Resources Technology Showcase live updates: All the latest news from today’s all-star industry forum at PCEC

The President doesn’t cheat at golf, according to Mr Hockey ... but former President Bill Clinton does!

“It took seven hours to play 16 holes because he took so many shots, somehow he went around on par. So that surprised me.”

The former Federal politician and US ambassador has spoken of the importance of Australia’s rare earths bounty, telling the crowd ...

A Virgina Class sub, an F35 fighter jet - which is our front line, and that of 19 countries - has 500kg of critical minerals, most of it out of China.

“So one of the lessons out of resources, you are part of a hugely important supply chain.

“Modern militaries, modern national security, is defined by the reliability and innovation in its supply chains. So there is a deal to be done with President Trump. I know this on critical metals and minerals.

“He wants Australia. He wants Australia to be party to that.

“We have a number of legislative advantages in Washington DC that put us to the top of the list. So how will the deal look?

“Well, it is about providing guarantees to the national security and industrial military complex in the United States.”

The Federal Government has copped plenty of flack from the industry about its planned mineral reserves stockpile, with many suggesting the amount set aside will do little to help prop up the sector.

Ms King defended the proposal, saying it “will play a role in providing price certainty to emerging critical minerals projects, and that, in turn, will help de-risk those projects and encourage private sector investment”.

She added pricing certainty will also mean companies and investors are less exposed to markets that are opaque and subject to manipulation.

“Mechanisms for an appropriate price floor are under active consideration, along with creating voluntary national offsite agreements,” she said.

“And I’ll be engaging with the resources industry in the design of the strategic reserve because of its unrivalled expertise. And that expertise and experience will be vital as the Government works to build this nationally significant initiative.

She also spoke more broadly about the resources sector, saying “the iron ore of the Pilbara has helped build the cities of Asia”.

“The gas in WA offshore waters has provided energy security for tens of millions of people here at home, but also in the fastest growing region in the world.”

The Federal Resources Minister says RTS is a chance for workers to show their families a glimpse of what they get up to when they are thousands of kilometres away on site.

On a more important economic note, she said Australia’s future success would depend on expanding the resources sector creating the jobs of the future.

“Mining touches us all, no matter where we live or what we do .. even if many do not appreciate the fact.

“If Australians don’t work directly for resources company, they know someone who does, but they also enjoy the roads, hospitals and schools that are funded by this.”

Ms King said rare earths vital to the development of energy transition technologies will play a crucial role.

The Chamber of Minerals and Energy’s soon-to-be departing boss Rebecca Tomkinson is now up on stage.

Ms Tomkinson, who will soon be off to London as WA’s agent general, has spoken of the importance of STEM education to the development of the next generation of mining technology.

“They’re opening exciting new careers in fields like metatronics, coding, environmental science and digital engineering, what used to seem like futuristic jobs in science fiction novels are now real careers in real industries, and there’s much more to come,” she said.

“In fact, this industry is playing a vital role in developing new technologies to reduce emissions and advance decarbonisation initiatives from autonomous haul trucks and remote operation centers to AI driven exploration robotics and training, our members are pioneering solutions to improve safety, productivity and sustainability, just like we’ve done for more than 100 years in Western Australia.

“We know that sustaining a world class industry requires a skilled pipeline of talented scientists, engineers and technicians, and that’s where STEM education and outreach come in, and why the Resources Technology Showcase is so important to our industry.”

The lobby group representing Kwinana’s industrial hub has also backed the State Government’s plan for a Productivity Commission, saying it had been calling for a “full-court press” to support industry and remove barriers to a pipeline of $40 billionbillion of coming investment.

“The Kwinana Industries Council has been calling for a major re-think of the way we plan, manage and co-ordinate our premier Strategic Industrial Area,” the group said.

“Today’s announcement to create a new Western Australian Productivity Commission is a step in the right direction.”

The KIC said the focus “must be on cutting red tape, streamlining approvals, and fast-tracking new common-user infrastructure upgrades”.

“While it is one of the most exciting periods of opportunity and investment in the history of the Western Trade Coast, we cannot afford a business-as-usual approach,” ir said.

“We need fresh thinking, nimble decision making and a whole-of-government approach if we are to realise the full potential.”

It said Kwinana is the perfect location for investment, but hoping and waiting is not a winning strategy, especially when we are in direct competition with other jurisdictions around the world and Australia to attract new major projects.”

After a star-studded breakfast at a packed-out PCEC ballroom, we’re heading into the afternoon session.

The atmosphere is electric as hundreds of guest wait to hear from some of the nation’s best and brightest on the future of resource technology and how WA (and Australia) can capitalise on the opportunities before us.

It’s going to be epic, so stay tuned ...

There’s something for everyone down here at the PCEC and the extraordinary Resources Technology Showcase exhibition.

Including Fat Cat!

Here’s everyone’s favourite feline with Jamie Bennett, head of technology at BHP WA Iron Ore being hologrammed into the BHP Dream Team activation at the the convention centre.

There’s been plenty of talk about productivity here at RTS this morning.

Premier Roger Cook even revealed WA will get its own commission to “provide advice and recommendations to government on how Western Australia can remain the best economy in the country”.

The announcement came the same day that Federal Treasurer Jim Chalmers and his assembled band of more than two dozen experts sat down in Canberra to find fixes for myriad issues holding back Australia’s languishing productivity levels.

So, what exactly is it and what will it achieve. Glad you asked. Here’s what you need to know ...

WHAT IS THE ECONOMIC REFORM ROUNDTABLE?

• A three-day event aimed at lifting living standards primarily by boosting productivity, which has stagnated in Australia and other western countries
• Prime Minister Anthony Albanese has promised it will deliver long-lasting change to the government’s economic agenda

WHY IS IT IMPORTANT?

• Productivity has been in decline since 2016, according to the Australian Bureau of Statistics
• Treasurer Jim Chalmers has said the roundtable will make the economy more productive over time, helping to lift living standards and make people better off
• The summit follows the Reserve Bank of Australia downgrading productivity growth from one per cent to 0.7 per cent

IDEAS ON THE AGENDA

• Documents leaked before the summit suggest the government will consider cutting red tape to boost housing supply
• The Productivity Commission is calling for reduced regulation for artificial intelligence, while unions are calling for greater protections of workers from the risks of AI
• Proposals for tax reform, including calls from Independent MP Kate Chaney to increase Goods and Service Tax to 15 per cent
• A push from the Australian Council of Trade Unions for a four-day working week.

WHAT ARE SOME CONCERNS?

• Leaked Treasury advice raised concerns that the outcomes of the roundtable have already been pre-determined
• The government has already ruled out large changes to tax like negative gearing. Shadow treasurer Ted O’Brien warned the summit would be a “privileged talkfest” without the chance of meaningful outcome

The WA Chamber of Commerce and Industry has given Premier Roger Cook’s plan to establish the State’s first Productivity Commission the thumbs up.

As we reported early this morning, the commission will be born from the amalgamation of the Economic Regulation Authority and Infrastructure WA - giving policymakers the research and economic rationale to make key decisions.

CCIWA acting co-CEO and chief economist Aaron Morey said the new body should be focused on improving the conditions for investing in the WA economy.

“We’re on the brink of a new era for our economy in WA with huge opportunities to diversify into areas like critical minerals, data centres, defence and advanced manufacturing,” he said.

“We’re competing for that investment with the rest of the world. If we want to capture those opportunities, it’s crucial that the settings are right to make sure we lure global investment to this state.

“That means making sure our approvals system isn’t a barrier to investment and growth, and our economy is as productive as it can be.”