Mining sector investment to soar to $55 billion in 2010-11

The Australian mining industry’s planned $55 billion of investment spending in 2010-11 (in conjunction with high export prices) is likely to more than offset the adverse economic impacts arising from recent declines in building approvals.

According to the Government’s latest economic forecasts, released in today’s Mid-Year Economic and Fiscal Outlook (MYEFO):

Australia’s GDP is forecast to grow by 3 1⁄4 per cent in 2010-11 and 3 3⁄4 per cent in 2011-12, reflecting strong business investment, rising commodity exports and robust income growth supporting household consumption.

The massive surge in mining sector investment is seen clearly in the following MYEFO chart:

And the good news on mining sector investment keeps coming:

Third LNG project approved for Gladstone

This entry was posted in Mining. Bookmark the permalink.

1 Response to Mining sector investment to soar to $55 billion in 2010-11

  1. Pingback: Pointless debating floods levy right now | Queensland Economy Watch

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s