Australia's Mining Boom


Book Description

Contains previously published information sourced frpm newspaper, magazines, journals, government reports, surveys, websites and lobby group literature. --Publisher.




The Money Miners


Book Description

This text recaptures the days of the 1969-70 Australian mining share spree. The scandals of Endurance, Tasminex and Queensland mines, and the collapse of the general securities are all traced here. It also tells how and why mining shares rose and fell, explaining the techniques of exploration.




The Dutch Disease in Australia


Book Description

'Dutch Disease' refers to the adverse effects through real exchange rate appreciation that the mining boom can have on various export- and import-competing industries. The distinction is made between the booming sector (mining), the lagging sector (exports not part of the booming sector and import-competing goods and services) and the non-tradeable sector. What should the government do to reduce this Dutch 'disease'? The principal options are: do nothing, piecemeal protectionism, moderate exchange rate effects by running a fiscal surplus, combined with lowering the interest rate, and possibly establishing a sovereign wealth fund. The costs of the latter measures may be considerable.




Why Australia Prospered


Book Description

This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Why Australia Prospered is a fascinating historical examination of how Australia cultivated and sustained economic growth and success. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation, and growth-enhancing policy responses to major economic shocks, such as war, depression, and resource discoveries. Natural resource abundance in Australia played a prominent role in some periods and faded during others, but overall, and contrary to the conventional view of economists, it was a blessing rather than a curse. McLean shows that Australia's location was not a hindrance when the international economy was centered in the North Atlantic, and became a positive influence following Asia's modernization. Participation in the world trading system, when it flourished, brought significant benefits, and during the interwar period when it did not, Australia's protection of domestic manufacturing did not significantly stall growth. McLean also considers how the country's notorious origins as a convict settlement positively influenced early productivity levels, and how British imperial policies enhanced prosperity during the colonial period. He looks at Australia's recent resource-based prosperity in historical perspective, and reveals striking elements of continuity that have underpinned the evolution of the country's economy since the nineteenth century.




The Cambridge Economic History of Australia


Book Description

Australia's economic history is the story of the transformation of an indigenous economy and a small convict settlement into a nation of nearly 23 million people with advanced economic, social and political structures. It is a history of vast lands with rich, exploitable resources, of adversity in war, and of prosperity and nation building. It is also a history of human behaviour and the institutions created to harness and govern human endeavour. This account provides a systematic and comprehensive treatment of the nation's economic foundations, growth, resilience and future, in an engaging, contemporary narrative. It examines key themes such as the centrality of land and its usage, the role of migrant human capital, the tension between development and the environment, and Australia's interaction with the international economy. Written by a team of eminent economic historians, The Cambridge Economic History of Australia is the definitive study of Australia's economic past and present.




The Pilbara


Book Description

The Pilbara, a large, thinly populated region in the north of Western Australia, has become central to the Australian economy and imagination. With millions of tons of iron ore shipped to China, the Pilbara is a media staple, through stories of mining companies' profits, the earnings of fly-in-fly-out workers, and the wealth of new entrepreneurs. For all this, what we know about a vital region such as the Pilbara remains incomplete. The boomtime stories do not reveal much about the Pilbara itself, a place completely transformed across fifty years of mining. No one has acknowledged the Pilbara's ancient history, or the men and women who worked there from the 1960s, building unions and making communities as they worked the mines. In those days, the Pilbara excited both hope and dread about its workers and their power. "From the deserts prophets come," AD Hope wrote years before in his poem, Australia. And it appeared that the Pilbara might be the site of a novel kind of unionism, with workers winning not only high wages but control of the places where they worked and the towns where they lived. But it was not to be. Starting in the 1980s, the companies fought back, defeating the unions and remaking the Pilbara. The managers were now the prophets, with new ways of organising work and managing workers. The companies reinvented the Pilbara through workplace control, fly-in-fly-out labor, and twelve-hour shifts. Their vision reshaped not just the desert but the cities, not just the work in mines and ports but in offices and shops. When the biggest boom in mining history came along, it unfolded across a Pilbara landscape very different from a generation earlier. The union prophets were gone; the companies' profits grew. This book reveals the story of fifty years of conflict over work and life in the Pilbara, and how this conflict has affected the rest of Australia. [Subject: Australian Studies, Labor History]




The Complete Financial History of Berkshire Hathaway


Book Description

For the first time the complete financial history of Berkshire Hathaway is available under one cover in chronological format. Beginning at the origins of the predecessor companies in the textile industry, the reader can examine the development of the modern-day conglomerate year-by-year and decade-by-decade, watching as the struggling textile company morphs into what it has become today. This comprehensive analysis distils over 10,000 pages of research material, including Buffett’s Chairman’s letters, Berkshire Hathaway annual reports and SEC filings, annual meeting transcripts, subsidiary financials, and more. The analysis of each year is supplemented with Buffett’s own commentary where relevant, and examines all important acquisitions, investments, and other capital allocation decisions. The appendices contain balance sheets, income statements, statements of cash flows, and key ratios dating back to the 1930s, materials brought together for the first time. The structure of the book allows the new student to follow the logic, reasoning, and capital allocation decisions made by Warren Buffett and Charlie Munger from the very beginning. Existing Berkshire shareholders and long-time observers will find new information and refreshing analysis, and a convenient reference guide to the decades of financial moves that built the modern-day respected enterprise that is Berkshire Hathaway.




Big Coal


Book Description

Australia's dirtiest habit is its addiction to coal. But is our dependence on it a road to prosperity or a dead end? Are we hooked for life? And who is profiting from our addiction?




Trillion Dollar Baby


Book Description

For most of its history, the remote and near-Arctic nation of Norway has eked out a marginal existence from fishing, forestry and shipping. That is, until Christmas Eve 1969, when oil was discovered off its southern coast. Rather than squandering the profits (as the UK did with its North Sea oil), when the revenue began flowing, Norway put in place the most robust and visionary framework for extracting maximum benefit from non-renewable resources found anywhere in the world. Less than twenty years after the country began investing in what is now called the Government Pension Fund, Norway has the largest sovereign wealth fund in the world, with assets of US$870 billion. What's more, the fund is on track to hit the US$1 trillion mark by 2020. Not only is every Norwegian now a (krone) millionaire and enjoying the highest standard of living in the world, they will be able to hand down this endowment to their children and grandchildren. Norway's savings strategy means that it has taken a non-renewable resource and turned it into a financial asset that can last long after the oil wealth has been completely exhausted. This is the story of how they did it.




Boom and Bust


Book Description

This is a cautionary tale. About greed, irresponsibility and failing to learn from the past. Australia's mining boom is still talked about with a sense of awe. This once-in-a-lifetime event capped off 25 straight years of economic growth. Thanks to mining we sidestepped the worst of the Global Financial Crisis. To the rest of the world Australia was an economic miracle. And then the boom ended. Now Australia is grappling with what that means at a time of rising economic inequality and political upheaval. The end of the boom isn't about money - it's about people. Boom and Bust looks at what happens to those who came into vast wealth only to watch it dry up. To those who thought they had a good job for life, but didn't. The bust didn't just happen on stock-market screens - it was lived, and is still being lived right now, in dusty towns and cities all around the country. As he did in his bestselling book The Death of Holden, Royce Kurmelovs reveals the reality behind the headlines. Boom and Bust is a dirt-under-the-nails look at the winners, the losers and the impact of the boom that wasn't meant to end. This is a book all Australians should read.