Mining boom biggest since 1850s Gold Rush: Swan October 12 2010
Australia needs capital to support its biggest mining expansion in more than 150 years Treasurer Wayne Swan said.
“Australia is about to embark on its biggest mining investment boom since the 1850s Gold Rush” Mr Swan said at the New York Stock Exchange.
The Australian Bureau of Agricultural and Resource Economics estimates the current pipeline of resource projects in Australia at nearly $360 billion on sustained demand from China and India for resources from the world’s biggest exporter of iron ore and coal.
Mining-investment plans are up almost 50 per cent or five times more than levels six years ago Mr Swan said.
PM Julia Gillard plans to cut the company tax rate to 29% from 30% and build roads rail and ports to support growth funded by a mining levy from 2012 that is yet to be legislated.