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Mining is actually not the predominant part of the national income - something like 8% of GDP. We're not as dependent on it as people think. Might be different
by vacri 10y ago
Mining is actually not the predominant part of the national income - something like 8% of GDP. We're not as dependent on it as people think. Might be different for the state of QLD though.
Another way to look at it - mining has been deflating for the past few years as demand has dried up a bit, but the nation still hasn't had a recession (two quarters of negative growth).
- girvo 10y agoYeah sorry I should've been clear, I'm talking specifically about Queensland (and WA is another state that's at risk, and are were in a recession as of the beginning of this year, from what I can see). This doc is a couple years out of date, but worth looking at: https://www.treasury.qld.gov.au/economy/the-queensland-economy/qld-resources-sector.php https://www.treasury.qld.gov.au/economy/the-queensland-econo... While in raw numbers it might not seem grim, the effects from what I've seen can be rather outsized; more to the point, a lot of communities in Queensland are reliant on mining to exist at all and are struggling with the current downturn in mining investment and work (though, local effects don't generalise well, of course). The current effects are having an impact on Brisbane's GDP: "Significant drags on the Brisbane economy included Professional Services (-0.3 percentage points) and Mining (-0.3 percentage points)." https://www.sgsep.com.au/publications/brisbane-gdp-2015-2016 https://www.sgsep.com.au/publications/brisbane-gdp-2015-2016 Anyway, thanks for sending me on a neat research journey :)