Australia’s standing as a top-tier destination for mining investment has taken a significant hit, with the latest Fraser Institute Survey of Mining Companies showing that no Australian jurisdiction ranks among the world’s top ten most attractive destinations for the first time in decades.

The yearly survey, conducted in August 2024, captures investor sentiment regarding policy and mineral potential across global mining jurisdictions. While Australia has historically dominated the rankings, this year’s results show a steep decline in investor confidence, with all states and territories falling sharply.

Association of Mining and Exploration Companies (Amec) CEO Warren Pearce said the results reflected growing investor concerns, particularly around land access and regulatory approvals.

“As a country and industry that relies heavily on overseas investment to support exploration and the development of new mining projects, we should always pay close attention to significant changes in investor attitudes,” said Pearce. “Regrettably, many of the concerns raised reflect what Australian industry has been saying for some time.”

Western Australia – traditionally a powerhouse in the survey – dropped from fourth to seventeenth place, while South Australia slipped from nineteenth to thirty-fifth. Queensland declined from thirteenth to thirty-ninth, and the Northern Territory from eighth to thirty-eight. New South Wales dropped from thirtieth to sixty-second, Victoria from forty-eight to thirty-sixth, and Tasmania from thirty-third to seventy-first.

“The issues being raised are real. They continue to impact the ability of Amec members to attract investment into Australian mining and exploration projects,” Pearce said. “WA tumbling from fourth to seventeenth reflects the frustrations and challenges our sector is facing with land access and environmental approvals.”

Pearce noted, however, that since the survey was conducted, efforts had been under way across multiple jurisdictions to address policy and legislative bottlenecks.

At the federal level, the commonwealth has withdrawn its controversial Nature Positive reforms and is pursuing a new round of environmental legislation aimed at simplifying and streamlining approval processes. The upcoming Productivity Summit is also expected to explore new measures to improve Australia’s investment appeal.

In Western Australia, the government has passed environmental reforms to reduce duplication and improve approval timelines. A review of cultural heritage protection processes is under way, with Amec emphasising the importance of implementing its recommendations.

“The survey is an accurate assessment but is a lag indicator from a year ago,” Pearce said. “This year we are working on a range of policy and legislative fixes that, if successfully implemented, can return WA to the top of the charts.”

Reform momentum is also building in the Northern Territory, where a change in government has led to initiatives such as the Approvals Fast Track Taskforce and the appointment of a Territory Coordinator. Pearce said these actions were “transforming the Territory into a more attractive destination for mining investment”.

In Queensland, the government has announced plans to work with industry to map future resource investment opportunities and launched an Expression of Interest process for exploration areas.

South Australia has responded to industry concerns by reviewing its Mining Act, seeking to resolve tenure issues and unique Native Title constraints. Pearce urged the state to adopt the federal Right to Negotiate framework to remain competitive.

In New South Wales, new policy initiatives include approvals reform, a critical minerals strategy with royalty deferrals, and the establishment of an Investment Delivery Authority to accelerate major projects.

However, Pearce said Victoria remained a challenging jurisdiction for exploration.

The state’s drop from forty-eight to sixty-third is its worst performance since the introduction of the Investment Attractiveness Index in 2014. Survey data shows 40% of respondents cited permit approval times approaching two years, and 85% raised concerns about regulatory uncertainty.

While recent moves by the Victorian government to award new mineral sands licences were welcomed, AMmec said more work was needed to improve land access, particularly where competition existed between mining, renewables and transmission infrastructure.

“Governments are responding to industry concerns, but we must never lose sight of the fact that we are competing for investment, and as this survey shows, our global competitors are improving quickly,” said Pearce.

“Overall, these results should not be ignored and stress the need for decision-makers to make the necessary changes that let business get on with what they know best. Less hurdles, less duplication and more common sense,” he concluded.