Thursday, 28th September 2006 (3203 views)

The recent boom in Australian mining is thought to have filled government coffers, the Sydney Morning Herald reports.

Figures released in August showed that the government had a surplus of more than $18 billion, more than the $14.8 billion that had been predicted back in May.

Contributions from Australian mining giants such as Rio Tinto and BHP Billiton have helped to bump up the figure, underlining the importance of the mining sector to the economy of Australia.

A number of new gold projects have been adding to the nation's prosperity and extending employment opportunities. An example is the Union Reef mine in the Northern Territory that promises to create 250 jobs over the next ten years.

The actual state of the economy and the mining sector's contribution to it will be revealed on Friday when Australia's treasurer Peter Costello provides a financial snapshot.

"We have been budgeting for a surplus," he said. "We have been aiming to produce a surplus because that is important to lay down funding for the future."

 

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