Who benefits and who loses in mining boom?
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.