Who ben­e­fits and who loses in min­ing boom?

Port Douglas & Mossman Gazette - - NEWS -

MIN­ING work­ers have ex­pe­ri­enced the di­rect ef­fect of the min­ing boom as have firms and work­ers that ex­pe­ri­enced the rip­ple ef­fects of the min­ing boom.

Or­di­nary wage and salary earn­ers have seen no boom in the rate of growth in their real wages.

Pen­sion­ers re­ceive in­dexed pen­sions that do not in­crease and have not had any ex­tra ben­e­fits, with the ex­cep­tion of $30 a week in­crease in the 2009-10 bud­get in re­sponse to the global fi­nan­cial cri­sis.

Home­own­ers are forced to pay higher in­ter­est rates across the board as the Re­serve Bank seeks to con­trol over­heat­ing which is ac­tu­ally con­cen­trated largely in the re­sour­cein­ten­sive regions of Australia.

Share­hold­ers have ex­pe­ri­enced in­creased in the value of re­source stocks and re­duc­tions in the value of in­vest­ments in re­tail, man­u­fac­tur­ing and other sec­tors im­pacted by the ris­ing Aus­tralian dol­lar.

Su­per­an­nu­ants ap­proach­ing re­tire­ment would be bet­ter off by around $2 a week or .06 per cent of the age pen­sion, as a re­sult of the min­ing boom.

Work­ers in other sec­tors of the econ­omy that are trade ex­posed, such as those work­ing in man­u­fac­tur­ing, tourism and ed­u­ca­tion, are ex­pe­ri­enc­ing re­duc­tions in em­ploy­ment and less job se­cu­rity.

For­eign own­ers of re­source stocks have seen their prof­its rise enor­mously and the cap­i­tal value of their Aus­tralian in­vest­ments in­crease as the ex­change rate has risen.

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