dtrax
23-08-12, 16:04
Source: http://www.businesstimes.com.sg/breaking-news/world/australia-declares-resources-boom-has-peaked-20120823
CANBERRA/MELBOURNE - Australia declared the top of the resources boom, which had cushioned the country against the global financial crisis, a day after the world's biggest miner BHP Billiton shelved two major expansion plans worth at least US$40 billion.
One minister went as far as calling the end of the resources boom, but later rowed back to say commodity prices had peaked while investments in multi-billion dollar projects would continue, especially in the energy sector.
"This construction boom will continue, but the days of record commodity prices are gone," Resources and Energy minister Martin Ferguson told reporters on Thursday.
"We've done well - A$270 billion (US$282 billion) in investment, the envy of the world. It has got tougher in the last six to twelve months," he said earlier on Australian radio.
No more 4k per wk salary for miners in Ozzie soon?
CANBERRA/MELBOURNE - Australia declared the top of the resources boom, which had cushioned the country against the global financial crisis, a day after the world's biggest miner BHP Billiton shelved two major expansion plans worth at least US$40 billion.
One minister went as far as calling the end of the resources boom, but later rowed back to say commodity prices had peaked while investments in multi-billion dollar projects would continue, especially in the energy sector.
"This construction boom will continue, but the days of record commodity prices are gone," Resources and Energy minister Martin Ferguson told reporters on Thursday.
"We've done well - A$270 billion (US$282 billion) in investment, the envy of the world. It has got tougher in the last six to twelve months," he said earlier on Australian radio.
No more 4k per wk salary for miners in Ozzie soon?