to get off the ground more quickly.
“The mining boom in Australia has led to a large increase in the number of major projects seeking approval, which has highlighted the need for efficient and streamlined approvals processes,” Mr Bradbury noted in the reasoning for the project.
"We want to ensure there are no unnecessary delays or impediments to bringing projects on line that will create new jobs and boost Australia's productivity,” he said.
Developments that are low risk and low impact should see reforms to their assessment processes to ensure they come online quicker.
Public hearings and a draft report for public comment will be seen over the next 12 months, until the report is delivered to the government.