Agriculture could be the next boom for Australia
Iron ore has been Australia’s largest export, but as minerals prices plunge, Australia’s economy is under pressure to pivot away from mining and toward the next big boom. With the exception of Rio Tinto and BHP, the whole Australian iron ore industry is now digging dirt for a loss. The fourth largest iron ore producer, Atlas Iron, will suspend its entire production by the end of this month. Chinese demand for Australian minerals may be slowing but demand for Australian food and agricultural products is predicted to grow.