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The Australian Mining division occupies an important place in the
nation’s economy. Although it is one of the smaller divisions, it is the
most important exporter.The Mining division is expected to generate
revenue of about $205 billion in 2011-12, up from $138.8 billion in
2006-07, yielding annualised growth of 8.1%. Revenue is expected to grow
by 7.2% in 2011-12, having already expanded by 20.7% in the previous
year as the division rebounded from the global financial crisis. The
Mining division is expected to generate about 8.0% of Australia’s GDP in
2011-12. Its 2,500 firms employ 243,152 people, paying about $32.9
billion in wages in 2011-12. The division’s net profit is expected to be
$59.03 billion in the current year.The Mining division is heavily
export oriented, with about $153.1 billion of output (or 74.7% by value)
of industry output exported with only minimal processing.
According to our buy essay paper research, most of the remaining output
is processed locally by the metal products manufacturing industries, and
is used to generate electricity and provide gas supply. Imports supply
about 35% of the domestic demand for mineral products and consist mainly
of crude oil.Trends in the Mining division occur at a global level, and
high and rising pricesfor a range of commodities over 2003 to 2007
encouraged resource development worldwide. If you want to buy essay
papers, like this one from us, you should contact us. The resulting
increases in global capacity became available just as the global
financial crisis slashed global growth and pushed many developed
countries into recession.
In this climate, commodity prices fell sharply in the second half of
2008 and early 2009, before recovering strongly as demand rebounded. In
addition, oil prices jumped sharply in 2010-11 in response to political
turmoil in a number of producing countries, and are expected to continue
rising in 2011-12.Rising production volumes worldwide for a range of
mineral commodities are expected to cause price growth to slow over the
next few years, although the overall trend will remain upward. Higher
prices, combined with strongly rising output from Australia, isexpected
to support annualised growth in divisional revenue of about 9.1% over
the five years through to 2016-17. By that time, according to our buy
essay papers, industry revenue is expected to be $317.5 billion.
Industry profit is expected to grow a little more strongly than revenue,
as firms reap productivity gains from growing economies of scale. The
profit gains are expected despite the imposition of a Mineral Resource
Rent Tax on coal and iron ore, the extension of the existing Petroleum
Resource Rent to onshore oil production and output from the North West
Shelf project (replacing royalties in both cases), and the introduction
of carbon pricing.
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