Skip to main content

Have you recently changed jobs within the mining industry?



The harsh reality of working in Australia’s mining industry is that it can be highly volatile. One minute you’re enjoying the benefits of working in your dream job, the next minute you’re left scratching your head as to why you’re no longer required. 

Over the Christmas/New Year break I read plenty of news stories about Australia’s major mining houses (BHP/BMA, Anglo, Santos, Rio etc.) continuing their cost cutting measures by shedding staff and contractors.  I’ve spoken with many people who have been impacted by this personally and whilst the majority saw it coming, it’s still a difficult situation to deal with.

So what should be done?  Apart from the obvious job hunting, there may be some other things you can do in relation to your superannuation and insurance.  With any change in circumstance whether it be employment, starting a family, buying a house and so forth, you should review your superannuation and insurance needs. 

For example, if you’ve just left the mining industry, or have taken on a new role, it’s imperative that you review your personal insurances.  Chances are your salary has changed and from the insurance companies point of view your occupation rating may have changed. What does this mean?  Simply, it means you could be over insured, under insured or paying inappropriate premiums due to your change in occupation. 

If you were previously working as a geologist earning $150,000 per year and now you’re in a different role on a lower income, you may be paying higher premiums than you need to be.  Depending upon the structure of your existing insurances, it may be appropriate to make some changes.  Why pay more than you need to?  Particularly if what you’re paying for may no longer be appropriate to your needs.


2016 may be a tough year for some.  There’s little point dwelling on things that are beyond our control.  Focus on the things you can control and take the opportunity to review and improve your superannuation and insurance.  Don’t just simply “set it and forget it”.  Changes you make now (however small) will have a big impact in the long term.

Andrew O'Brien FINANCIAL ADVISER. P 07 3852 3025  0403 156 625  E andrew@hindsightwealth.com Suite 4 / 30 Florence Street, Newstead QLD 4006. Andrew O’Brien is an Authorised Representative of Synchron AFS Licence No 243313 Life Insurance Broker. To read our Privacy Policy, click here


Popular posts from this blog

Are You Entitled to Long Service Leave in the Mining Industry?

I often get asked about eligibility for long-service leave.
There seems to be a little bit of confusion surrounding this topic. 
Traditionally, long service leave applies to an employee who has been with the same employer for several years (typically 8-10).
Depending on the industry, an amount of leave is available after that time.  For example, some industries provide 1.3 weeks of long service leave for each completed year of service.After 10 years they are eligible for 13 weeks.
Of course, if you leave that employer prior to the 10 years, it’s unlikely any accrued amount will be paid out and in most cases, it’s not transferable to the next employer.
In the Coal Mining Industry, things are a little different.  In 1992, the Australian Government introduced the Coal Mining Industry (Long Service Leave) Administration Act.
It’s a complicated piece of legislation.However, the idea is to allow eligible employees to transport their accrued long-service leave from one employer to the next. 
Eligi…

Do Aussies Still Want a Job in The Resources Industry?

Last week I read an article titled “Why Aussies aren’t rushing to fill the thousands of vacant mining jobs.”  See the below article extract:
“As the limping industry picks up again, and global companies including BHP, Rio Tinto and Fortescue start construction on new mines, a lot of Aussies who made those exact companies millions of dollars aren’t as ready to jump on a plane.

Five years ago, Australia was in the middle of one of its biggest mining booms in history.

Thousands of people became fly-in, fly-out (FIFO) workers, spending four weeks battling through 12- hour days and then jetting back home for a few days to see their families — before doing it all over again.

The salary was great, often cracking more than $150,000, but the sacrifice was even greater.

The FIFO profession earnt itself such a bad reputation that a number of Aussies who worked in the first boom have said there’s no way they’d go back again.”

Obviously, this is not a new school of thought for some of us.In fact, I’ve p…

Unlocking the Mystery of your Super Statement

Superannuation statements. Boring, right? But if, like many people, you toss your annual super statement in a drawer or hit delete, you could be depriving yourself of many thousands of dollars just when you need it. It’s worth the small effort to take a closer look at your superannuation statement. If everything is in order, you’ll get a warm glow from watching your nest egg grow. Conversely, a quick check of your statement may reveal some of the common problems that occur with super; and the sooner these are fixed the quicker your savings can increase. What to look for The layouts of statements vary between super funds, but there is standard information that must be provided. Some items may appear in summary form, with a detailed breakdown shown elsewhere. Here are the key things to look for: ·Contributions or funds in. This will cover employer and personal contributions, government contributions and rebates, plus any rollovers. If you’re an employee earning more than $450 per month, yo…