The Australian Constitution specifies certain powers of the Commonwealth Government to be used in its capacity as the national government. Certain of these broad powers result in the Com- monwealth having a facility to play an important part in the development of the mining industry. The State Governments, however, by virtue of their wide powers to regulate matters within the boundaries of a particular State, are more directly involved in the day to day administration and standards of activities of mining operations. In this respect the Common- wealth has something of a dual role because of its "State-like" responsibilities for the mainland Terri- tories. The components of the role that the Common- wealth Government discharges in relation to the mining industry are qualified to varying extents at particular times by the political persuasion of the Government. In absolute terms the components are as follows. 1. Economic management. The Commonwealth's fiscal and monetary policies have an important effect on industry as well as on State finances. In particular, the taxation regime employed by the Commonwealth Government is of direct importance to economic decision-makers in the mining industry. 2. International matters. International trade and commodity matters are, more and more, becoming an everyday part of the conduct of a nation's foreign affairs. 3. Exports. The Commonwealth Government, via the constitutional powers over overseas trade, have exercised varying degrees of control over mineral exports to achieve particular objectives. 4. Foreign capital and investment. Australia in general, and the mining industry in particular, is and will continue to be a net importer of capital._x000D_
There appears to be bipartisan political agreement in Australia that foreign investment policy must be enunciated to ensure that investors. are in no doubt that Australia welcomes beneficial investment and technology from overseas. 5. Environment and Aborigines. Governments, both Commonwealth and State, have in recent years become more involved in these areas in response to their interpretations of community aspirations. 6. Energy. Access to assured supplies of energy is now viewed, by Governments worldwide, as a desirable asset to ensure the well-being of a nation's people and industries.