New Zealand First’s mining policy hits all the right notes but ultimately is not worth the paper it’s written on.

I’ll tell you why.

On the whole, Kiwis don’t mind a bit of mining, so long as there are good jobs to be had in the right place — preferably not the middle of Milford Sound.

Last year, the Government took in more than $250 million in royalties.

But there was a poll we spoke about on this show just a few weeks ago: half of voters don’t think we get a good enough deal — a fair enough return — from mining companies.

To pacify this problem, New Zealand First wants to give half the royalties back to the regions where the resources come from.

It might get them blue-collar votes on the Coast, but it won’t fix the big problem we have, which is investment confidence.

If you’re an international player with options and a world in front of you, the disruption, civil disobedience, and political uncertainty on display here don’t go unnoticed.

It’s all very well having these pro-mining policies and fast-tracks, but if the threat of a Labour–Greens government hangs over your permits, what are they really worth?

Prospectors have just been given a reminder of this in NSW, a state built on coal. Despite it being one of the state’s top exports, the Labor government is banning new mines.

Much like the Labour–Green "Just Transition” for jobs in Taranaki, Labor NSW has invented the "Future Jobs and Investment Authority" to magic up replacement roles for miners in the Hunter, Central West, Illawarra, and North West.

You’ll remember how well that went for us here in New Zealand.

The irony of all of this is that the workers’ unions don’t like it. They’ve called out Labor there. They may back New Zealand First on the Coast here.

But ultimately, it’s all rearranging deck chairs on the Titanic, because to have jobs you need investment. To have investment you need certainty. To have certainty you need bipartisanship — which we don’t have.

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Ryan Bridge: There's still too much uncertainty around mining