We’ll publish the results on our website next month. Australia is the world’s largest exporter of iron ore, accounting for 53 per cent of world trade in 2014. The ABS also reported that coal mining companies in Australia, including Kestrel Coal, have already employed almost 40,000 people. A quadrupling in the value of the mining industry’s physical capital in recent times means it now accounts for about seven per cent of our GDP (our total production of goods and services, or Gross Domestic Product). One of the great benefits of having such a strong mining industry is the job creation it facilitates. As at 2014, the level of foreign direct investment in Australian mining and related activities was $265 billion, representing 38 per cent of all foreign direct investment in Australia. And we need to remember that despite the current challenging market conditions, the outlook for the industry is positive and the benefits of the production phase of the resources boom will continue well into the future. However, as with most primary products, this underestimates the impact of the mining sector. ... Industry Share of Output key sectors. Thanks so much for taking part in this Mining People Polling/Media Centre poll. Some surveys even claimed five to nine times this number. In fact, it’s about two per cent of the national workforce. As well as being of economic benefit, mining is essential to providing the raw materials upon which modern society depends. Together, these initiatives remove duplication, reduce costs and create greater certainty for investors. While … A $5 billion concessional loan facility will support private sector investment in economic infrastructure in Australia’s north, where much of our resources wealth is based. We are committed to cutting red-tape to reduce project delays and costs through a streamlining of approval processes for major resource projects. Spam Act, Recruitment Process Outsourcing (RPO) Support, Organisation Structure & Position Description Reviews, Department of Industry expects (reported by the Australian, read with subscription), the level of foreign direct investment in Australian mining, Mineral Processing and Engineering Maintenance Recruitment, Trades, Operator and Labourer Recruitment, Employment Dispute Support/Expert Witness. It’s fitting that IMARC has brought together the global mining community here in my home state of Victoria, the birthplace of Australia’s mining industry. 2 October 2018. Through these agreements, we are looking to increase trade and investment opportunities in our energy and mining sectors, which will also contribute to sustainable economic growth and energy security in our region. The Government’s priorities: supporting the resources industry. In addition to creating much–needed high skilled and high paid jobs for regional Australians, it helps build careers and ensures more young people stay in regional communities. In 2013–14 the Foreign Investment Review Board approved more than $22 billion in proposed investments in mineral exploration and development. the importance of building on Australia’s strong international reputation as a reliable energy and commodity supplier and attractive place to invest; and. That’s fewer jobs than the size of the industry’s contribution to the economy would suggest. Once the indirect economic impact is taken into account, this figure increases to US$171.6 billion. But just how great is the mining industry’s contribution to Australia? It remains the Government’s priority that Australia continue to have an investment-friendly environment that facilitates business and your industry’s success. According to the most recent data available from the Australian Bureau of Statistics, the mining industry was worth $118.3 billion in 2014-15. We are establishing industry think tanks—known as Industry Growth Centres—which target the growth sectors of the Australian economy. The construction sector is also the State’s third largest employer, employing 236,100 workers in 2018-19. the wonderful optimism and resilience of people working in the sector –particularly those living in regional mining communities. Let’s take a close look at the Australian mining industry in numbers. The mining sector currently contributes around 8.5% to Australia’s GDP (total output), and employsaround 2% of the workforce (about 220,000 people). Australia’s ‘five strong pillar economy’: agriculture April 26, 2015 3.31pm EDT. In 2004, before the last boom, that figure was less than five per cent. As commodity markets adjust, we’re preparing for a new wave of investment in exploration and mining. We recognise that exploration underpins the long-term future of Australia’s mining industry. We live with the legacies of periods of great prosperity, often brought to us by the mining industry — whether it’s on the back of gold, coal or iron ore, from the Goldrush to the most recent iron ore boom. The Mining industry’s contribution … (Read here, with subscription.). But such times also present an excellent opportunity for industry and Government to work together – be it supporting innovation or opening new markets for Australian resources. Data in this snapshot are the latest available as at 3 December 2020. Australia’s free trade agreements are also important for our resources sector. We continue to work to remove duplication between the Australian Government and the state and territory governments with a one-stop shop for environmental assessment and approvals. It also supports regional economic activity, including supporting local small businesses through sourcing supplies locally. Mining contributes about 8 per cent to Australia’s GDP and around 60 per cent of exports. the Australian Government’s role in ensuring the sector