Hooke said there was a need for a third wave of reforms, if Australia is to fully capitalise on the strongest global minerals market growth in a generation.

“While the ‘two waves’ of economic reforms over the past two and a half decades vastly improved Australia’s competitiveness and productivity, they also exposed inherent weaknesses in the capacity of markets, the regulatory system, and the functional responsibilities of government in the provision of social and physical infrastructure, particularly in remote parts of Australia,” Hooke said.

“For this reason, a new wave of reforms is needed to address such market failures and lift the capacity constraints on the minerals industry’s growth.”

Hooke said the industry is already facing the limits of absolute capacity in its export corridors, labour force, regulatory systems and inputs to production – as well as the declining national minerals inventory, reconciling energy security with climate change management and land access.

Hooke will address the National Press Club tomorrow to advocate the need for the reforms.