Australia is at a "critical moment", BHP Australia president Geraldine Slattery told an American Chamber of Commerce in Australia event in Melbourne on Thursday.
The push for batteries, electric vehicles, wind turbines and the transmission infrastructure of electrification is creating unprecedented demand.
Ms Slattery said regulatory stability made Australia one of the world's most attractive countries for mining investment, but "that stability has taken a hit of late".
"Changes to industrial relations policies are of particular concern, and like many businesses we believe they will have a negative impact on Australia's competitiveness and jobs," she warned.
Industrial Relations Minister Tony Burke insists the changes will not punish experience and hard work, saying they simply close a loophole that allows employers to pay labour hire workers less than the agreed award for their employees.
But one employer group has described the federal government's "same job, same pay" laws as "barking mad".
Minerals Council of Australia CEO Tania Constable has warned it would be a handbrake on wages, investment and jobs growth.
Ms Slattery said Australia must also invest in people, skills and technology to be more competitive, with the talent pipeline "drying up".
She said rival nations are aggressively moving to secure supplies and investment, as shown by the ambition and sheer scale of American subsidies.
Ms Slattery said Australia cannot compete on subsidies with large economies, but it can speed up development approvals and get rid of duplication in environmental checks.
BHP's former petroleum boss, Ms Slattery oversees the company's nickel, copper, iron ore and coal operations.
Demand for iron ore, coal and natural gas is expected to "moderate and decline" over time as China moves beyond its period of steel-intensive economic development, and global decarbonisation plays out.
But Ms Slattery said critical minerals will support the diversification, growth and future resilience of Australia's economy.
A World Bank analysis of the mineral intensity of 10 low-carbon energy technologies found copper was essential to all 10, and nickel was essential to nine out of 10.
There could be more than 400 million electric vehicles on the world's roads in 2030, up from about 16 million, and making those vehicles could require up to 26 million tonnes of copper and 15 million tonnes of nickel.
That does not include the materials required to charge them, or produce the zero-carbon electricity to power them.
"The energy transition cannot happen without mining," Ms Slattery said.
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