December 11, 2020

how much does mining contribute to the australian economy

Over 50 per cent of companies in Australia’s $90 billion METS sector export their goods and services, with current exports exceeding $27 billion or approximately 30 per cent of the sector’s revenues. Well, the Minerals Council of Australia says the sector has contributed 14 per cent of Australia’s economic growth over the past decade. New Coalition Government reforms will allow the Northern Australia Infrastructure Facility (NAIF) to commit up to half a billion dollars from its total budget to equity investments that will further speed up new job and economic opportunities throughout the north. While I am talking about challenges and opportunities, let me also say that no-one is more aware than I am that the sector’s social license to operate is increasingly being challenged. At 5.8 per cent of GDP, the mining industry is one of the largest in Australia, responsible for almost half of the country’s exports and over 242,000 domestic jobs. Data in this snapshot are the latest available as at 3 December 2020. Since being appointed Minister for Resources, Energy and Northern Australia I have: These early experiences have highlighted: I am committed to the success of our resources sector and I’m very optimistic about its long term prospects.  I understand the enormous contribution mining makes to the prosperity of Australia and many other countries around the world. As commodity markets adjust, we’re preparing for a new wave of investment in exploration and mining. Across the nation we are investing in record levels of infrastructure. Ten countries among the 20 countries where mining contributes most (highest MCI-Wr score) have moved up one or two steps in the World Bank’s country classification … It’s great to join you in Melbourne for IMARC 2015 and I’d like to congratulate AusIMM and Austmine on another successful conference. Some surveys even claimed five to nine times this number. From 10 December 2020 this website will no longer work in IE11. And we need to remember that despite the current challenging market conditions, the outlook for the industry is positive and the benefits of the production phase of the resources boom will continue well into the future. The challenge is to go beyond winning the trust of local communities.  Increasingly, the industry must also convince communities with no direct connection to the resources sector of the benefits of mining to Australia and all Australians.  The fact is, the mining boom delivered a huge boost to living standards of ordinary Australians, not just those that worked in the sector.  Across the economy to 2013 wages grew by 6 per cent more than they otherwise would have done, while household spending was 11 per cent higher – equal to over $100 per week for the average household. the importance of building on Australia’s strong international reputation as a reliable energy and commodity supplier and attractive place to invest; and. Let’s take a close look at the Australian mining industry in numbers. That’s fewer jobs than the size of the industry’s contribution to the economy would suggest. Elizabeth Lewis-Gray, who was a part of the panel discussion before my speech, is the Chair of METS Ignited. Australia remains well placed to meet the growing global demand for many resources and energy products driven by the continuing industrialisation of these countries. undertaken numerous site visits across Western Australia, Queensland and the Northern Territory. Through these agreements, we are looking to increase trade and investment opportunities in our energy and mining sectors, which will also contribute to sustainable economic growth and energy security in our region. 2015 and i’d like to acknowledge the representatives from nine different governments who are in... Mining really as important as we think and as the constant coverage of its successes and would. Have evolved over the period 2005–06 to 2009–10 second in the world ( CIA world Factbook 2016 ) more. Past and present, Health and Education 13 %, Health and Education 13 %, 9. 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Creating a business environment that facilitates investment and improves productivity undertaken numerous site visits Western... $ 400 billion of resources projects were initiated in Australia underpins the long-term future of mining...

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