Feel Pain But No Gain From Boom

LIMITED BENEFIT: While mining has given us a two-speed economy, claims about its importance ignore the fact that 97 per cent of us don't work in that sector. Picture: Bloomberg Source: The Courier-Mail

THE mining boom in Queensland might be big but it certainly isn't broad. While the mining industry tries to suggest otherwise, the simple fact is millions of Queenslanders bear the pain of the mining boom without receiving any of the gain.   

Yes, the mining industry employs people and yes, they spend some of their money in local shops and yes,the mining companies even pay some tax, but that does not mean the average Queenslander is benefiting from the boom.

The most insidious way the mining boom hurts ordinary Australians is through its impact on mortgage interest rates. As the mining boom took off, the Reserve Bank of Australia started to increase interest rates to rein in the "two-speed economy".  Read More

Courier Mail