Question

In: Economics

is australia will always need mining industry for its economic prosperity? negative side 500~1000 words please

is australia will always need mining industry for its economic prosperity?

negative side

500~1000 words please

Solutions

Expert Solution

Mining is an important source of income for Australia. Australian mining is an important industry in the Australian economic system, with employment, export earnings and royalty payments. Mining growth has prompted the migration of the Australian population and thereby increased population. Mining accounts for 8% of Australian GDPand above50% of exports. In 2016, mining accounted was 6% of GDP. This made the Australian economy the fourth largest economy. In recent years, its exports have been more than $ 170 billion.The biggest mining companies in Australia are:
Rio Tinto,Fortescue Metals,Newcrest Mining, Evolution Mining, BHP Group etc.There are some major mining states in Australia. Western Australia and Queensland are resource-rich states. Half of Australia's major mines are in Western Australia.

Why is Australia so rich in minerals? Because Large iron ore deposits, natural gas, uranium, coal sim gas, coking coal, thermal energy, gold resources, minerals, and the presence of global demand centers in Asia are all leading the Australian mining industry.

Now let's take a look at the negative aspects of the mining economy. We have created tremendous prosperity for the Australian economy. It is true but it has many quotas. It has negatively impacted local communities.This is a fact that has gained attention in Australia.This has affected neighbors and city dwellers. Mining activities have had a negative impact on the environment. Examples of this include mining, loss of biodiversity, erosion, pollution of water and soil.
The Inflation has risen in the country. Economic inequality has increased in the country. The mining area threatened the lives and property of the residents. These mining industries have had many consequences in Australia.


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