Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Australian Latest Mining Boom - Essay Example

Comments (0) Cite this document
Abstract This paper attempts to look into the reasons for Australia’s latest mining boom. Along with this some fiscal policy implications that have aroused out of this are discussed in details. It is seen that the profits made out of non-renewable resources should be invested in such a way that the future generations also get the benefits of it i.e…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.6% of users find it useful
Australian Latest Mining Boom
Read TextPreview

Extract of sample "Australian Latest Mining Boom"

Download file to see previous pages Both quantitative and secondary research is done to reach at a conclusion. Contents Topic Page Number 1) Introduction 3-4 2) Main Body a) Fiscal policy challenges emerging out 4-5 of the recent mining boom in Australia b) Resource Rent Taxation and Negative externality 5 c) Economic Framework of Non-Renewable 6 Resource Taxation d) Economic Costs and Benefits of Mining Super 6-8 Profit Tax e) Conclusion 9 f) Recommendations 9 g) Appendix 11 Introduction Mining boom in Australia is an outcome of huge demands for these resources in the global market, mainly Asia because of its growing need for these minerals. In all parts of Australia, mining companies are increasing their present operations, shuttered mines are being re-opened and all this is taking place at a never before pace. Moreover, this latest boom in this mining sector can also be attributed to the expansion in demand for Australian commodities by the foreign nations. This, coupled with decreasing import prices has resulted in an amazing enhancement in their terms of trade. (Banks, 2011, p. 1) At first it was perceived by most of the Australians that the boom in their mining sector had bought unequivocal benefits to their nation’s economy by creating more jobs, generating higher revenues from exports, taxation and higher incomes for most of the people. But studies have revealed that some of these increased profits from the mining companies are at the cost of profits from the non mining institutes (Richardson, 2009, p. 2). Australia is known to be an inherently resource rich nation and one of the leading countries in the world from the point of view of production of minerals. Australia, as already said, is a major exporter of mineral resources, exporting huge amounts to Asia and the Pacific regions. The Australian economy, during 2007 had grown at a rate of 3.9% owing to the increasing global demand for mineral commodities. Since, higher prices in world market for mineral commodities were expected in future as well, the Australian economy kept on expanding. As a result of an increase in the domestic demand for more workers and thinning labor market, in 2007, the consumer price index (CPI) rose by 4.2% (Australia Mineral and Mining Sector Investment and Business Guide, 2006, p. 45). With this boom came the need to review the ongoing tax system in the country. Under the Henry tax reviews the mining super profit tax was introduced which was instantly subjected to a lot of opposition from the mining community as well as the media. Here, in this report, the economic costs and benefits arising out of the mining super profit tax are analyzed and the discussion also includes some reasons as to why this tax is a good/bad policy measure. In this paper, both quantitative and qualitative research has been done. In order to analyze the costs and benefits of the super profit tax, vast literature in the form of journals, articles, books etc. have been reviewed. The proposals made by the government regarding the use of the revenues that would be generating out of this tax led to the cost-benefit analysis part. Quantitative analysis has been performed to see the amount of revenue that would have generated out of this tax, had it been implemented. Fiscal policy challenges emerging out of the recent mining boom in Australia In the upcoming years, with the increase in value of Australia’ ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Australian Latest Mining Boom Essay Example | Topics and Well Written Essays - 2500 words”, n.d.)
Australian Latest Mining Boom Essay Example | Topics and Well Written Essays - 2500 words. Retrieved from
(Australian Latest Mining Boom Essay Example | Topics and Well Written Essays - 2500 Words)
Australian Latest Mining Boom Essay Example | Topics and Well Written Essays - 2500 Words.
“Australian Latest Mining Boom Essay Example | Topics and Well Written Essays - 2500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Australian Latest Mining Boom

Problems in Australian Politics and How to Solve Them

Wages that include overtime allowances and travel allowances for the staff of Members of Parliament reveal a sudden increase just before the elections and this reveals that they are being utilized as a part of the election campaign (McLennan, 2004).

Estimating corruption is always difficult because people never reveal the facts of corruption that they are involved in. Politicizing public service often becomes a major problem and this reprehensible practice was introduced during the regime of the Labour party government and was continued by the Coalition government. Due to this, the public servants have slowly commenced to divest themselves of accountability towards parliament or to the code of conduct (McLennan, 2004).<...
6 Pages(1500 words)Assignment

Current Australian Federal Election Campaign

According to the expert analysis the opposition center-left Australian Labor Party, at present led by Kevin Rudd and deputy manager Julia Gillard, will be the major contestant to the current center-right alliance government in authority since the 1996 election, at present led by the Prime Minister in addition to the great leader of the Liberal Party of Australia, and his alliance partner the Deputy Prime Minister furthermore great leader of the National Party of Australia, Mark Vaile.