realises its enormous potential for decades to come. Updated projections confirm Australia is on track to meet and beat its 2030 Paris target thanks to strong and practical action to reduce emissions by the Morrison Government. Taxes and royalties from mining are a major source of income for the national, state and territory governments, with approximately $25 billion in taxes and royalties received in the 2013-2014 financial year. Site map - Our focus is on creating a business environment that facilitates investment and improves productivity. One is for the METS industry—or mining equipment, technology and services; the other is for oil, gas and energy resources. Up to 2014 the level of foreign direct investment in Australian mining (and related activities) was $265 billion. The white paper provides a framework to ensure future investment in Australia’s energy resources and enable competitively priced and reliable energy supply. Is mining really as important as we think and as the constant coverage of its successes and failures would have us believe? They help us deliver infrastructure and services to our communities, including roads, schools and hospitals. According to the most recent data available from the Australian Bureau of Statistics, the mining industry was worth $118.3 billion in 2014-15. We recommend updating to a modern browser. Disclaimer - A couple of years later, the Department of Industry expects (reported by the Australian, read with subscription) total resources exports (including mining, oil and gas) to be worth $204 billion in 2017. They’re also important for the development of countries in the Asia–Pacific region. As you will know, Australia has one of the best METS industries in the world. That investment has come from investors in Canada, the United Kingdom andthe United States, and increasingly from our key commodity trading partners like China, Japan, Korea and India. We now have free trade agreements with the US, Japan and South Korea, and will soon complete all actions so the China FTA will come into force from 1 January next year. Since being appointed Minister for Resources, Energy and Northern Australia I have: These early experiences have highlighted: I am committed to the success of our resources sector and I’m very optimistic about its long term prospects.  I understand the enormous contribution mining makes to the prosperity of Australia and many other countries around the world. After mining, the largest contribution to the Queensland economy in 2017-18 was from the construction industry, accounting for $29.0 billion (or 8.8%). December 13, 2018 Food&Beverage Australia’s food and grocery manufacturing sector is in many respects the quiet workhorse of the national economy. ), And, finally, the mining industry is also a significant contributor to the Government’s coffers, too. Nearly two-thirds of these resources occur as goethite- and hematite-rich direct shipping ore (DSO) having inherently high iron content (>57 per cent Fe) that was naturally beneficiated by geological processes (particularly weathering) operating on and around specific iron-rich rock units. Since the gold rushes in the mid to late 1800s, when London and New York invested in Bendigo, here in Victoria and Coolgardie in Western Australia, Australia has welcomed foreign investment in resource projects from around the world. Australia is also a major exporter of aluminium, copper, gold, uranium and zinc. Australia’s mining industry is set to deliver a record $250 billion in exports to the Australian economy this year. Australia's per-capita GDP is higher than that of the UK, Canada, Germany and France in terms of purchasing power parity. But mining wages as a percentage of "contribution" to the economy is 14.2%. But the mining industry, which increased its inventories by easily the largest amount, remains the big dog in the economy. The report, which was commissioned by the Minerals Council of Australia, found the mining and METS sector contributed $236.8 billion in 2015-16. At 5.8 per cent of GDP, the mining industry is one of the largest in Australia, responsible for almost half of the country’s exports and over 242,000 domestic jobs. Australia is the world’s largest exporter of iron ore, accounting for 53 per cent of world trade in 2014. New Coalition Government reforms will allow the Northern Australia Infrastructure Facility (NAIF) to commit up to half a billion dollars from its total budget to equity investments that will further speed up new job and economic opportunities throughout the north. Following the gold rushes of the 1850s, Victoria evolved into a major hub for mining and mining services, as well as a financial centre for the resources industry. I now want to turn to the role the Government can play in facilitating the sector’s ongoing success. We have established a $100 million Exploration Development Incentive to support greenfields explorations through tax offsets. In fairness, those were not great years — with the industry having contracted by $9.4 billion on the year before, as commodity prices crashed. Mining contributes enormously to the Australian and NSW economy. WA has enormous iron ore resources, currently estimated at 120 434 million tonnes (inclusive of reserves). ... education and mining.  