The Decline of Mining and The Resurgence of Agriculture

Could a shift in the economy bring back agriculture in Australia? In a story posted earlier on BBC, it was reported that Australia is quickly growing its agricultural sector to make up for a decline in its once-powerful mining industry following a cool in the industry’s boom.

That would be great news for Australia, which struggles with feeding its population off of only food it produces in-country and must spend millions in transportation costs just to get foodstuffs shipped to its consumers from places as far away as the United States. This would also be great because hopefully, what will happen is that a resurgence in the agricultural industry will mean increased profits for small farmers as well as large farmers and agricultural organizations. Increased capital from a surge in revenue could be directed towards research and development of higher-yielding crop varieties that could help feed more Australians off less acreage, a potential plus in a country that is feeling the literal burn of climate change more than other countries.

The decline of the mining industry must be sad for families of miners and union workers, and the Australian government should support them as their economy continues to change. However, this is a golden opportunity for Australia to grow its economy, sustain itself and become more independent in its production of basic necessities, and fund research and development of more sustainable methods of farming.

There is no downside to this when you look at the Australian economy, so let’s see where they take their agriculture industry.