Iron Ore Benefits For Australia.
Iron Ore Production
Australia currently produces more than 660 million tonnes of iron ore a year. This roughly generates about $75 billion in export revenue for Australia ensuring iron ore is Australia’s largest export earner and a major contributor to the Australian economy.
Iron ore mining in Australia directly employs 60,500 in a range of highly skilled jobs. From engineers and geologists and infrastructure experts to operators, environmental experts, tradespeople and accountants. Plus many thousands more people are employed in local businesses supplying our mines and iron ore transport operations.
Taxes & Royalties
The iron ore industry pays more than $10 billion in taxes and royalties to Australian governments each year. This money goes predominantly to the Western Australian Government and the Federal Government to help fund essential services like nurses, teachers and police and infrastructure like roads.
Iron Ore flow on effects
There are many ways that the development and growth of our iron ore sector benefits our economy and the broader Australian community.
There are the hard working people at our mines, who spend their money in the local communities where they live and work. There are the people working in the local businesses that supply our mines. There is the money generated in taxes and royalties and other payments to government for essential services and infrastructure. Millions of Australians hold mining shares directly or indirectly in superannuation funds which are helping everyone to grow their wealth and save for retirement.
And importantly, mining has generated real wealth for all Australians through rising living standards, according to the Reserve Bank of Australia which said in 2014 that household incomes across the country were 13% higher than they would have been without the mining boom. Real wages were 6% higher and unemployment was 1.25% lower than it would have been without the mining boom, which equates to 150,000 more jobs.