May 28, 2017 / News
According to experts, Australia's recent mining boom has peaked and is now starting to slow down. This slump may be attributed to the collapsing of commodity prices, and the slowed growth of the Chinese economy. These factors have significantly impacted the growth of Australia's mining industry, as it has led to decreased investment in mining, and decreased demand for Australia's mining products since China is one of Australia's largest buyers.
As a result of this downturn, the Australian mining industry has had to shed over two thousand jobs across the country, suspend operations in a number of mines, such as the Woodie Woodie manganese mine in Western Australia, or shut them down entirely. Cost-cutting measures have been widespread throughout Australia's mining industry, in order to compensate for the significant slump in funding. States like Western Australia and South Australia, in particular, have been hit the hardest as their economies are heavily reliant on mining as one of the main sources of revenue and employment.
However, recently there have been signs of a comeback for Australia's mining industry. Commodity prices have lifted and there has been a noticeable increase in mining job listings. According to Seek, recently mining has been one of the industries with the highest rate of job advertisement growth on their website. This is in stark contrast to the significant decrease in demand for workers and the nationwide job cuts in the mining sector. Also, long-term employment of qualified mine workers has been identified as a trend amongst the job listings. This is good news for mine workers, as long-term employment can provide much-needed stability in a dynamic industry.
All hope is not lost for Australia's mining industry. The lifting of commodity prices and the resurgence of mining jobs is a potential sign for more fruitful times ahead.
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