Australian Mining industry to lose 50,000 more jobs as boom comes to an end: NAB

Australian Mining industry to lose 50,000 more jobs as boom comes to an end: NAB, by Stephen Letts.

122,000 mining construction jobs were created between the start of the mining construction boom in 2005 and its peak in 2013, compared to only 34,000 operational and 13,000 exploration-related jobs.

That has unwound with 46,000 jobs lost between the 2013 and 2015 financial years…

In 2012 everyone in Perth knew the boom was over, because Chinese monetary policy became much less expansionary, and commodity prices started dropping. Construction projects that didn’t already have capital committed were abandoned — new projects pretty much stopped. Only gold is different; small new projects are still going ahead. Gold is Australia’s fourth biggest export good, behind iron ore, coal, and natural gas.