“SACOME members require a best practice regulatory framework which facilitates industry activity, reduces sovereign risk and enables investment."
A best-practice regulatory framework in South Australia will be a key enabler for the resources sector to drive economic development and job creation for the state.
The resources sector is subject to extensive regulatory oversight across all stages of activity and is one of the most heavily regulated sectors in Australia.
South Australia benefits from a reputation as a low-risk investment destination with a consultative and responsive regulator. Sound regulatory structures create an attractive environment within the context of global competition for resources sector investment and provide South Australia with a competitive advantage.
Poor regulatory structures discourage investment and innovation, create additional operational burdens, prolongs decision making and reduces flexibility. A balance needs to be applied between framework obligations and efficiency to ensure optimal outcomes are achieved.
SACOME members recognise their responsibility to assist government in maintaining efficient, stable and risk-based regulatory frameworks and remain committed to ongoing consultation and collaboration to assist development and review of regulatory structures governing the resources sector.