The scenario of this report is based on The Australian mineral and energy resources ‘boom’ of the 2010s powered the Australian macro-economy into a period of relative prosperity. In this regard, it is required to analyze how to create sustainable regional development by considering:
- Analyze how mineral and energy resources development create sustainable regional development.
- Discuss the benefits and pitfalls of the recent mineral and energy resource boom for Australia’s non- metropolitan regions.
The Australian mineral and energy resources ‘boom’ of the 2010s powered the Australian macro-economy into a period of relative prosperity. It also had dramatic effects on the Australian space economy, with large flows of capital, plant and labour moving rapidly across the nation. From a regional economic development perspective. In this context, the following essay will aid in analysing whether mineral and energy resources helps in creating sustainable regional development or not. This essay will also assess the benefits and pitfalls of the recent mineral and energy resource boom for Australia’s non- metropolitan regions. The essay will focus on the aspect of sustainable development in Australia. The analysis of mineral and energy resources explored and extracted from earth will also be made in order to know the amount of mineral and resources utilised by the country.
About Australian mining and resource industry
Australian economy presently experiencing a surge in mining activity which is one of the sequence in mining booms since European settlement of Australia (Hancock, Ralph and Ali, 2017). The mineral and energy resource boom is considered to be the most powerful tools in redesigning Australian economy. Boom in mining significantly enhances investment in minings or mining output which are important for macroeconomic consequences. The recent mining not only aid in enhancing the revenue of the country but also assist in increasing the employment rate within Australia. In 2017, Australia's resources exports which includes metals, petroleum, minerals scored a new record high value $207 billion which accounted for 53 per cent of Australia's total goods and service revenue exports (McLennan, Becken and Moyle, 2017). It is essential and important for economy of the country as resources industry provides more revenue from export than all other Australian industry combines. With the boom in resources various economic rates in the country increased rapidly thus providing huge support to the country. Mining investment declined significantly and resource exports grew strongly. Mining investment has further to fall, although the largest drag on GDP growth from that source is likely to have come and gone over the financial year just passed. The decline in mining investment from 2012 led to lower growth in overall mining activity. More recently, growth of mining activity has picked up. Mining activity is set to continue to grow for a time as the drag from mining investment wanes and production of liquefied natural gas continues to ramp up (Carson and et.al, 2017). The boom in resources enhances the employment rate in the country, reduces inflation rate and the gross domestic rate of country got significantly increased. With enormous pace of mining in Australia, the government faced a challenge of depletion of resources and established the provision of sustainable mining. It means exploring, extracting and developing minerals and energy resources in such a manner which promotes economic and social development and eliminates negative impact on environment due to mining. It integrates environmental economic, safety and community aspects in all phases of a project.
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Sustainability in mining and resource industry
Australia is considered to be leading country in sustainable mining due to its prolonged history of robust environmental and safety regulations as well as wide spread adoption of voluntary codes of practice, standards and policies by mining industries. The government of Australia is committed in preserving the diverse and distinct natural resources by underpinning investment specifically (Sincovich and et.al, 2018). Specific environmental obligations have been established by the government of Australia in order to ensure the environmental protection. In order to address nearby community concern, the government funding enormously in science and technology and developing certain rules and regulations which helps in addressing their concerns. The Department of Industry, Innovation and Science of Australia work ceaselessly in order to ensure that sustainable growth and development of country's national economy can be made. After the great resource boom in 2010, the national economy indeed flourished which helps the government in creating employment to large number of unemployed people in the country (Erdiaw-Kwasie and Alam, 2017).
The mining boom in 2010 provided benefits to society in terms of development of various infrastructure facilities such as schools, hospitals and offices that promotes the development of local communities living in remote and rural areas. The department supports industry and community to develop productive working relationships through the Community Engagement and, developed as part of the Leading Practice Sustainable Development Program. In order to enhance the direct and indirect participation and engagement of communities and people, the government of Australia investing heavily in scientific research projects that generates and articulates information about impacts of mining. Activities related with exploration and extraction of resources consumes land for temporary period (Drew, Dollery and Blackwell, 2017).
Benefits of the recent mineral and energy resource boom for Australia
There are ample of benefits associated with the resource boom in Australia. There are loads of minerals exported mines in Australia among which iron ore remained the largest source of export revenue with over $63 billion of the steel making materials exported to different parts of world from Australia. Another benefits the boom in resources provided to the national economy is raising the gross domestic product rate of the country. The GDP of country kept on increasing at rapid pace thus helping the national economy in thriving. The mineral and resource industry of Australia contributed 8 per cent of GDP by providing direct employment opportunities to 158000 people and indirect employment opportunities to 505600 people in the country (Maganga and Jacob, 2017). Service organisation specifically, those that supplies the fly-in, fly out worker camps were greatly benefited from the resource bonanza. The property owners in Australia were also greatly benefited as for instance the price of property went from $20000 to over $1 million a house in Pilbara.
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