Uploaded on 2014-11-14 by bperezdejuan

Mining changed life of Western Australia population. The mining boom of the last decade has done many things for the state and for Australia, most notably being the economic factor that stopped Australia dipping into negative economic growth during the Global Financial Crisis. China is the biggest recipient of Australia’s exports. About half those exports are iron ore from Western Australia. Ten years ago, it was only 16%. Back in the 1970s, about 1 million tonnes of iron ore was being shovelled from the ground each week. Now it’s about 1.5 million tonnes a day. This fact produces 3 mains samples of stocks and flows: 1) Inmigrants: WA has the jobs and the opportunity. One in three people living in Western Australia was born overseas, the highest proportion of any area in Australia. 2) Population: WA had 2.2 million people in 2011. A year ago it reached 2.5million andnumbers say that the population could hit early 4 million by 2050. 3) Housing Market and Prizes: Prizes in Perth are growing because of this healthy economy. Perth is now the most expensive state capital to rent a house. ![enter image description here][1] One indicator on how deeply wealth has penetrated into society is the state of the first home buyer market, where affordability and confidence are critical elements. The first home buyer has been absent in the eastern states for some time but in WA there’s something of a boom. And this has happened despite a three-fold increase in the cost of the average first home over 14 years. In 2000, there were 1,430 first home buyer grant applications across the state for the month of July. That was when the entry for the median purchase price for established homes was $122,000. Over the last year, monthly first home owners grant applications have been between 1,600 and 1,700. The Office of State Revenue reports the median purchase price for first home buyers is $438,000.The percentage of first home buyers as a proportion of the overall housing market has been above average for some time and last year was at times almost 30 per cent of the whole market. Mining activity in Western Australia is changing life of citizens, but it has several consequences for the environment and for the economy in the future when the boom stops. [1]: https://edxuploads.s3.amazonaws.com/14159417489092907.png