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These include a five-year contract for asset integrity services with Switzerland-based Glencore.
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According to data published by the Reserve Bank of Australia, the country’s decade-long mining boom underpinned a glut of spending on new cars and household durable goods, such as such as furniture, appliances, TVs, cameras and computers.
Purchases in those categories shows the RBA’s study were 30% and 20% respectively higher than what would have been without the so-called boom.
“The mining boom has substantially increased Australian living standards,” conclude the paper authors, economists Peter Downes, Kevin Anslow and Peter Tulip.
The analysis shows there were two main factors driving the spending trend. First, a surge in household disposable income per person, which was 13% higher last year than if there had been no mining boom. Second, the increased demand for Australian minerals pushed up the exchange rate, making imported goods such as cars, TVs and computers cheaper for local consumers.
And that’s not all. If the mining boom never happened, Australia’s jobless rate would be 1.25% higher, the researchers found.
You can read the full study here.
2 Comments
Gary
Yep and I bet even the greenies benefitted from the mining boom although they will be loath to admit that
miket
I think that the trick here is one of glass half full: rather than moan about the end of the big boom, just be thankful that it happened at all and that Aussie was prepared for it and met it head-on !