Economic contribution of mining
The mining industry has historically been one of the strongest in the country, contributing greatly to Australia’s gross value added, export market and workforce. Gold and coal mining dominate revenue generation in the market and iron ore mining has experienced high growth in recent years. Unsurprisingly, overseas investors have a strong interest in mining and quarrying in Australia, with foreign direct investment valued in the hundreds of billions of Australian dollars.
As the country produces more mining resources than it consumes, Australia has established itself as a leader in the trade of mined resources. Globally, Australia is the largest exporter of coal, iron ore, bauxite and alumina. Despite experiencing large increases in resource and energy export earnings in recent years, Australia’s reliance on this industry carries a risk, particularly with increased competition from other countries and lower demand from export partners.