The importance of a strong economy

THE NSW Minerals Council has welcomed a Reserve Bank discussion paper confirming the size of the economic contribution of mining to local businesses and communities.

The Reserve Bank of Australia’s research discussion paper; Industry Dimensions of the Resource Boom: An Input-Output Analysis, analysed the size and growth rate of the resource economy that included both resources extraction and resource related activity.

The RBA’s findings confirmed the true contribution of investment to local businesses both directly and indirectly associated with mining.

This RBA paper estimates that the resource economy accounted for around 18 per cent of gross value added in 2011-12, double its share of the economy in 2003-04.

It also estimates that 9.75 per cent of total employment in 2011-12 was engaged in servicing final demand for resource extraction and investment.

It’s important that credible national institutions like the Reserve Bank of Australia confirm the facts and the positive impact of the resources industry to Australia’s economic success.

This independent and thorough economic analysis is a reminder of the importance of a strong resources sector for jobs, investment and growth here in NSW and across the country.






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