…is right here. Ideally you’d like these charts to look pretty similar. You’ll note the discrepancy between mining exports and mining employment. That’s right, mining accounts for about 10% of economic activity in Australia, but comprises the lionshare of export earnings, which in turn drives the dollar up for other industries. You’ll note that in fact one of the largest employers is health and human services, only a small proportion of which is accounted for by the small army of workers gamely dabbing at the creases of your average mining magnate.
What to do? Perhaps find some way for the export earnings to make their way back into Australia? (around 85% is foreign owned). Or maybe find some way to make mining more labour intensive: less trucks, more shovels?
Don’t panic. I’ve got a plan: