@SilverPete, I couldn't quote you for some reason :/ I think in the main it's because the huge amount of mining equipment required for future expansion has been purchased already.
Some more charts I found interesting - 1995 vs 2010: Countries Australia exports to in 1995 (top) and 2010 (bottom) Australian Exports in 1995 (top) and 2010 (bottom) Australian Imports in 1995 (top) and 2010 (bottom) Source: http://ckrao.wordpress.com/2012/06/26/exports-and-imports-by-country/
The old notions of a linear value adding chain are becoming more and more meaningless as the complexity of the capital chain has increased overtime and B2B transactions between different "industries" become more and more incestuous. I'd argue that Australia's exploration and mining industry is one of most highly skilled and high tech industries on the planet. The companies have moved far beyond panning in rivers or using basic picks and shovels. The various cryogenic technologies involved in manufacturing, handling and transporting LNG are cutting edge. The seismic, imaging, geologic, drilling etc technologies involved in exploration are very sophisticated. The skills and technologies involved in the logistics and physical execution of economically extracting gold from deep underground mines from ore grades of 1-2 grams/tonne aren't to be sneezed at. Many of the developments then spill over to other sectors of the economy. Edit: The same goes for much of the agriculture industry although to a lesser extent than mining.
More iron ore in the news. How the sliding iron ore price will affect Australia Price drop signals the end of the iron ore age
Possibilities raised by various forum members from another thread: http://forums.silverstackers.com/topic-55433-how-would-you-hedge-against-an-aud-collapse-10c.html * USD * Hard assets valued in USD * Silver * Gold * Platinum * USD ETF on the ASX * Bitcoin * CFDs * HKD * Mixed hedge portfolio: gold + silver + real estate/land + other currencies (of your choice) + other PM's (platinum/palladium) to diversify * Shares in companies that make significant income from overseas
I'm just putting this out there. We should all have a minute of silence to think about how the legal firms and banks will be affected:
WA public service is not highly paid, except a few at the top (just like large corporations). For the average worker, compared to the private sector, and FIFO miners in particular, they are underpaid. Most are struggling like anyone else. Over the last 3 years they've had a hiring freeze and made many people redundant, increasing the workload on those who remain, often tasked with duties previously done by those on higher pay levels. Departments that changed their name 2 years ago still can't afford uniforms with the new name and logo. When the previous General Agreement with the union expired, the government let it ride for over a year while "negotiating", and when a deal was finally reached, annual wage growth was less than inflation, job security made a thing of the past, and job satisfaction nothing but a memory. But yeah, keep blaming the real workers for the inflated salaries of public service "executives", while abusing the rank and file for taking longer to provide services.
mortage auction will start to appear more.. property that is not on the chinese investor interests will sell for less. and we need to do our bid (patriot) to buy/spend more money to get the economy going.. take on more debt...
I have worked in the public service and can state that I was receiving circa 50% more in wages than the private sector. This was for an entry level job. I also did much less work in the public service than the private sector. Edit: I also had a complaint against me for working too hard - True story! It really makes you wonder.
