looking beyond coal
New economy minerals: the Queensland perspective Tony Knight, Chief Government Geologist, Queensland Department of Natural Resources, Mines and Energy
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n recent years the Queensland Government has been using the term ‘new economy’ when describing the source of rapid demand growth for a range of minerals used in manufacture of various new technologies. And what’s more, the Government has not only been talking about the new economy but investing significant funds to help build new supply chains in Queensland for the minerals needed for the manufacture of those new technologies.
But what is the new economy, and why does it have such prominence right now? After all, didn’t we first hear about the new economy back in the dot com era of the 1990s? In those days it was used to describe the transition from a manufacturing-based to a services-based economy, propelled by widespread growth of the internet and the numerous opportunities it created for new businesses. In hindsight though, through the lens of the dot com bubble, we can say that the ‘new economy’ call was made a bit too early and there was still a long way to go on the data and digital transformation journey. As we fast forward to today, in this third decade of the 21st century and look carefully at what is happening around the globe, we do see clear signs, or more properly, seismic shifts that are changing the fundamental underpinnings of our economy. And the fact that we stand at the confluence of these great shifts, of these global transitions, is why the term ‘new economy’ is appropriate.
Photo: Josh Kelly
In the changing world of the new economy, the measure of success will be broader than in the past, calling for greater balance between the measures of sustainable prosperity - people, planet, profit and progress.
BBMC Yearbook 2020
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