Google says Australia’s internet is worth as much as its iron ore – they may want to check with Gina Rinehart first

Frik Els | August 3, 2011 | 1:16 am Australia Europe Iron Ore 

The internet is fast growing into one of the Australia’s strongest economic drivers, with a new report commissioned by search giant Google showing it had contributed more than $50 billion towards the country’s gross domestic product last year.

That sum equates to 3.6% of the economy, putting it on par with the economic value of iron ore exports according to the survey. While impressive, the figure is still dwarfed by the sums involved in iron ore mining in Australia and elsewhere, something Gina Rinehart can attest to. Rinehart, 57, is set to become the world richest person as her wholly-owned mines go into production in a couple of years, netting her a tidy $10 billion in annual profits.

MarketWatch reports the figures put Australia in the middle when compared with its peers. In the U.K. some 7.2% of the economy was linked to the internet, in Sweden the figure was 6.6% while in Hong Kong, it was 5.9%. But Australia’s share is higher than Italy’s 1.9% and Russia’s 1.6%.

While impressive, the $50 billion figure is still dwarfed by the sums involved in iron ore mining in Australia and elsewhere.

MINING.com reported in June Australian businesswoman Gina Rinehart is predicted to become the world’s richest person. Rinehart, 57, is already the richest Australian after her wealth more than doubled to $10.3bn this year.

That still places her far behind Carlos Slim, Mexico’s cellphone magnate worth some $73bn, but Rinehart’s 100%-owned Hancock Prospecting has massive iron ore and coal projects that will start producing by 2014 and earn her annual profits of as much as $10bn.

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Comments

  • Armand

    Far out! This is unreal! The figures are just astounding…

    I’ve been wanting to get into the mines. I already have the mining passport, healthy & fit, Certificate IV in Training & Assessment, undertaking Cert IV in OHS – however, the only drawback I’m getting is I don’t have the mining experience.

    Part of the reason why I’m trying to get into the mines but am not able to get in because of lack of experience.

    If anyone can share some ideas or know someone in Queensland that they may be able to recommend – please send it through.

    Thanks in advance and have a good day.

    cheers,
    Armand

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