Australia reaps benefits of Asian mining bonanza - but not everyone's a winner

From Global development | The Guardian Thu Dec 20 2012, 12:39:37

Commodities boom comes with pitfalls as property bubble leaves many behind and those outside mining face soaring prices

Australia hardly qualifies as the developing world, but there is no doubt that it is booming, with few ill effects from the financial crisis and growth set to top 3% this year.

But the boom comes with pitfalls. The surge in the mining industry in recent years has led to a giddy property bubble which, although good for landlords and homeowners, is not so easy for anyone unconnected with the mineral wealth.

In the tropical Queensland city of Gladstone, seven hours' drive north of Brisbane, a retired painter, Allan Giles, is completing the sale of another of his investment properties. He is on the right side of the equation. His modest three-bedroom brick-veneer house with a huge garden and picket fence is three blocks from the sea. Eight years ago he paid A$145,000 (£94,000) for the house. It has just sold for A$375,000.

[view whole blog post ]
 See More    |     Report Abuse


You might also be interested in the following news stories:

Chad:   Former Dictator Habre Convicted in Senegal (news)
Voice of America
30 May 2016

Former Chadian dictator Hissene Habre has been found guilty for atrocities committed during his eight-year rule and sentenced to life in prison. A special tribunal in Senegal issued its verdict ... [read more]

Afrique:   Mouvement africain pour la libĂ©ration de Fred et Yves de LUCHA (news)
allAfrica.com
30 May 2016

Les ambassadeurs de la conscience d'Amnesty ont plaidé pour la libération de Fred et Yves, des militants du mouvement social congolais LUCHAemprisonnés en République ... [read more]

Chad:   Landmark Decision Brings Justice for Tens of Thousands (press release)
Amnesty International
30 May 2016

Today’s judgment convicting former Chadian president Hissène Habré marks a significant moment for international justice and a huge relief for the tens of thousands of victims who ... [read more]



blogAfrica is allAfrica.com's platform to help you keep an ear on the African blogosphere. We draw diverse voices from around the world who post regularly and insightfully about African issues. Bloggers, submit your blog's rss-feed!


Today's Featured News
Mozambique Ruling Party Faces Tough Contest

Renamo supporters: Ruling Frelimo faces a stern challenge at Wednesday's polls from...

Surge in Central African Republic Violence

African Union troops in Bangui (file photo): The UN has expressed alarm...

Nigeria, Cameroon, Ghana Get Crucial Wins

Asamoah Gyan of Ghana (file photo): The Super Eagles have boosted their...