The Bureau of Resources and Energy Economics (an economic research unit within an Australian government department) have released their April 2013 report Resources and Energy Major Projects (PDF) today.
Notable (and rather unpleasant points):
- Committed capex projected to moderate to $256B by the end of 2013, and to then decrease to around $70B in 2017
- About A$150 bln in Australian mining and energy projects have been scrapped or held back in the last year
This declining capex investment is what the RBA (and many others) have been warning about. The RBA have been cutting rates to (mainly) encourage growth in other sectors of the economy, but this transition is slow to come about.
Brief summary at the BREE website, here:
Committed investment in resources and energy major projects at peak
22 May 2013
