Minerals Council of Australia ( Minerals Council of Australia )

Minerals Council of Australia

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The minerals industry (encompassing exploration, extraction and processing) is a major contributor to national income, investment, high-wage jobs, exports and government revenues in Australia. It operates in a global industry where competition for markets is intense, where investment opportunities abound in other resource-rich economies and where capital, people and technology are highly mobile.

The industry has been a key driver of higher living standards in Australia over the last decade, including through the global financial crisis (GFC). Reserve Bank of Australia research has found that between 2003-04 and 2011-12 the mining-related share of the economy (including the oil and gas sector) doubled to reach about 18 per cent of nominal GDP. Mining-dependent jobs in the economy grew to around 1.1 million by the end of the period. The minerals industry alone accounts for around half of Australia’s export earnings and pays among the highest tax rates in the economy.