The resources industry is urging the Abbott government to go further and harder in cutting red tape to help restore Australia's international competitiveness.
In its pre-budget submission, the Minerals Council of Australia says the sector has taken substantial steps to reduce costs over the past 18 months.
While these efforts will continue, they must be accompanied by the removal of government-imposed cost burdens.
"Australia has been experiencing years of declining competitiveness - a result of increasing red and green tape, the carbon and mining taxes, regressive workplace laws and burgeoning costs, the council said on Friday.
It said that while the government has made a good start in removing impediments to growth, there is much more to be done.
It recommends a new agreement between business, government and the wider community to further deregulate the economy.
"Australia's difficult fiscal circumstances only heighten the need for bold structural reform to underpin future economic growth and prosperity," it says.
It says project delays, cancellations and constrained capital budgets will see mining investment decline from the historical highs of recent years.
However, it believes there are still significant opportunities for new investment subject to market conditions and improved policy settings.
