Mining’s “golden bit” is gone: Treasury

Treasury boss Martin Parkinson says while expansions in the mining industry will continue for some time, the sector’s “golden bit” is probably over.

AAP reports Parkinson said there were also concerns about demand from China, but overall the Asian superpower was strong.

Joining Parkinson at the estimates hearing in Canberra yesterday Treasury macroeconomic group executive director David Gruen said the current mining boom was the biggest in Australia’s history.

“We and the Reserve Bank have had a look at past investment booms, and as a share of the economy, it is about to be more than double the size of any previous one – and the data goes back to the 1860s and the gold rush,” he said.

According to AAP Gruen said current mining investment was growing strongly and while growth would diminish it was likely to stay present “for some considerable time”.

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