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The Mining Industry: From Bust to Boom

  • Ellis Connolly

    (Reserve Bank of Australia)

  • David Orsmond

    (Reserve Bank of Australia)

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    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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    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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    1. 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.
    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. Ivan Roberts & Anthony Rush, 2010. "Sources of Chinese Demand for Resource Commodities," RBA Research Discussion Papers rdp2010-08, Reserve Bank of Australia.
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