Investment data a vote of confidence: Swan
Market watch top headlines
CANBERRA, Nov 28 AAP
November 28 2012, 1:53PM
Treasurer Wayne Swan says record levels of committed investment in resource and energy projects is a resounding vote of confidence in the Australian economy.
Government agency, the Bureau of Resources and Energy Economics (BREE), said in a semi-annual report on Wednesday that resource and energy projects at the committed stage stood at a record $268.4 billion as October.
Mr Swan said even on the most conservative estimate provided by BREE, the total potential investment in the sector sits at a mammoth $650 billion.
"These robust figures are a resounding vote of confidence in the resilience of Australia's economy," Mr Swan said in a statement.
"While the pipeline has not been immune to the recent decline in commodity prices, this report underscores that prospects for the mining sector remain very bright."
The Organisation for Economic Co-operation and Development in its latest Economic Outlook released in Paris on Tuesday expected mining investment in Australia to continue to expand "vigorously" in 2013.