Australian Mine Project Spending Falls 5% as Boom Wanes

The value of mineral and energy projects being developed in Australia, the world’s biggest iron ore exporter, fell 5 percent to A$229 billion ($212 billion) as investment continued its downturn.

“While the investment cycle has peaked, Australia is now moving into a period of significant increases in the production of resources and energy commodities,” the Bureau of Resources and Energy Economics’ Deputy Executive Director Wayne Calder said today in its twice-yearly report on project investment. At Oct. 31, the value of projects was A$240 billion, it said.