Australia is often called the 'lucky country' meaning that its prosperity depends more on its mineral wealth and natural resources than on the enterprise or innovation of its people. Whether true or not, Australia's mineral industry has been, and remains, an important part of its economy. It has also helped fuel a 'resource boom' in mineral exports over the past five years or so. Coal is the most important of all Australia's merchandise exports and in 2008-09 accounted for almost one fifth of the total value of exports. Australia also has the distinction of being the world's largest exporter of coal accounting for about 30 percent of world trade. However, in terms of coal production Australia is dwarfed by China which mines ten times as much, and the United States which extracts three times as much. Coal is important in other ways. It generates approximately 80 percent of Australia's electricity supply and accounts for about 3-4 percent of the country's GDP. Over the past decade coal-mining royalties have contributed about 3-5 percent to state revenues in Queensland and New South Wales.
|Journal||Harvard Asia Pacific Review|
|Publication status||Published - 2010|