No doubt, the Australian group of people newspapers are unlike their every day complements in that they do not selectively issue letters to the editor, but characteristically turn out everything they take delivery of. The small numbers of...
7 Pages(1750 words)Term Paper

The Australian Retailing Market

Being able to make amends with the way the management deals with the organization’s workforce is one way by which the business entity is ensured with the success that it aims to achieve in the future. (Greenwood, 2005, 12) This is the primary reason why management could not passively deal with the issues that concern the employees, especially when dealing with the retail practices of business (Leat, 2001, 21). Particularly in Australia, retail businesses are soaring high and are indeed making a great mark in the country’s industrial statistical reports. To support the claims mentioned above, a study on the Australian retailing industry shall be studied in this paper.
The system of retailing business is based upon...
7 Pages(1750 words)Case Study

Australian Corporate Insolvency Laws

...Australian Corporate Insolvency Laws Introduction Corporate Insolvency provisions are certainly one of the most important components of Australia’s Corporation’s act and are certainly one of the most important frameworks that govern the country’s corporate sector. In this context, the effectiveness of the insolvency regulations and the processes involved in the framework are indispensable for ensuring the well function of Australia’s business sector and economy. Further, they are a primary means of ensuring discipline and proper resource allocation within the corporate sector. Insolvency laws have also helped enhance the level of corporate governance and are a reference point for corporate ethics. They facilitate creditors of private...
7 Pages(1750 words)Assignment

Discrimination in the Australian Law of Marriage

... of the of the of the Discrimination in the Australian Law of Marriage The Australian legal systemis based on English law. This creates substantial difficulty for the Indigenous peoples, whose traditional laws are vastly different from English law. These traditional laws are better suited to the culture and traditions of the Indigenous peoples; and English law is at best a poor compromise. These laws define a de facto partner as a person who lives with another individual, in a relationship that is patently domestic, despite there being no marriage between these persons (Committee). This distinction engenders discrimination against the Indigenous peoples, in the context of the laws relating to marriage. The utmost importance is attached...
8 Pages(2000 words)Literature review

The Ways of Traditional Theories of Employment Relations for Understanding the Modern Australian Workplace

...To what extent, and in what ways, do the traditional theories of employment relations help us to understand the modern Australian workplace? Contents Abstract 3 Introduction 3 Justification for Choosing the Issues 4 Theories on Employment Relations and Australian Workplace 6 Conclusions 9 References 10 Abstract The paper on employee relations discuses the different emerging and existing concepts of employee relations in the light of the Australian workplace. It focuses on key employment issues generating in the Australian soil pertaining to unfair trade practices at the workplace and the reduction of the power of trade unions. To this end, several theories of employment relations are analysed to understand the potential...
8 Pages(2000 words)Research Paper

The Pollution from Mining

... OF The Pollution from Mining and Managing the Waste is an Unsustainable Without Innovative Solutions. A brilliant, thought provoking and deeply profound article regarding coal mining in Mentougou district of Beijing, China, should lead any objective scientist to conclude that mining operations and managing the waste generated is an unsustainable activity going forward, unless innovative approach and models can be developed. According to Li et al (2011), Mentougou is a mountainous region in Beijing China which covers approximately 1453 Km, has a population of 236,000 people in 2006, an annual rainfall of 563mm, and has been mined for coal for over fifty years (Li, et al, 2011). The coal mining and the waste generated...
8 Pages(2000 words)Assignment

Professional Development Plan: Australian Nursing

...Professional Development Plan Nursing practices are undergoing advancements with reference to the new innovations in the science of nursing. There has to be frequent amendments to be made in accordance to newly introduced technologies and policies in medical practices. Thus it is important for a nursing practitioner to have professional development in accordance to the developments in the industry. It has been reported that Professional development of nurses will largely influence the way Australian health care system (Wats et al, 2004) It is important to have a professional development plan to stay abreast with the advancements in the industry. This would help a nurse to have a focused approach on working towards professional...
8 Pages(2000 words)Assignment

Working Landscapes: Mining, Forestry, Farming

... Working Landscapes Introduction In the recent years, there has been a great concern for the conservation of the environment which has been continually polluted. Many strategies have been put in place to ensure that environment is properly conserved for the future generations. The conservation of the environment is not only beneficial to human beings, but it still benefits all other living things on the planet. In the protection of the environment, important components such as forests, farming and mining have to be put in to consideration. The proper management of forests, mining activities and farming would eventually lead to the production of healthy livestock, conducive environment for wildlife, and at last benefit all the human beings...
7 Pages(1750 words)Term Paper

Challenges and Opportunities in Australian Health Care

Calculations are carried out on mortality rates and disability variables. Health care gaps between the rural and urban areas are taken into consideration. Cost-effectiveness inquiry has been conducted as well to establish the validity and reliability of the findings.
I agree that an aging population is one of the major problems confronting Australia today. Besides the scarcity of working-age individuals, the country is confronting the financial burdens caused by the growing demand for elderly care. I disagree with the point that only serious health problems deserve wide-ranging, concentrated attention. Nevertheless, this paper is useful because it provides useful explanations of the opportunities to acquire greater health suc...
8 Pages(2000 words)Literature review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Australian Latest Mining Boom for FREE!

Contact Us