How Important is Mining to Australia’s Economy?

Mining siteMining projects in Australia account for a significant portion of economic revenue, so boosting investments will be important particularly for export products, according to the Minerals Council of Australia (MCA).

Some of these investments should include companies looking for the best mobile fuel tanks for sale since more exports mean a greater need for mining work. For instance, gold production in Queensland and Western Australia has been stable despite wet weather in the first quarter of 2018.

Fundamental role

MCA interim CEO David Byers said the mining industry is a fundamental part of the economy, as evidenced by $207 billion of exported products in the previous year. By 2018-2019, exports are expected to increase by 6.5% based on government forecast. This anticipated growth would cause mining companies to boost their investments by 3.5%.

Hence, the Australian government should consider certain changes such corporate tax reforms to encourage the continued flow of investments from the energy sector, according to Byers. Aside from economic benefits, he said the growth in mining activity also benefits the employment market.

Job growth

Job advertisements from mining, resources and energy companies rose 62% in April year over year, based on online employment portal SEEK. Each state recorded an increase in job opportunities, with Queensland having the highest annual growth at 91%.

However, employers in Western Australia posted the highest number of openings with 800 listings. The increase may be sustained in the coming months since more companies plan to hike their investments.

Mining investments help the economy through tax revenues and job growth. Whether or not you plan to take advantage of growing demand for exports, it pays to invest in mobile equipment. This is perfect for projects in remote areas, where accessibility to fuel and other resources may be challenging.