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The paper explores the literature to determine the impact of the recent global economic downturn on the Australian mining industry and its workers. The paper finds that Australia has a strong economy with a low unemployment rate, but all of this may change in the coming months as the ongoing global economic downturn plays havoc with the nation's mining industry which represents one of the most important components of its economy. The paper does point out, however, that it is likely just a matter of time before Australian mining companies such as Rio Tinto will witness a resumption of demand by its major export partners in the future. This paper contains graphs.
Review and Discussion
Review and Discussion
From the Paper:"Australia currently enjoys a healthy economy that has a per capita GDP that is comparable to the four dominant West European economies (Australia, 2009). The recent global economic downturn, though, spells trouble for the Australian economic in general and the mining industry in particular. According to U.S. government analysts, "Emphasis on reforms, low inflation, a housing market boom, and growing ties with China have been key factors over the course of the economy's 17 solid years of expansion. Robust business and consumer confidence and high export prices for raw materials and agricultural products fueled the economy in recent years, particularly in mining states" (Australia, 2009, p. 2). The Minerals Council of Australia (2009) reports that, "The Australian minerals industry is defined as covering the exploration and mining of minerals (including coal) and the associated minerals processing industry" (The Australian minerals industry and the Australian economy, 2009, p. 1). In fact, the coal, iron ore, and gold mining industries are among the most important components of the Australian economy today (Australia, 2009). In this regard, during fiscal year 2008-2009, the mining industry in Australia accounted for 8 per cent of the nation's gross domestic product, and employed 133,200 workers directly and another 200,000 workers indirectly (The Australian minerals industry and the Australian economy, 2009). The Australian mining industry was responsible for exporting the following amounts of coal and uranium, iron ore, other minerals and related mining services equipment in fiscal year 2008-2009 as shown in Figure 1 below (amounts in billions of dollars)."
Sample of Sources Used:
- Australia. (2009). U.S. government: CIA world factbook. [Online]. Available: https://www.cia. gov/library/publications/the-world-factbook/geos/as.html.
- The Australian minerals industry and the Australian economy. (2009). Minerals Council of Australia. [Online]. Available: http://www.minerals.org.au/__data/assets/pdf_file/ 0017/32804/Aus_min_industry_fact_sheet_July_2009.pdf.
- Australian mining industry diminished by almost 5% in 2008. (2009). Coober Pedy Regional Times. [Online]. Available: http://cooberpedyregionaltimes.wordpress.com/ 2009/07/18/australian-mining-industry-diminished-by-almost-5-in-2008/.
- Condie, B. (2007, July 10). BHP and Blackstone may link for 20 billion pound ALCOA bid. The Evening Standard (London), 29.
- Messenger, J. C. (2004). Working time and workers' preferences in industrialized countries: Finding the balance. New York: Routledge.
Cite this Research Paper:
The Global Economic Downturn on the Australian Mining Industry (2012, January 17) Retrieved April 04, 2020, from https://www.academon.com/research-paper/the-global-economic-downturn-on-the-australian-mining-industry-150007/
"The Global Economic Downturn on the Australian Mining Industry" 17 January 2012. Web. 04 April. 2020. <https://www.academon.com/research-paper/the-global-economic-downturn-on-the-australian-mining-industry-150007/>