Economic Development in Australia through Mining Sector

The economy of Australia is amongst the most stable ones and has been successful because of its being a country full of natural resources which exports agriculture in a large scale. Australia’s natural resources have helped the country in becoming better in economy. According to a report Australia aims to provide support to countries that are in developing phase, this support is for maximizing the economic benefits of such countries, and these economic benefits will be basically derived from their mineral resources.

In the last three years over $105 million dollar has been invested by Australia for the development of mining sector. Not only that but the report also suggests to be establishing the international Mining Development Center which will play a key role in enabling citizen to keep a track of their mining revenue through this center and the support of the officials.

The report further goes on to state that in developing countries because of high commodity prices, the investment in the mining and construction has been increasingly. Moreover, it is stated that the poverty can be reduced as the mining sector has considerable potential provided it is well managed by the officials. Not managing it well can become a cause of a in these sectors and it will not be an easy task to for these countries to full make the most of their mining resources without facing any challenges. One point that the report draws attention towards is that many developed countries because of not being managed well are performing worse than many developing countries.