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:   Zuma Cancels Foreign Visit Over Attacks (news)
SAnews.gov.za
18 April 2015

President Jacob Zuma has cancelled his state visit to Indonesia in order to attend to matters relating to attacks on foreign nationals. [read more]

Egypt:   Court Sentences 11 to Death Over Stadium Violence (news)
Aswat Masriya
19 April 2015

The Port Said Criminal Court referred on Sunday 11 defendants to the Grand Mufti to issue an opinion on sentencing them to death over murder charges during stadium violence which erupted in the canal ... [read more]

Zimbabwe:   Govt U-Turns on Civil Servants Bonuses (news)
New Zimbabwe
17 April 2015

President Robert Mugabe suggested Saturday that there was a parallel government in his administration as he publicly attacked his finance minister, accusing him of making decisions without consulting ... [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!