The Australian economy is now in its twenty second consecutive year of economic growth including the period of the Global Financial Crisis. The increase in mining sector activity over this period, primarily driven by urbanisation in China, has allowed Australia to maintain this prolonged period of economic growth.
However, as the capital intensive mining investment phase has reached its peak and transitions into the extraction and production phase, Australia’s economy will face a more challenging time. The economy will need to rebalance its growth drivers, so that the residential sector and non-mining business investment takes over the recent reliance on mining capital investment. This transition will not be without some pain and the fragility in both business and consumer confidence underlies the difficulties ahead.
Oceania-Report-october-2013 (2.5 MiB) [Debe estar registrado para ver el archivo]