Where to start with an analysis of the mining boom in Australia?
Perhaps ironically, with the Independent Commission Against Corruption (ICAC). It is now holding an inquiry into the dealings of former NSW resource minister Ian Macdonald, his mate and Labor powerbroker Eddie Obeid, and another mate, John Maitland, former president of the Construction, Mining, Forestry and Energy Union (CFMEU), and part owner of the new coalmine in Doyle's Creek, to the tune of $9.8 million.
public ownership of mining
The mining industry in Australia has boomed from about 4% of GDP in 2004 to about 9% today. Mining exports in the year to March last year were worth $155 billion, or 53% of Australia's total exports. Mining profits in 2009-10 amounted to $51 billion, and the estimated pre-tax profits over the next 10 years will be about $600 billion.
But who is the wealth benefiting and what are the costs of mining? And who makes the decisions about if, where and under what conditions mining takes place, and how the wealth is distributed?