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:

Africa:   African Civil Society Under Threat, Warns Mary Robinson (interview)
7 October 2015

The decline of human rights on average across Africa is worrying Mary Robinson, the former United Nations High Commissioner for Human Rights and now a special envoy on climate change for the UN ... [read more]

Nigeria:   Unmaking Nigeria's Boko Haram (analysis)
1 October 2015

Is Nigeria attempting the impossible in trying to de-radicalise Boko Haram militants? IRIN’s Editor-at-Large Obi Anyadike speaks to the prisoners, their victims, and the de-rad “treatment ... [read more]

Kenya:   Kenya's Emerging Middle Class Wealthier Than U.S., British Counterparts - Report (news)
The Nation
6 October 2015

Kenya's emerging middle class is wealthier than peers in the developed economies such as Britain and the United States, a new report shows. [read more]

blogAfrica is'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...