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:
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“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)