Mining boom over: now watch the economy go bust

Australia avoided the global recession because of the large surplus left by the Howard Government, and because of the mining boom. Today, confirmation if we needed any: the mining boom is over, thanks to Labor. BHP Billiton, Australia's largest miner has been forced to scrap plans for further expansion and investment in South Australia (and Queensland), thanks to spiralling and world-record high labour costs and the carbon dioxide and mining taxes. In addittion, the 100+ regulations and conditions imposed by the SA Labor Government didn't help. More than 8,000 would have been created by this project. This comes just weeks after other major companies like Shell and Woodside delayed or cancelled planned investment.
More bad news in the economy today:

• BHP's profit down 35%
• BHP to freeze new investment spending in 2013
• Insurance Australia Group profit down by 17%
• QANTAS loses $244 million, first loss in 20 years - company blames high costs and unions
• The company also cancels $9 billion investment in 35 new airliners
• Fairfax Media posts a massive $2.7 billion loss
• Rail freight company QR National confirms 900 jobs to go
• Sales slump continues at David Jones

UPDATE: This is what the BHP Chairman warned the government a few months ago  ''While governments have the right to make tax and royalty decisions, those decisions have repercussions.”
“Attacking individuals and specific industries doesn’t build confidence in our country – nothing good comes from this. It is particularly troubling when these attacks are directed at the resources sector, a part of the economy that has the potential to continue growing, creating jobs for many more Australian''