Australia's mining sector continues to gallop, while the rest of the economy trails behind.
Proof of the existence of the three-speed economy is the staggering 12% growth rate of the mining industry versus 1% for the rest. More proof of this was presented by Reserve Bank of Australia (RBA) Deputy Governor Philip Lowe, who said mining and related industries comprise 16 to 17% of the Aussie economy and account for 8% of all jobs.
Mr. Lowe said Tuesday at a Davos Connection forum in Melbourne that according to the RBA analysis mining investments impact construction activity in several industries such as business services, manufacturing, transport and wholesale trading.
Thus, demand for more mining sector works would not be limited to frontline employees who are involved in the extraction and processing of natural resources, but would include those engaged in accounting, construction, legal, project management and human resources tasks.
"It would not be surprising if, over the next few years, growth in mining-related employment, broadly defined, was as high as one-half of the total growth in the Australian workforce," The Sydney Morning Herald quoted Mr. Lowe. . .View Full Article