Saturday 5 November 2011

The mining boom is a double edged sword

Peter Hartcher in Nation brainwashed by cult of boom looks at the history of mining booms and busts and compares our cultural reliance on it to cargo cults in the South Pacific. The mining industry, although earning substantial export income for Australia, is a relatively small employer in Australia and only makes up 8.4 % of the country's GDP. Unfortunately, not all that it brings is good. The higher exchange rate is damaging to other parts of the economy, especially manufacturing, tourism and education.

No comments:

Post a Comment