Mining Industry and Resource Boom in Australia

The report evaluates dynamics of mining industry in Australia. Mining industry is one of most vital sectors of the economy. The industry though undergone several ups and downs, the resources boom sustained for a considerably long period. The importance of mining sector can be evaluate in terms of its contribution in GDP, employment and export. Mining industry in Australia is a highly concentrated industry with large firms controlling majority of market share. The resource boom initially started in 2003. Increase in global commodity prices. Favorable terms of trade and exchange rate all led to a rapid growth of the sector. There was a significant growth in output of mining and associated business sector. Increased investment in mining sector resulted in an increase in productivity and employment of the sector. Government of Australia took appropriate policy measure to stabilize the mining industry and the entire economy.