Ten truths about Australia's rush to mine and the mining workforce

The sky is falling because the much-vaunted mining ‘boom’ is heading for ‘bust’. The fear-mongering by politicians, the industry and the media has begun in earnest. On ABC TV's 7:30 program on 22 August 2012, Federal Opposition Leader Tony Abbott blamed the Minerals Resource Rent Tax and the Carbon Tax for making ‘a bad investment environment much, much worse’ for the mining industry. The following day, Australia's Resources and Energy Minister Martin Ferguson told us on ABC radio that ‘the resources boom is over’. This must be true because, remember, we were warned to ‘Get ready for the end of the boom’ (David Uren, Economics Editor for The Australian 19 May 2012) due to the ‘Australian resource boom losing steam’ (David Winning & Robb M. Stewart, Wall Street Journal 21 August 2012). Besides, there is ‘unarguable evidence’ that Australia's production costs are ‘too expensive’ and ‘too uncompetitive’: mining magnate Gina Rinehart said so in a YouTube video placed on the Sydney Mining Club's website on 5 September 2012. Can this really be so? What is happening to the mining boom and to the people who depend upon it?