Economy
Phosphate mining had been the only significant economic activity, but in December 1987 the Australian government closed the mine. In 1991, the mine was reopened by a consortium which included many of the former mine workers as shareholders. With the support of the government, the $34 million Christmas Island Casino and Resort opened in 1993, but was closed in 1998. As of 2011, the resort has re-opened without the casino.
The Australian government in 2001 agreed to support the creation of a commercial spaceport on the island, however this has not yet been constructed, and appears that it will not proceed in the future. The Howard Government built a temporary immigration detention centre on the island in 2001 and planned to replace it with a larger, modern facility located at North West Point until Howard's defeat in the 2007 elections.
Read more about this topic: Christmas Island
Famous quotes containing the word economy:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)