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:   How I Could Have Brought Ebola to Washington (blog)
allAfrica.com
23 October 2014

In September, I spent time with an American woman who had recently been in Lofa County, Liberia, an Ebola hot spot bordering the village in Guinea where the first case was identified. We were nowhere ... [read more]

Botswana:   Close Contest Expected at Polls (news)
Southern African News Features
22 October 2014

Close to a million Batswana will go to the polls on 24 October in parliamentary and local government elections that are expected to be closely contested. [read more]

South Sudan:   Rival Leaders in Deal (news)
Sabahi
21 October 2014

South Sudan President Salva Kiir and rebel leader Riek Machar said Monday (October 20th) they accepted mutual responsibility for a 10-month civil war in which thousands were killed, AFP reported. [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!