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:

South Africa:   Bribery Allegedly Won 2010 World Cup for South Africa (news)
allAfrica.com
27 May 2015

The FIFA corruption scandal rocking the football world has cast a shadow over the historic decision to stage the 2010 World Cup in Africa. [read more]

Madagascar:   Malagasy Legislators Vote to Impeach President (news)
allAfrica.com
27 May 2015

Malagasy legislators have voted to impeach President Hery Rajaonarimampianina for "serious and repeated violations of the Constitution", reports L'Express de Madagascar, from the capital, ... [read more]

Gambia:   Dozens 'Disappeared' After Coup Bid, Says Rights Group (press release)
Human Rights Watch
27 May 2015

Gambian authorities have detained incommunicado, depriving them of all contact with the outside world, dozens of friends and relatives of people accused of involvement in a coup attempt since January ... [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!