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The Mining Industry: From Bust to Boom

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Author Info

  • Ellis Connolly

    (Reserve Bank of Australia)

  • David Orsmond

    (Reserve Bank of Australia)

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    Abstract

    The Australian mining industry experienced a remarkable turnaround during the 2000s. The rapid growth of emerging economies in Asia drove a surge in demand for commodities, particularly those used in steel and energy generation. With global supply unable to respond quickly, prices surged to historically high levels. In response, mining investment in Australia rose to record levels as a share of the economy by the end of the decade. The rise in commodity prices has boosted activity and incomes and encouraged the factors of production to shift towards the mining industry. The boom has also been associated with a large increase in the real exchange rate, affecting trade-exposed industries. Overall, Australia's macroeconomic performance during the decade was much more stable than during the earlier mining booms, reflecting a stronger institutional framework.

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    Bibliographic Info

    Paper provided by Reserve Bank of Australia in its series RBA Research Discussion Papers with number rdp2011-08.

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    Date of creation: Dec 2011
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    Handle: RePEc:rba:rbardp:rdp2011-08

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    Related research

    Keywords: Australian mining industry; commodity prices; structural change;

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    1. Ivan Roberts & Anthony Rush, 2010. "Sources of Chinese Demand for Resource Commodities," RBA Research Discussion Papers rdp2010-08, Reserve Bank of Australia.
    2. Gregory, R.G., 1976. "Some Implications Of The Growth Of The Mineral Sector," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 20(02), August.
    3. Christian Gillitzer & Jonathan Kearns, 2005. "Long-term Patterns in Australia’s Terms of Trade," RBA Research Discussion Papers rdp2005-01, Reserve Bank of Australia.
    4. Corden, W M, 1982. "Exchange Rate Policy and the Resources Boom," The Economic Record, The Economic Society of Australia, vol. 58(160), pages 18-31, March.
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    Cited by:
    1. Tim Atkin & Mark Caputo & Tim Robinson & Hao Wang, 2014. "Macroeconomic Consequences of Terms of Trade Episodes, Past and Present," RBA Research Discussion Papers rdp2014-01, Reserve Bank of Australia.
    2. Kathryn Davis & Kevin Lane & David Orsmond, 2012. "The Recent Economic Performance of the States," RBA Bulletin, Reserve Bank of Australia, pages 1-7, March.
    3. Tim Atkin & Ellis Connolly, 2013. "Australian Exports: Global Demand and the High Exchange Rate," RBA Bulletin, Reserve Bank of Australia, pages 1-10, June.
    4. Isaac Gross & James Hansen, 2013. "Reserves of Natural Resources in a Small Open Economy," RBA Research Discussion Papers rdp2013-14, Reserve Bank of Australia.
    5. Vanessa Rayner & James Bishop, 2013. "Industry Dimensions of the Resource Boom: An Input-Output Analysis," RBA Research Discussion Papers rdp2013-02, Reserve Bank of Australia.

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