Facts about the mining monopolies

Vanguard March 2013 p. 5

Facts about the mining monopolies are staggering!

The Australian mining sector has reached more than 83% big business foreign ownership. Giant multinationals BHP-Billiton, Rio-Tinto, Xstrata, Anglo-American, Alcoa, Chevron, Shell reap huge profits from our national resources and the labour power of Australian workers.

Mining profits have increased by 900% in the past 9 years. In the next 5 years these giant foreign mining monopolies will send $50 billion in profits out of Australia to their corporations' head offices, mainly in the US and Europe.

Imperialism in Australia has ensured the complete privatisation of the mining sector of the economy and the profits earned by it. The pillaging of mineral resources, where a large part of the economic surplus is diverted abroad, has crucified Australia's balance of trade and sent the country's current account deficit through the roof. Consequently, mining in Australia does not bring capital in for development, but takes it out. That is why the mining sector should be nationalised for the benefit of the Australian people!

The following facts from the Australian Bureau of Statistics speak for themselves. Australia recorded a Current Account deficit of AUD$14900 million in the third quarter of 2012.

			Jun Qtr 2012	Sep Qtr 2012
			$m	$m	% change
CURRENT ACCOUNT
	Trend estimates		-13 942	-14 466	-4
	Seasonally adjusted		-12 369	-14 900	-20
GOODS AND SERVICES
	Trend estimates		-3 286	-4 335	-32
	Seasonally adjusted		-2 114	-4 645	-120
NET PRIMARY INCOME
	Trend estimates		-10 406	-9 922	5
	Seasonally adjusted		-10 057	-10 023	-
LEVELS AT END OF PERIOD
		Net foreign equity	109 959	120 977	10
		Net foreign debt	750 969	748 654	-