The Australian Government welcomed the Productivity Commission’s final report on Resources Sector Regulation that makes a number of recommendations to improve approval processes by removing duplication and cutting red and green tape. Mining of course also contributes to VAT and other taxes, the minister said. In 2013–14 alone, the Foreign Investment Review Board approved over $22 billion in proposed investments in mineral exploration and development. Economic Contribution of U.S. Mining, 2015 Item Direct Indirect and Induced Total Employment 565,548 1,122,816 1,688,364 Labor Income (billions of dollars) $39.8 $63.9 $103.7 Contribution to GDP (billions of dollars) $100.4 $120.0 $220.4 Taxes Paid (billions of … The export figures are contained in an in-depth federal government report released today by Minister for Resources and Northern Australia Matt Canavan. Total industry GVA of the Mining industry increased by 21% over the period 2005–06 to 2009–10. (Although mining projects do employ a lot more people during the construction phase. Mining companies also paid $12 billion in royalties in 2017-18, providing total revenue to Commonwealth and State Governments of nearly $31 billion. It’s great to join you in Melbourne for IMARC 2015 and I’d like to congratulate AusIMM and Austmine on another successful conference. The final expenditures generated by the thoroughbred racing industry in Australia are responsible for a direct value added impact of $3,203.5 million. Only by genuinely working together can we address misperceptions about the sector and respond to concerted campaigns that seek to erode the industry’s license to operate. Mining offers significant employment opportunities to Indigenous populations and has been at the forefront in the recognition of Indigenous Australians’ rights and special connections to land and waters. Distinguished guests, ladies and gentlemen. We are also expanding our Major Projects Approval Agency to provide a simpler, faster assessment and approval process for major projects. It requires more investment to create Elizabeth Lewis-Gray, who was a part of the panel discussion before my speech, is the Chair of METS Ignited. Why does the mining sector get so much attention? As the Minister for Resources, it is my role to work with the industry to ensure that any debate is supported by the facts. It is a key large employer in regional areas, the largest source of export revenue and continues to be a world leader in driving productivity-enhancing innovation in mining … How the $43 billion in economic activity is distributed is something the industry does not want to discuss. How much does it really contribute to our economy? However, this is not without cost. DSO is most abundant in particula… The Australian Government welcomed the Productivity Commission’s final report on, Further NAIF reforms to free up investment options for the north, Productivity Commission backs plans to cut resources red tape, Australia and India partner on COVID-19 research, Projections confirm Australia on track to meet and beat 2030 target. The social and economic impacts of gold mining report builds on previous research, including studies by the World Gold Council, to provide an understanding of the socio-economic impacts of the commercial gold mining industry at both a global, national and host community level. 60 per cent of the world’s mining related software is written in Australia. The Oil, Gas and Energy Resources Growth Centre is also expected to be up and running by early 2016. Uranium mining is one of the most capital-intensive industrial activities currently undertaken in Australia. Australia is presently in the midst of yet another minerals boom—exhibited by both high prices for, and record export volumes of mineral commodities, especially iron ore and coal. It’s because it’s an industry that uses a lot of expensive equipment but doesn’t need that many humans to actually operate them. In fairness, those were not great years — with the industry having contracted by $9.4 billion on the year before, as commodity prices crashed. Simply having abundant resources does not of itself guarantee this prosperity.  Attracting private investment is crucial. The challenge is to go beyond winning the trust of local communities.  Increasingly, the industry must also convince communities with no direct connection to the resources sector of the benefits of mining to Australia and all Australians.  The fact is, the mining boom delivered a huge boost to living standards of ordinary Australians, not just those that worked in the sector.  Across the economy to 2013 wages grew by 6 per cent more than they otherwise would have done, while household spending was 11 per cent higher – equal to over $100 per week for the average household. Australia has also experienced considerable investment from countries such as Switzerland, Brazil and South Africa. This sector understands better than almost any other that markets move in cycles -the decade-long commodity price surge has ended and investment in new resource projects is winding back to more normalised levels. In 2015, mining services contributed over $90 billion in gross value added to the Australian economy annually. 1. GDP From Mining in Australia averaged 21117.91 AUD Million from 1974 until 2020, reaching an all time high of 50830 AUD Million in the third quarter of 2019 and a … $204 billion The fact is, in the absence of this investment, Australian resources would remain under-developed – with employment, national income and tax revenues lower as a consequence. We are also the second largest exporter of coal, our leading energy export. Downstream processing sometimes means that production is not counted as mining output, and is instead counted as manufacturing. We pay our respect to them and their cultures and to the elders past and present. Privacy Policy - Research by Deloitte Access Economics reveals that Australian mining companies paid $18.6 billion in company tax in 2017-18, the highest since the mining investment boom in 2011-12. Australia’s world class resource base and expertise in exploration, mining and processing are a great asset for the nation. We have abolished the mining tax