Source: RBATHE mining boom delivered Australians a once-in-a-century windfall.
So how did we spend it?
New modelling published by the Reserve Bank shows the mining boom triggered a binge on new cars.
Purchases of motor vehicles were 30 per cent higher than they otherwise would have been as a result of the boom.
The boom has also underpinned a glut of spending on household items such as furniture, whitegoods, TVs, cameras and computers.
Purchases in that category – called “durable goods” by economists –were 20 per cent higher than what would have been the case if there was no boom.
There are two main factors driving these trends.
First, the boom boosted our incomes. The bank’s modelling shows household disposable income per person was 13 per cent higher last year than if there had been no mining boom.
Second, the surge in demand for Australian minerals pushed up the exchange rate, making imported goods such as cars, TVs and computers cheaper for local consumers.
The analysis shows the effects of the mining boom left motor vehicle prices more than 15 per cent lower than they otherwise would have been and prices for durable goods such as furniture, whitegoods and electronic gadgets about 11 per cent lower.
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