Next Mining Boom in Australia: Economic Interpretation and Recommendations

Running head: ECONOMICS FOR BUSINESS
Economics for business
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1ECONOMICS FOR BUSINESS
Table of Contents
Introduction:....................................................................................................................................2
Review of the article:.......................................................................................................................2
Issues of the affected stakeholders:.................................................................................................3
Economic interpretation of the selected article:..............................................................................3
Recommendations to gauge the situation:.......................................................................................5
Conclusion:......................................................................................................................................5
Reference:........................................................................................................................................6

2ECONOMICS FOR BUSINESS
Introduction:
Mining industry of Australia is an essential contributor to the national income of the
country. It produces large amount of jobs in the Australian economy for all the skilled, semi-
skilled and high skilled workers as well as provides boost to the country’s trade balance too
(Mason et al. 2014). According to the latest newspaper report by ABC news, mining industry is
going to face another mining boom in coming years due to the availability of tech metals in the
mines of the country. According to the news report “Next mining boom in Australia will be
driven by tech metals for renewable energy and technologies” changing mining industry scenario
of the nation is going to pose various economic advantage as well as disadvantage to the
Australian economy (McHugh 2018). This report is aimed to analyze the selected newspaper
article with the supply and demand framework and from the human resource perspective. In
addition to this, the report will provide recommendations to gauge the mining industry situation
for sustainability of the labor force and enhancement of the trade balance of the country.
Review of the article:
It is a well-known fact that Australia is one of the mineral rich country in the world that is
accounted for 2.2% mineral trading out of total mineral trade in the world (Rees 2017).
According to the selected article by the end of 2006, mining boom of in the Australia economy
has been over due to fall in demand of the iron ore in the international market and in addition to
this rise of presence of competitor nation like china and Indian turned the situation against
Australia (McHugh 2018). Global economic crisis in 2008 made the mining industry poor further
however, since 2010, there has been substantial rise in the mining output of the country (Nelson
and Katzenstein 2014). According to the selected newspaper article one of the major reason for