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Victorian and Western Australian State Budgets

In recent weeks we’ve seen both the Victorian and Western Australian Governments deliver budgets for their State. Both have included significant investments in the energy and resources sector. 

In Victoria, the budget has signalled the importance of the mineral industry to regional development. Victorian mines directly contribute $510 million into the state economy in 2020-21.

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What the Federal budget and election mean for the sector

The Federal election has now been set for May 21st and follows the recent 2022/23 Federal Budget announcement and Opposition’s reply. 

The Liberal party’s budget positions the energy and resources sector for growth with $2.4 billion  allocated to the industry, energy and emissions reduction portfolio. 

The budget included an investment of $1.3 billion to maintain energy security and reduce the pressure on prices while encouraging emissions reduction.

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The impact of Russia/Ukraine conflict on the sector

The impact of the Russia/Ukraine conflict on the sector

On February 24, Russia invaded Ukraine. Alongside the destruction and terror that’s been inflicted on the Ukrainian people, the conflict has also created great uncertainty in the global economy with flow on effects expected to be felt for years to come. Most western countries have imposed significant sanctions on trade with Russia, which includes a US ban on importing Russian oil. In addition, many Russian banks have been removed from the SWIFT global payment system which will impact the ability to make financial payments both within and out of Russia. This has a significant impact on the resources sector that is likely to continue in the short to medium term.