(GDP = Private Consumption+Gross Investment+Government Spending+(Exports-Imports))
- Total Australian exports to China in 2010 was $58B equivalent to 4.8% of GDP
- Iron Ore exports to China was $34.6B of that number above or 2.9% of GDP
- Coal exports to China was No2 with $5.2B or 0.43% of GDP (Less than half of 1%!!!)
Myth: Our Coal exports are key driver of our economic success (when not interrupted by floods/carbon tax/moon phases/African famine/etc)
Fact: Australian Total Coal Exports total $42.9B or equivalent to 3.6% of GDP.
Fact: Mining Employs a mere 1.8% of the workforce
The whole mining industry contributes less than 8% in total to our GDP.