The Recent Australian Boom The recent resources boom in Australia had a significant impact as far as the performance of Australia’s economy is concerned. The resources boom resulted in a significant increase in the demand for several economic resources such as minerals. Consequently, a country like Australia, which is one of the main producers of these resources, has benefited significantly from this boom. Pearse (2009) points out that Australia’s mining sector has experienced unprecedented growth in recent years and this growth has a significant impact on the entire economy of the country. Despite the global economic recession whose effects are still being felt in many parts of the country, the Australian economy has managed to maintain steady growth and, therefore, making it one of the few western countries that have managed to register a growth in its economy during the recent global economic turmoil. The major reason behind this sustained economic growth in Australia is the high demand for the country’s mineral resources in the Asian market and, specifically, the Chinese market. The recent economic boom experienced in China has led to the country’s demand for some resources that are the main drivers of its economy. These resources include minerals such as iron ore that has registered a significant increase. Being one of the biggest iron ore producers in the world, Australia has been the greatest beneficiary as a result of the increased demand for iron ore in China. In addition to that, the increase in demand for iron ore products has resulted in an increase in their prices, which has enabled Australia and other major iron ore producing countries to register a much higher income from the sale of these products. Pearse (2009) points out that in addition to its vast iron ore resources, Australia has benefited from the increase in demand for other resources such as cola whose demand has significantly increased in several places across the world. This increase in mineral resources, in addition to the fact that the mining sector is one of the country’s core sectors, implies that the impact of the resources boom has been felt by the entire economy in terms of the growth facilitation. Darbas and Lawson (2004) point out that despite the recent steady economic growth in Australia occasioned by the resources boom, the country has started to experience a decline in the performance of its economy. Moloney and Hill (2012) note that Australia’s economic growth is registering a steady decline whose cause, just like the case with the growth, are the events taking place within the country’s mining sector. Some of the countries that are responsible for causing the resources boom in Australia are experiencing a decline in their economic performance. This implies that their demand for some of the core drivers of the economy such as mineral products is on a steady decline. For instance, Lattimore and Pobke (2008) point out that China, one of the major importers of Australia’s mineral products, is experiencing a steady decline in its economic performance. For a long time, China has managed to maintain steady economic growth against the backdrop of a global economic recession. However, the effects of the global economic crisis seem to have finally caught up