From 2003/04 to 2007/08, mining sector revenue increased substantially, with Australian dollar receipts rising by an average of around 20 per cent a year. By 2007/08, mining revenue was at its highest level as a share of GDP in at least four decades. Most of the rise in receipts was the result of the sharp increase in global commodity prices between mid 2004 and mid 2008. This article documents the magnitude of the increase in mining revenue, and how these receipts were used, over the four years to 2007/08, both at the aggregate level and for each of the main industries within the mining sector. The article also comments briefly on the outlook following the large declines in global commodity prices seen in recent months.
|Number of pages||6|
|Journal||Reserve Bank of Australia. Bulletin|
|Publication status||Published - Jan 2009|