Australian Stock Markets
There are increasing signs business investment in Australia is picking
up outside the resources sector thanks to growth in services and
infrastructure spending, a timely support to the broader economy
According to the Deputy Governor, Guy
Debelle of Reserve Bank of Australia (RBA) recent revisions to economic data showed non-mining
investment had been stronger than previously thought over the last
couple of years.
Growth has been concentrated
in the services sector, including healthcare, telecoms and media. Public
spending on infrastructure has also picked up markedly and is spilling
over into investment in the private sector, said Debelle.
That
was a timely development as a boom in mining spending that stretches
back more than a decade is almost at an end, he added.
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