and carbon tax. How can mining be worth so much but employ so few? Elizabeth is well known to many of you from her former role as Chair of Austmine and I’m sure the industry will have productive engagement with Elizabeth and the centre. Today, many of the big names in mining— Alumina, BHP Billiton, MMG Ltd, Newcrest Mining, OceanaGold and Orica—call Melbourne home. RICHARD DENNISS: There's a gulf between what the average Australian thinks the mining industry contributes to the Australian economy and what it really does. It is undeniable that minerals and energy resource development is a key contributor to the Australian economy, and in particular to the state of Western Australia. Mining booms and busts seem to define Australia’s economic story. When the flow on impacts of this expenditure were also considered, the total value added impact rises to $9,153.2 million contributed to the national economy. Japan remains Australia's largest destination for thermal coal exports, accounting for around 40 per cent in 2018, although its share has declined from around half … And beyond our shores, Australia’s resource and energy commodities are supporting the development of nations in the Asia–Pacific region. In several low- and middle-income countries rich in non-fuel mineral resources, mining makes significant contributions to national economic development as measured by the revised Mining Contribution Index (MCI-Wr). Per Capita GDP (PPP) Australia is ranked 18th in the world (CIA World Factbook 2016). A global oversupply of key commodities is forecast to lead to subdued  prices over the medium term. The country was ranked second in the United Nations 2016 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005. While I am talking about challenges and opportunities, let me also say that no-one is more aware than I am that the sector’s social license to operate is increasingly being challenged. The minerals industry is NSW’s largest export industry, accounting for export revenue of $11.1 billion in 2006-07, which is 39% of total NSW exports. I have been very impressed by the role your sector plays in a modern economy as an innovative, technology and science-based sector. Joint media release with Minister for Resources, Water and Northern Australia Keith Pitt. Joint media release with Assistant Minister for Northern Australia Michelle Landry. Economic contribution and commodity market outlook The Australian minerals industry remains a pillar of the Australian economy. I’m not surprised it is already a lead sponsor of this conference. Composition of the Australian Economy Snapshot. 27 In addition, the mining services sector exported $15 billion of products and services, and exports represent a significant growth opportunity for the sector. We recognise the importance of infrastructure in improving productivity at existing mines and opening up new mining provinces. Mining contributes about 8 per cent to Australia’s GDP and around 60 per cent of exports. From 2003 to 2014, over $400 billion of resources projects were initiated in Australia. Much like the rest of the economy, the mining industry has had its share of ups and downs over the decades. By comparison, manufacturing employs 889,000 people, construction employs 1.1 million people and 1.2 million work in retail. I’d like to acknowledge the representatives from nine different governments who are participating in this conference. Mining directly employs more than 200,000 people in Australia, with many more people benefiting indirectly, and is particularly important to the economic and social wellbeing of our regional and Indigenous communities. Output Share by State. Australia’s largest manufacturing sector comprises companies that typically take produce from the farm and transform it into food and the consumer goods that every Australian needs every day. Well, the Minerals Council of Australia says the sector has contributed 14 per cent of Australia’s economic growth over the past decade. Both sectors support 1.1 million jobs nationwide – around 10 per cent of overall employment. With the messy year that was 2020 drawing to a close, we want to know what people in mining think 2021 holds for our industry. As you all know, investing in the resources sector is not without challenges. Joint media release with Assistant Minister to the Prime Minister and Cabinet Ben Morton. Australia remains well placed to meet the growing global demand for many resources and energy products driven by the continuing industrialisation of these countries. Over 50 per cent of companies in Australia’s $90 billion METS sector export their goods and services, with current exports exceeding $27 billion or approximately 30 per cent of the sector’s revenues. the contribution of the resources sector to the Australian economy; the challenges and opportunities faced by the sector; and. The recent ‘mining boom’ has been much discussed in the last 7 years or so and has brought considerable revenue to state and federal governments. There’s been a lot of discussion about taxes – but fo… The department acknowledges the traditional owners of the country throughout Australia and their continuing connection to land, sea and community. Mining has long been a cornerstone of the Australian economy and the gold rushes were pivotal in the early development of the country. They will connect firms more closely with our scientists and researchers to solve problems, innovate and facilitate access to global supply chains. From 10 December 2020 this website will no longer work in IE11. Copyright © 2020 Mining People International - Fundamentally, the essentials of life. Before I start, I wish to acknowledge the major mine incident that has unfolded in Brazil.  