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Mining is still king of the economy

By John Ninness

The release of Australia’s GDP figures on Wednesday saw the economy growing by 0.6 per cent for December and 3 per cent for the year. Guess what? The best performer for export growth is still mining.

While the mining boom times are a fond memory of the past, Australia should still thank the mining industry for pushing its’ GDP rates higher.

In a recent article published in The Guardian, Greg Jericho answered a key question: “Is mining still king?”

Greg said: “while there may be a massive collapse in investment, but the growth in mining exports still sees the mining industry as the biggest contributor to GDP growth”.

In the ABS Data Contribution of industries to GDP growth (seasonally adjusted) figures, mining contributed to 0.48 per cent followed closely by the Finance/Insurance Sector and then Real Estate.

For those involved in the industry on a day-to-day basis the results should be encouraging.
While we’ve seen cutbacks across the industry, we should be proud that it still remains a main stay of our economy.

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