A new report by the Australia Institute released today claims 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.
In its annual conference in Sydney today the AI will argue the mining industry has wildly exaggerated its importance while ignoring the negative side of the resources boom.
The report claims 83 per cent of the mining industry’s profits are sent offshore and only a small number of Australian investors enjoy large benefits from the rising share prices of big miners.
It said the mining boom had contributed to a rising dollar, higher interest rates, and the loss of jobs in other sectors, but this had been ignored by resources companies.
Australian Mining
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