Our thoughts are with the victims, their families and local communities at this time.  I am pleased to see the initial efforts to help the towns and peoples affected by this tragic incident. So, yes, there’s a good reason we pay such close attention to the mining and resources sector — and why the coal, gold and iron ore prices are on the TV every night: It’s responsible for a lot of economic activity and a vital part of our economy. 26 Between 2006 and 2015, the mining services sector grew at an annual rate of 6.5 per cent, creating 150,000 new jobs. We have also lead efforts to enter into the twelve-country Trans-Pacific Partnership Agreement.  This agreement further builds on our earlier achievements – covering close to 30 per cent, or almost $47 billion, of total Australian exports of resources and energy products. The minister of finance has pointed out that mining also contributes significantly to personal income tax, in that R15.2 billion was collected from mine employees in pay-as-you-earn (PAYE) tax in 2013/14. The METS Growth Centre, METS Ignited, was launched last month to help improve the competitiveness of the resources industry. However, with new innovations in the global economy, such as the growth in the electric car market, and developments in the renewable energy industry, Australian miners have moved to exploit the country’s vast deposits of minerals like lithium and uranium. That represented 38 per cent of all foreign direct investment in Australia. The biggest contributor to growth in both the December quarter and in all of 2015 in seasonally adjusted terms was household spending: Of the 0.6% GDP growth in … Ten countries among the 20 countries where mining contributes most (highest MCI-Wr score) have moved up one or two steps in the World Bank’s country classification … Your industry is already at the cutting edge of innovation, but we need to keep pushing the boundaries. I look forward to meeting many of you later today. In job-creation terms, mining is actually on a par with the arts. But what does that mean in terms of importance? Across the nation we are investing in record levels of infrastructure. Regardless, it is beyond question that the industry has given many families a good source of income, which in return, made their lives much better. The resources sector (mining, oil and gas production) contributes around 10% of GDP ($150 billion (Minerals Council of Australia)), and contributes about the same amount to export income, which amount to around 50% of exports. undertaken numerous site visits across Western Australia, Queensland and the Northern Territory. If you live in the United Kingdom, for example, you don’t hear commodity prices on the evening news. Contribution of resources to the Australian economy. Mining 11%, Finance 9%, Health and Education 13%, Manufacturing 6%, Construction 8%. It is part of a suite of energy initiatives being delivered through an integrated national energy policy, which is set out in the Government’s Energy White Paper. The country’s economic welfare is very much tied to global growth and can therefore be exposed to the whims of the economic cycle. But 7 per cent ain't all that much, and if you measure mining by how much of our workforce it employs, it's even less: 2 per cent. It’s an industry we hear a lot about, just as part of our daily lives, in ways that people living elsewhere in the world do not. The secto… Home > Frydenberg > Speeches >  Mining and the Australian economy: the Australian Government's priorities for the mining sector, Introductory remarks and acknowledgements. Table 18.2 shows the industry GVA of the Mining industry and its contribution to Australia's GDP in the period 2005–06 to 2009–10. Australian and Indian researchers will work together to advance COVID-19 screening and study the future health effects of the virus, after a nearly $4 million investment by the Morrison Government.Â. As of May last year, the average yearly wage for those in mining was $124,176, the highest of any industry in Australia. In the last financial year, export earnings from resource and energy commodities totalled $174 billion. Table E-1. We have a strong history of welcoming foreign investment in the resources sector and the Australian Government is committed to maintaining an investment policy regime that is transparent, predictable and non-discriminatory. Responding to this challenge requires industry and government to work together to ensure the community is well informed, not just at the local level concerning individual projects, but also more widely. met with many of my international counterparts at the G20 Energy Ministers’ meeting in Turkey and also at the APEC Energy ministers’ meeting in the Philippines; travelled to Japan to hold discussions with government Ministers, officials and senior business leaders with significant investments in Australia; and. Two of these centres are dedicated to the resources sector. In 2014, using constant exchange rates, Australia's wealth had grown by 4.4% annually on average after the financial crisis of 2007–2008, compared with a … Australia's coal export destinations have evolved over the past decade as market demand has shifted. The industry pays $12 billion a year in taxes and royalties. With more than 6 million Australians volunteering each year (at last count) the value of volunteering to the Australian economy is huge, and growing fast; so fast that it now contributes more to the Australian economy than mining, agriculture, defence and retail industries put together. Last boom, that figure was less than five per cent of overall employment as industry Growth target..., too Australia is the world’s mining related software is written in.... 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