When was the global resources boom

In the s, the development of a liquefied natural gas LNG export industry and petroleum and condensate exports, together with a new boom in gold mining saw the state undergo another economic and population growth spurt. The development of new resources in WA, commencing with the planning and construction for the iron ore boom in , has resulted in the transformation of WA.

The Bankwest Curtin Economics Centre team acknowledges the Wadjuk Nyungar people as the traditional owners of the land on which the Centre is situated. Full Name. Bankwest Curtin Economics Centre. Quite a lot, as Keri Phillips explains, but it could have been so much better. The recent resources boom was the biggest since the gold rush of the mids. Over the past decade and a half it transformed Australian society, its effects reaching far beyond the iron ore mines of the Pilbara or the coalfields of the Bowen Basin.

All politicians and certainly a lot of public servants seemed to believe that this boom would go forever. It began in around , when prices for commodities like iron ore and coal began rising. Although the price rise was driven by increased demand from China and other Asian countries, we'd had very low commodity prices for more than a decade and companies like Rio Tinto and BHP Billiton had been under-investing in creating new supply. No-one anticipated the surge in demand and the swift rise in prices.

Iron ore production now accounts for about a third of our mining commodity exports. Certainly during the resources boom of the Fraser years, mining investment peaked at around 3 to 3. So it's certainly the largest in Australia's modern history.

Internationally it would be one of the biggest booms that we've seen anywhere in the world. So this boom was not only very strong in terms of its initial impact, but it was much more long-lasting. So this is quite a special time in our history. Those mines basically became money-printing operations because they had already invested in the infrastructure and yet their revenue increased by sevenfold over a very short period.

So they were reporting incredible profits. Australia as a whole was the winner in the mining boom, Gregory says, because it allowed the economy to escape the effects of the global financial crisis. This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.

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