Australia’s mining industry has had 5 peaks, or “booms” during its history. When Australia’s reserve bank looked back and compared each boom’s relative impact in 2010, it was found that the most recent one (which started in the mid 2000’s) was the “mother of them all”. Economists at the time were giddy, and investors were ready to capitalise. The money was flowing, and everybody wanted in on the game.
It all started in around 2003, when China and other Asian countries started buying up more and more of Australia’s coal and iron ore, which led to rising prices in these commodities.