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:   Ebola Cases Now Exceed 10,000 (document)
allAfrica.com
25 October 2014

An overview of the current state of Ebola infections is provided by excerpts from the October 25 situation report of the World Health Organization's Ebola Response Roadmap: [read more]

Nigeria:   Govt Forces in Deadly Battle With 'Terrorists' (news)
Leadership
26 October 2014

Dozens of Boko Haram terrorists were killed between Friday night and Saturday morning in Abadam town of Borno State after a fierce gun battle between troops of the Multi National Joint Task Force ... [read more]

Mauritania:   Mauritania Shuts Border With Mali Over Ebola (news)
Deutsche Welle
25 October 2014

Mauritania has closed its border with Mali after the country reported its first Ebola death near the frontier shared by the two countries. The WHO says more than 10,000 people have now been infected ... [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!