3.8 C
New York
Tuesday, November 30, 2021

Australia non-mining investment on the mend: RBA

Australia non-mining investment on the mend: RBA© Reuters. Reserve Bank of Australia Deputy Governor Guy Debelle speaks at the Bank of England conference ‘Independence 20 Years On’ at the Fishmonger’s Hall in London, Britain

SYDNEY (Reuters) – 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, a top central banker said on Monday.

Reserve Bank of Australia (RBA) Deputy Governor Guy Debelle said 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

10,921FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles