9 WorldWide Drilling Resource ® DECEMBER 2020 Largest Contributor to Australian Economy The Minerals Council of Australia announced that economic data released by the Australian Bureau of Statistics confirmed the importance of the mining industry to the Australian economy. In a year where every nation was affected by the COVID-19 pandemic, the mining industry was a pillar of stability in Australia. Despite the overall economy, mining industry GDP (gross domestic product) increased 4.9% in 2019-20, totalling $202 billion. This also made mining Australia’s largest industry, with a 10.4% share of the economy. The Australian minerals industry is a major contributor to investment, high-wage jobs, exports, and government revenues. There are 240,000 people directly employed by the resources sector and a total of 1.1 million direct and indirect jobs in the mining and mining equipment, technology, and services sectors. Growth in mining industry GDP has allowed for the hiring of new workers while adhering to strict health and safety protocols which have protected people in their workplaces and communities around the country. Mining companies support thousands of regional businesses around Australia and their workers who provide essential services that keep the industry operating. While putting jobs on the ground and paying their fair share of taxes and mineral royalties, the mining industry also supports the local communities they partner with, through donations to local hospitals, charities, child care centers, and schools. To ensure mining continues to drive Australia’s post-COVID economic recovery, government should support the industry with faster project approvals, competitive tax rates, co-investment in modern skills programs, and more flexible workplaces.
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