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Iron Ore Industry to Drive Australia’s Future Economic Growth - EY Report

Mining News - Published on Mon, 14 Oct 2019

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According to new modelling commissioned by Fortescue Metals Group, Australia’s iron ore industry contributes relatively more to the nation’s economy than the entire accommodation and food services and information media and telecommunications sectors. The EY report found that the iron ore industry contributed AUD 58.7 billion in Gross Value Add to Australia in FY19, representing 32 per cent of the total GVA of the resources industry. Fortescue CEO Ms Elizabeth Gaines said the iron ore industry was well recognised as one of the most significant contributors to the Australian economy.

She said “Australia’s resource sector is the powerhouse of our economy, and at three per cent of GDP the iron ore sector directly contributes 68 cents to the economy per dollar of output with a further 17 cents per dollar indirectly flowing through strong linkages to other industries. Modelling of the flow-on employment impact shows that for each full time employee directly employed in the industry, an additional 2.15 FTEs are employed in other sectors. Today, the iron ore industry directly employs around 37,000 people and indirectly creates nearly 80,000 additional roles.”

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Posted By : Rabi Wangkhem on Mon, 14 Oct 2019
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