Reserve Bank of Australia govenor Glenn Stevens says the mining boom is different, not dead, and reports of its demise have been "overhyped".
In a speech to the Committee for Economic Development of Australia Stevens said the mining boom had moved to its final of three phases, Business Spectator reports.
“As a matter of fact, talk of the ‘end of the mining boom’ has been somewhat overhyped,” he said.
“The ‘boom’ is not so much ended as simply evolving, as these events would be expected to.”
Stevens said each boom had three phases, with the first being a rise in prices and the second being a rise in investment.
“The third phase of the boom is when the capacity to extract and export higher quantities of resources is actually used,” he said.
Stevens said while the final phase was still in the future for most of Australia’s sector, the industry would contribute less to the future economy than it had in previous years.