SYDNEY - A gradual pick-up in mining investment in Australia combined with solid export demand for the country’s commodities will likely contribute to broader economic growth over the next year, a senior central bank economist said on Wednesday.
“Based on information we get from our liaison program and other sources, we expect that mining investment is probably around its trough and is likely to pick-up gradually over the next year or so,” said Reserve Bank of Australia’s Head of Economic Analysis Alexandra Heath. As China’s population growth eases and the rates of industrialization likely slows, demand for steel to build urban housing and infrastructure would reduce, Heath said, though demand in the manufacturing sector is still expected to hold up.
“Even if somewhat slower growth is achieved, demand for imported coking coal from countries such as Australia could increase because India’s coking coal reserves are small and tend to be of relatively low quality.”
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