Business

AFIC takes positive view on economy

BIS Shrapnel will today release its latest set of long-term forecasts, saying the mining investment boom will soon end, but that Australian economic growth will not stall.
BIS Shrapnel will today release its latest set of long-term forecasts, saying the mining investment boom will soon end, but that Australian economic growth will not stall. AAP

AUSTRALIA'S biggest mining companies - which have underwritten the country's economic growth since the financial crisis - are likely to start pulling back on once-optimistic plans for investment, according to one of the biggest investors in the resource industry.

But Australian Foundation Investment Company, which has former BHP Billiton chairman Don Argus on its board, stopped short of declaring the mining boom over, insisting that China would support commodity prices for years.

The comments follow a rethink by economists on the outlook for Australia's mining investment boom.

BIS Shrapnel will today release its latest set of long-term forecasts, saying the mining investment boom will soon end, but that Australian economic growth will not stall.

Concerns about the global outlook weighed on the sharemarket yesterday, as stocks suffered their worst day since June 4, with $21 billion wiped from the market's value on fears of slowing Chinese growth and a blowout in Spanish debt.

Read more at Brisbanetimes.com.au

Topics:  economy, mining, resources




Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Biggest smiles from smallest firefighters

HOSED: Alfie Wallace, 9 and Rachelle McLane, 8 of Grafton Public School might not be big enough to fill out the jackets, but they got the full experience as their school visited the site for this weekend’s Regional Firefighter championships.

It was a fire demostration with a difference.

Impact of wind turbines on birds blown out of proportion

Scale of carnage pales in comparison to those killed by cats

Modern pharmacy with tradition at its heart

TODAY’S TEAM: Grafton’s Friendlies Chemist staff, from left, Leanne Pardoe, Sophie Schmidt, Julie McCaughey, Hayley Buckler and Kerrie Lockett.

Grafton’s Friendlies Chemist celebrates 100 years of service.

Latest deals and offers

Grafton Public gets some fire training

Grafton Public School students got their hands wet when the local brigade as part...

Car fire in Grafton

A car was destroyed by fire in the early hours of Saturday morning in Fitzroy...

'Exploring The Clarence Valley - Buccarumbi & Dalmorton'

Snapshot of the Boyd River at Dalmorton from the 'Exploring The Clarence Valley' video series shot by Grafton photographer Jessica Robertson using drone footage.

'Exploring The Clarence Valley - Buccarumbi & Dalmorton' by Grafton photographer...

Perfect time to invest in Northern Rivers property

The Northern Rivers rental market is tighter than Sydney making it the perfect time for investors to get better returns out of property than superannuation or banks deposits.

Low interest rates and tight rental market are prime time to invest