With tax time just around the corner, we wanted to find out how mining industry employees are setting themselves up financially.
Over the years many people have been attracted to the mining industry by the promise of big salaries and the commonly held idea that “a few years working FIFO can set you up for life”.
That’s understandable. Australian Bureau of Statistics data shows the mining industry employs 256,000 highly skilled workers across Australia and pays higher wages than any other industry. The median weekly earnings for mining workers in 2020 were $2,325 — double the median of $1,150 for all other industries.
No wonder the idea that the mining industry offers high wages, and is therefore a great industry to establish a career in, persists.
How are you setting yourself up financially?
With tax time just around the corner, in this month’s Mining People Poll we wanted to find out how mining industry employees are setting themselves up financially.
Did you start your mining career hoping to buy your own home or pay off your mortgage? Were you attracted to FIFO work because it meant you could afford (and had time) to travel? Did you hope to give your family a good start in life? Or were you planning to invest in shares or rental properties?
We also want to understand how many people in the mining industry have a financial plan in place, and whether they’re sticking to it. Do you top up your super contributions? Do you invest in mining stocks?
Take part in this month’s Mining People Poll
We think this month’s poll will provide a fascinating insight into the ways people working in the Australian mining industry are prioritising and organising their financial future.
All responses to the MPi poll are completely anonymous. Results will be published in the Mining People Newsroom in early June.