Economic Analysis of the Australian Mining Industry and Its Issues

This report provides an analysis of the Australian mining industry, examining its structure, the resource boom from 2003 to 2016, and the associated economic impacts. It delves into the industry's key players, including Rio Tinto and BHP Billiton, and the influence of the boom on the Australian economy, including increased per capita income. The report highlights current challenges, such as declining mine yields, reduced export demand, and the impact of low skilled labor. Furthermore, it discusses the role of government policies in addressing these issues. These policies include adopting new mining technologies, easing restrictions on new mines, and encouraging new companies to enter the industry, which are all vital for improving the mining sector and the overall Australian economy. The report concludes with a list of references, formatted using Harvard referencing style.