On a panel with Woodside Petroleum and National Australia Bank chairman Michael Chaney and DEXUS Property Group CEO Darren Steinberg discussing the West Australian, national and international outlook, Walsh said he noted a shift in investor demands this year while miners have been dealing with the mining tax and the recently repealed carbon impost.

“We need a measure of certainty for the investments that we make,” Walsh told the forum.

He said his company spent billions of dollars in Western Australia alone on new projects, expanding existing projects, and the like, on the basis that there would be no carbon tax and no mining tax.

“The commonwealth government has assured us that they will be removed, and it is critical that they are, because we are a global business, as are our competitors, and there are options all around the world for development,” Walsh said.

“Australia needs to recognise that security and stability is exactly what we’re seeking.”

Walsh said that while there was a time when investors were more focused on returns, he noted that since the beginning of this year “we’ve actually seen a shift – I think it’s far more balanced – that we’ve now got investors really focusing on growth and expansion, as well as shareholder returns”

“Yes, we reduced our capital expenditure by 24%, but that was purely because we were spending beyond our means,” he said.

Asked whether this meant there has been a shift in his company’s approach compared to his previous statements about the company focusing on shareholder returns through capital management strategies, he replied: “No. Shareholder returns are very important to me and the company, but I’ve learned in this job that shareholders have very short memories.

“Don’t they know that this year we increased our dividend by 15%? Yet they still don’t know that last year we also increased by 15%. When you tell them that the year before that, we increased our dividend by 34%, they go blank.

“So you’ve got to keep reminding them, keep it in front of them. It is an important issue. It’s why we’re in this business.”