Australian Economy Booming Thanks to Mining

By Joel ScanlonSep 22 2010

Large increases in the volumes of minerals being shipped out of Australian ports will see commodity exports rise to unprecedented levels.

The rise in iron ore and coal exports to Asian nations has led the government’s chief commodities forecaster to lift the exports forecast based on a quarterly review of the commodity market.

Even the Australian Bureau of Agricultural and Resource Economics said in its last report that the country is recovering from the downturn faced last year in the global financial crisis.

Commodity exports will probably surge to 26% compared to last year at a record AUD$214.93 billion in the financial year beginning July 1 as per the Australian Bureau of Agricultural and Resource Economics (ABARE).

ABARE expects steel making coal exports to be 25% higher than figures of 2008 and thermal coal to be 13% higher. This is because the major advanced economies in Europe, North America and Asia have increased their steel making activities by 20%. Emerging economies of China and India will also be the key drivers of the exports.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

APA
Scanlon, Joel. (2019, March 19). Australian Economy Booming Thanks to Mining. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=356.
MLA
Scanlon, Joel. "Australian Economy Booming Thanks to Mining". AZoMining. 22 November 2024. <https://www.azomining.com/News.aspx?newsID=356>.
Chicago
Scanlon, Joel. "Australian Economy Booming Thanks to Mining". AZoMining. https://www.azomining.com/News.aspx?newsID=356. (accessed November 22, 2024).
Harvard
Scanlon, Joel. 2019. Australian Economy Booming Thanks to Mining. AZoMining, viewed 22 November 2024, https://www.azomining.com/News.aspx?newsID=356.