FINITE & NON-RENEWABLE RESOURCE USE

FINITE & NON-RENEWABLE RESOURCE USE

Policy
Australia should sustainably manage its finite and non-renewable resources, so as to enhance economic security, encourage the highest priority uses and leave a fair share for future generations of Australians.

Policy Methods (Federal & State)
To help achieve this Australia should:

  • Conduct regular and full public audits of its finite and non-renewable resources.
  • Implement strategic resource depletion protocols and usage rights for appropriate finite and non-renewable resources, including minerals.(1)
  • Implement domestic energy reservation policies for relevant resources, including natural gas.(2)
  • Adopt a Resource Super Profit Tax for iron ore and coal, the details of which would be determined following the implementation of a full resource audit and depletion protocol policy.
  • Selectively utilise government revenue generated from the depletion of resources to advance appropriate sustainability goals.

Footnotes:

  1. Depletion protocols publicly report the size and quality of remaining reserves, and limit the rate of their utilisation to an appropriate annual quota to ensure that substitution or efficiency gains can keep pace with depletion rates.
  2. Domestic energy reservation policies help secure long term energy supplies and maintain downward pressure on domestic energy prices.

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