With the stand-off between China and BHP over iron ore prices apparently escalating, it’s another reminder that mining – which has propped up the economy and government coffers for most of this century, saved the country from the worst of the Global Financial Crisis and underpinned our extraordinary living standards – is in trouble.
Despite recent record resources export revenue – profits, royalties and taxes have subsided. The harsh reality is the industry, once Australia’s economic growth engine, has been in recession for five years, and the flow-on impacts are about to get very real for investors and those states who have been the beneficiaries of GST distributions underpinned by the mining royalties from WA and Queensland.
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[SRC] https://www.afr.com/companies/mining/dig-deeper-and-bhp-s-china-stand-off-shows-mining-is-in-trouble-20251001-p5mz5q
