To date exports have been temporarily cushioned by the depletion of stockpiles, but it will affect the GDP growth outcome. Whether or not this strike has longer term ramifications will depend on its persistence, the nature of the ultimate settlement, and any knock-on effect on other sectors and wage settlements.
However, the dispute is indicative of an urgent need to address industrial relations not only in the mining sector but in the broader economy, and requires a change in mindset from both workers and employers. We are hopeful that an acceptable settlement can be achieved soon that satisfies all parties.