Pay freeze at BHP Billiton as Australia cuts mining forecasts The move came as Australia, gripped by fears that its mining boom is ending, cut its expected earnings from mining exports for the financial year to the end of June by 10pc, to Aus $189bn (£121bn). Resource-rich Australia, often nicknamed "China's quarry," is feeling the impact of cooling growth in the Chinese economy, which is affecting demand for its raw materials. Martin Ferguson, the Australian resources minister, said that the updated forecasts underlined that commodity prices have peaked and said the industry would have to tighten its belt. "There is no room for fat in the system if Australia is to be competitive," he said. If resource prices continue to fall and input costs continue to rise, increasing productivity in this manner will be the only way the industry will continue to prosper. At BHP, chief executive Mr Kloppers was paid a base salary of $2.2m for the year to the end of June, but his total package was $9.8m when benefits and share-based payments were factored in. That represented a drop from the $11.6m he was paid in 2011, because he had asked not to be considered for a bonus in the wake of BHP's large writedowns of its shale gas assets.