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Jim Stanford from the Centre for Future Work at The Australia Institute has written a note explaining how surging energy profits (especially oil, gas, and coal) are now distorting the Australian economy.
Stanford shows how the mining sector’s contribution of national nominal GDP has grown exponentially.
In 2022, the mining sector’s gross value-added accounted for more than 15% of the national total.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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