Reserve Bank Says Mining boom has years to run

Reserve Bank Says Mining boom has years to run

The Reserve Bank of Australia has just released a statement saying AUSTRALIA’S economy has adjusted well to the impact of the “mining boom”, which is likely to continue for some time.

In a paper presented today to the Structural Change and the Rise of Asia conference in Canberra, RBA assistant governor Christopher Kent said the [mining] boom had been on the whole, very advantageous for Australia.

While the adjustment of commodity prices has left the impression amongst many Australian’s that one phase of the resources & mining boom was over, Christopher Kent said there was still more to come. This is surely a good sign for the mining industry that has born the brunt of negative press for many weeks, weakening the confidence in the mining sector and mining support services.

“The second phase of investment in the resource sector has been in progress for some years and still has some way to run,” he said.

“The third phase of increased mining production and export of resources like iron ore and coal has also commenced and has a long way to go yet, especially in the case of LNG (Liquified Natural Gas), because investment takes place over a number of years before production comes on stream.”

When comments like this are released from the RBA, confidence in the mining industry is boosted, creating more optimism for current mine workers as well as people looking to start a new career in a mining job.

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