But our troubles aren’t all home-grown.
A chart in Deloitte’s Tracking The Trends 2014 report shows how poorly the global mining sector has fared in the past three years:
Miners underpin a significant part of the Australian economy, with mining activity contributing about 19% of Australia’s GDP according to analysts at BIS Shrapnel.
Tellingly, the ASX 200 Resources index has tumbled 31% from May 2011 to about 4055 currently.
Deloitte today reported that miners would continue to face tough conditions in 2014, including rising costs, low commodity prices, supply-demand imbalances, and decreased productivity.
The firm said Australian miners needed to address three issues in particular: sustainable cost practices and productivity; innovation; and capital management.
There’s more in the Deloitte report.