Across the nation we are investing in record levels of infrastructure. How can mining be worth so much but employ so few? It is a key large employer in regional areas, the largest source of export revenue and continues to be a world leader in driving productivity-enhancing innovation in mining … As commodity markets adjust, we’re preparing for a new wave of investment in exploration and mining. In 2004, before the last boom, that figure was less than five per cent. The METS Growth Centre, METS Ignited, was launched last month to help improve the competitiveness of the resources industry. The secto… Site map - As at 2014, the level of foreign direct investment in Australian mining and related activities was $265 billion, representing 38 per cent of all foreign direct investment in Australia. The mining sector currently contributes around 8.5% to Australia’s GDP (total output), and employsaround 2% of the workforce (about 220,000 people). Mining offers significant employment opportunities to Indigenous populations and has been at the forefront in the recognition of Indigenous Australians’ rights and special connections to land and waters. Mining directly employs more than 200,000 people in Australia, with many more people benefiting indirectly, and is particularly important to the economic and social wellbeing of our regional and Indigenous communities. But what does that mean in terms of importance? Once the indirect economic impact is taken into account, this figure increases to US$171.6 billion. They help us deliver infrastructure and services to our communities, including roads, schools and hospitals. That investment has come from investors in Canada, the United Kingdom andthe United States, and increasingly from our key commodity trading partners like China, Japan, Korea and India. However, this is not without cost. The minister of finance has pointed out that mining also contributes significantly to personal income tax, in that R15.2 billion was collected from mine employees in pay-as-you-earn (PAYE) tax in 2013/14. 28 In 2013–14 alone, the Foreign Investment Review Board approved over $22 billion in proposed investments in mineral exploration and development. $204 billion Ten countries among the 20 countries where mining contributes most (highest MCI-Wr score) have moved up one or two steps in the World Bank’s country classification … A quadrupling in the value of the mining industry’s physical capital in recent times means it now accounts for about seven per cent of our GDP (our total production of goods and services, or Gross Domestic Product). The Government’s priorities: supporting the resources industry. But 7 per cent ain't all that much, and if you measure mining by how much of our workforce it employs, it's even less: 2 per cent. Australia is the world’s largest exporter of iron ore, accounting for 53 per cent of world trade in 2014. And we need to remember that despite the current challenging market conditions, the outlook for the industry is positive and the benefits of the production phase of the resources boom will continue well into the future. When the flow on impacts of this expenditure were also considered, the total value added impact rises to $9,153.2 million contributed to the national economy. The report, which was commissioned by the Minerals Council of Australia, found the mining and METS sector contributed $236.8 billion in 2015-16. ... Industry Share of Output key sectors. Australia’s world class resource base and expertise in exploration, mining and processing are a great asset for the nation. the Australian Government’s role in ensuring the sector realises its enormous potential for decades to come. And beyond our shores, Australia’s resource and energy commodities are supporting the development of nations in the Asia–Pacific region. We have a strong history of welcoming foreign investment in the resources sector and the Australian Government is committed to maintaining an investment policy regime that is transparent, predictable and non-discriminatory. You can see the results of some of our other recent polls below! Some surveys even claimed five to nine times this number. Economic contribution and commodity market outlook The Australian minerals industry remains a pillar of the Australian economy. If you live in the United Kingdom, for example, you don’t hear commodity prices on the evening news. The final expenditures generated by the thoroughbred racing industry in Australia are responsible for a direct value added impact of $3,203.5 million. Nearly two-thirds of these resources occur as goethite- and hematite-rich direct shipping ore (DSO) having inherently high iron content (>57 per cent Fe) that was naturally beneficiated by geological processes (particularly weathering) operating on and around specific iron-rich rock units. Taxes and royalties from mining are a major source of income for the national, state and territory governments, with approximately $25 billion in taxes and royalties received in the 2013-2014 financial year. The resources sector (mining, oil and gas production) contributes around 10% of GDP ($150 billion (Minerals Council of Australia)), and contributes about the same amount to export income, which amount to around 50% of exports. As the Minister for Resources, it is my role to work with the industry to ensure that any debate is supported by the facts. It requires more investment to create By comparison, manufacturing employs 889,000 people, construction employs 1.1 million people and 1.2 million work in retail. Since the gold rushes in the mid to late 1800s, when London and New York invested in Bendigo, here in Victoria and Coolgardie in Western Australia, Australia has welcomed foreign investment in resource projects from around the world. Before I start, I wish to acknowledge the major mine incident that has unfolded in Brazil.  Our thoughts are with the victims, their families and local communities at this time.  I am pleased to see the initial efforts to help the towns and peoples affected by this tragic incident. Through these agreements, we are looking to increase trade and investment opportunities in our energy and mining sectors, which will also contribute to sustainable economic growth and energy security in our region. 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