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Resource Boom in Australia: Impact on Mining Industry and Economy

Students are required to work in groups to analyse an industry and its relevant issue then apply their knowledge in the unit to write a report and make a presentation

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Added on  2022-11-10

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This presentation discusses the impact of the resource boom on the mining industry and the Australian economy. It covers the background of the mining industry, the market structure, and the impact of the resource boom on the industry and the economy. It also discusses the government policy during the resource boom.

Resource Boom in Australia: Impact on Mining Industry and Economy

Students are required to work in groups to analyse an industry and its relevant issue then apply their knowledge in the unit to write a report and make a presentation

   Added on 2022-11-10

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Economics for Business
Name of the Student
Name of the University
Author Note
Resource Boom in Australia: Impact on Mining Industry and Economy_1
INTRODUCTION
Australia: enviable amount of wealth
Abandon stock of resources
Raw material for most industries
Minerals export comprises 35 percent of export
World largest exporter of coal
Nickel, copper, aluminum, silver, diamonds and other precious metals
Resources boom started since 2003
Resource Boom in Australia: Impact on Mining Industry and Economy_2
MINING INDUSTRY’S BACKGROUND
Several minerals, hydrocarbon and non-mineral reserves
A well-developed mining industry
Iron ore, gold, zinc, lead and nickel
Contribute 50 to 60 percent of total export
7 percent of Australia’s GDP
370 acting mining sites
Western Australia, New South Wales and Queensland
Generates huge employment Figure 1: Exports of mining
industry
Resource Boom in Australia: Impact on Mining Industry and Economy_3
MARKET STRUCTURE OF MINING
INDUSTRY
High concentration ratio in mining
Concentrated among few firms
1300 mining companies
Few large firms dominate
BHP Billiton, Shell, Chevron and Rio Tinto
Homogenous oligopoly market.
Restricted entry: huge capital requirement.
Resource Boom in Australia: Impact on Mining Industry and Economy_4

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