The next phase of the mining boom is here: Swan

Treasurer Wayne Swan says new figures showing a jump in exports and growth in the economy prove the next stage of the mining boom is upon us.

The latest national accounts released yesterday show the economy expanded 0.6 per cent in the December quarter, with annual growth close to its long term trend at 3.1 per cent.

Swan said the new figures were an impressive result for Australia, and showed strength in the mining sector had kept the economy strong when other nations were faultering.

“Australia has managed to achieve solid growth in the December quarter at a time when around half of all advanced economies contracted, including five major advanced economies,” he said.

Swan said net exports grew 3.3 per cent in the quarter, which was the second fastest pace in almost a decade and proved the mining industry was picking up steam.

Swan said the billions invested in the mining sector over the last few years was starting to pay off and the next stage of the boom, where commodity prices decline but production expands, has begun.

“What we are starting to see here is the upswing in the next phase of the mining boom … as projects ramp up and go into production,” he said.

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