Australia’s iron ore industry added 30 per cent to its value between FY13 and FY14, according to new data released by the Australian Bureau of Statistics.
During that period sales and service income in the iron ore industry gained 25.8 per cent, rising from $62.2 billion to $78.3 billion.
The total value of the Australian mining industry grew seven per cent, from $203.5 billion to $217.8 billion, regaining FY12 levels.
While metal mining increased by 16.1 per cent, coal dragged down growth with a slump of 16.7 per cent in FY13 and 2.7 per cent in FY14, falling more than $10 billion in value, from $58.8 billion to $47.7 billion.
Despite slight drops in value, oil and gas extraction saw substantial increases in employment levels, 8.76 per cent in FY13 and a dramatic 18.3 per cent increase (3471 people) in FY14.
Overall, mining employment fell by 2.2 per cent, or 4170 people in FY14, taking national employment levels down to 186,920 people at June 2014.