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Deloitte Report Finds Australia Mining Industry Reaching Peak
July 24, 2012
Australia’s mining industry has become one of the largest sectors of the nation’s economy. A new report from Deloitte indicates that the industry is starting to grow more slowly this year. Deloitte said that Australia’s mining industry has started to saturate, which creates concerns over future economic growth.
Deloitte said that the maturation of Australia’s mining industry could have implications for the global economy. Economists in the United Kingdom feel that the challenges to the Australian mining industry could extend their own country’s double dip recession.
Over the past 20 years, the mining industry has outpaced retail and most other sectors. As the industry starts to stagnate, it may create a slowdown in other sectors as well. However, other industries continue to show promising growth over the past year.
Deloitte analysts said the strength of other industries was surprising, considering the government has been cutting investments. Some sectors are posting double digit growth.
The future of Australia’s economy is still uncertain. The manufacturing sector is slowing down, which may be a precursor to future job cuts and a contraction in GDP.
Some economists argue that removing the mining tax would help the mining sector regain momentum and protect the nation’s economy. However, their findings are still being critiqued by their peers and government officials.