AUSTRALIANS have been deceived into believing the mining industry employs nine times more workers and accounts for three times as much economic activity as it actually does, according to a provocative report by the Australia Institute.
The left-leaning think tank will argue at its annual conference in Sydney today that the mining industry has wildly exaggerated its importance to the nation while ignoring the negative side of the boom, including the rising dollar, higher interest rates and the loss of jobs in other sectors.
It also claims 83 per cent of the mining industry's profits are being sent offshore and only a small number of Australian investors enjoys major benefits from the rising share prices of the big resources companies. Read More
The Australian
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