Here’s some actual news – the mining boom went bust over 2 years ago!
Honestly, I can’t believe it’s taken 2 years for the media to pick up on this. Projects started getting cancelled or shelved over 2 years ago. Large layoffs started happening over 2 years ago. Why wasn’t the media reporting on it then?
The inconvenient truth? The government going around telling everyone that the mining industry is going to save the economy and keep unemployment figures down…That message doesn’t exactly hold much weight when exploration has all but ceased and thousands of staff are being laid off each week (or contracts are simply not being renewed). None of this is new. It didn’t start happening last week.
One of the first things to get cut when budgets come under pressure is research and development (R&D). This affects people like me who work in the university sector on mineral exploration research projects. If the companies don’t have an R&D budget, we don’t get research funding. If we don’t get research funding, we don’t have a job either. It’s just not the exploration and mining sector suffering job losses here. This is having a flow on effect on university geology departments, state and federal government geological surveys, CSIRO…
Even I have a contingency plan in case I lose my job and can’t find a new one. Everyone makes jokes about me becoming a dive bum on a tropical island. It’s not entirely off-target. I’ve looked into the logistics of becoming a qualified dive instructor and doing that for a living – seriously.
It’s not good. It’s not been good for over 2 years.
Calling a mining bust now is not new news. It’s old news.