Society/Culture How much longer will the Mining boom last?

[nut]

http://www.theage.com.au/opinion/po...tough-on-foreign-projects-20120412-1wwob.html



.... and what real improvements to our society has it brought? besides Plasma's.

 

[Tex_21]

Increased royalties throughout WA and QLD have brought in several new projects (a new hospital in Perth IIRC?) as a result of the boom. Could it have been better? Certainly. Has it delivered something? Just as certainly.

Also - India's appetite for resources will also grow.

 

[RisingPhoenix]

Wow... a hospital. Can the likely tens of thousands of West Australian's who have been made homeless because of the boom driving up rental costs be able to live there?

 

[Tex_21]

How about the spillover effects of higher PDY in a large number of people, leading to greater economic activity in the region - keeping pubs, cafes, small business afloat.

Never argued the benefits could be greater (and IMO they should be, through a tax based on an index of commodity prices and a SWF, directed to invest abroad to mitigate some of the dutch disease effects), just that if you are going to argue the mining boom has had zero beneficial affect, that's not going to hold up well.

 

[Clay Davis]

Eight days.

 

[Cap]

Iam hoping they do

at least until SA has some form of prosperity.

 

[medusala]

.... and what real improvements to our society has it brought? besides Plasma's.

People are so utterly stupid and incapable of making decisions for themselves. What we really need are benovolent public servants in control of all our wealth and allocating cash on our behalf. The absurdity of those libertarian idiots who believe that they should be able to waste their own money on mcmansions and surround sound systems is beyond comprehension.

 

[Caesar]

Eight days.

Optimist.

 

[Admiral Byng]

It paid for my beer and KFC tonight.

*burp*

 

[benchwarmer5]

People are so utterly stupid and incapable of making decisions for themselves. What we really need are benovolent public servants in control of all our wealth and allocating cash on our behalf. The absurdity of those libertarian idiots who believe that they should be able to waste their own money on mcmansions and surround sound systems is beyond comprehension.

 

[Goat 53]

http://www.theage.com.au/opinion/po...tough-on-foreign-projects-20120412-1wwob.html



.... and what real improvements to our society has it brought? besides Plasma's.

Utes with FOWF stickers and an increase in property prices.

 

[campbell]

Change in drug use patterns in small towns to be able to still enjoy and get around the drug testing rules.

Moranbah has huge problems as a community adapting to this change.

http://readperiodicals.com/201112/2546341721.html

 

[IAMJUNGLEMUFFIN]

They don't just go out and spend $15k on a spa which keeps the retail industry going, they then go out and spend another $15k on decking, electrical setup, a massive pergola, all of which keeps the tradies going. They build and buy their own houses which keeps the construction and property industries going.

Pretty ignorant to say they just piss their money up against the wall. If every one of them played it smart and didn't waste their money in the bank for the past 5 years, our economy would have been ****ed.

These guys are the reasons some of you have a job. Appreciate it.

And no, I'm not a miner.

 

[rayven]

Mining boom aint begun yet.....

We want a war is want we want if we want to cash in. Evidently there is iron ore deposites, even yellow cake that the companies with the rights to don't have the collateral to exploit....

BHP is pretty screwed if it goes ahead with Olympic dam if it factors in uranium sales to its costing, or they invest heavily in politicians who want nuclear reactors built and take finacial interest in the IAEA.

But Olympic dam is a 50 year thing, if it goes ahead......

Biggest open cut ever they rekon...

 

[DaftPunk]

Iron ore is where the big miners are making their money. So in that sense, the boom will be done within 3 years. IO prices will be about 30-40% lower in that time as huge operations come into production in Africa as well as the doubling of Australian production. The mining tax won't bring in nearly as much as its forecasts predict.

 

[Scotland]

Good thing we have a government revenue stream based on the salable value of the ore then, isn't it?

 

[Ktrain]

A: Decades at least.

Kind if a non relevant article to your question though IMO. Talks about Chinese Govt equity investments not their demand, and them realising ownership is harder than buying - makes sense.

Now will this new less accessible Chinese capital affect the boom?

Yes & No.

New projects wont get off the ground yes, but likely offset because less supply = higher prices. And those stalled projects will eventually get off the ground when the price is right & people are prepared to put up the capital (ala the Gorgon Project in WA).

 

[Internet Origins]

IO

My ears are burning!

The point is, if we didn't have such a great set up from the Howard government, with the collective support of the mining companies, Australia would now be a third world shithole.

Why should we tax the miners? We should just be grateful that they are employing Australians, and helping our economy!!!

 

[Monkey King]

Why should we tax the miners? We should just be grateful that they are employing Australians, and helping our economy!!!

I can't stand this attitude.

One very good reason to tax these blokes is that they're digging up what has belonged to Australian soil for generations; and potentially could still belong to Australian soilfor future generations too. It is by the good graces of the Australian government that these companies are afforded access to valuable deposits and just because the resource boom has taken place now, doesn't mean we should let a handful of blokes run off with all the cash being generated. This is Australian cash and it's benefit should be spread across generations.

 

[The_Reaper]

I can't stand this attitude.

One very good reason to tax these blokes is that they're digging up what has belonged to Australian soil for generations; and potentially could still belong to Australian soilfor future generations too. It is by the good graces of the Australian government that these companies are afforded access to valuable deposits and just because the resource boom has taken place now, doesn't mean we should let a handful of blokes run off with all the cash being generated. This is Australian cash and it's benefit should be spread across generations.

It's not Australian cash, it belongs to the state.

One could argue that certain states are already getting far more than their fair share due to the CGC distributing royalties revenue.

 

[Eric Blair]

Alan B'stard FTW. What every MP ought to aspire to

 

[evo]

Awesome show. The only pity is they didn't make many more episodes.

 

[Oscarman]

Alan B'stard FTW. What every MP ought to aspire to

I thought they already did!

 

[Scotland]

One very good reason to tax these blokes is that they're digging up what has belonged to Australian soil for generations; and potentially could still belong to Australian soilfor future generations too. It is by the good graces of the Australian government that these companies are afforded access to valuable deposits and just because the resource boom has taken place now, doesn't mean we should let a handful of blokes run off with all the cash being generated. This is Australian cash and it's benefit should be spread across generations.

The attitude that mining companies are in it to look after Average Joe is absurd, but the attitude that 'the minerals belong to the nation therefore the nation should profit and the mining companies should take what their given' is hardly any better.

If the minerals stay in the ground the nation doesn't benefit at all. Sure, an ounce of gold worth $1500 today might be worth $2500 in 5 years time, but unless it's extracted and refined at some point it's as good as not there.

If the profits are Australian cash the benefit should be spread across generations rather than a handful of blokes, then how about Australian cash and more than a handful of blokes do something about generating them?

 

[Clay Davis]

Are you arguing against royalties, Scotland?