ID :
163382
Wed, 02/23/2011 - 13:36
Auther :
Shortlink :
https://oananews.org//node/163382
The shortlink copeid
Mining boom will not last forever, says Australia’s top banker
MELBOURNE, Feb 23 (Bernama) -– Australia’s mining boom should be treated as being temporary, the central bank governor says.
In a speech here, Reserve Bank of Australia Governor Glen Stevens said the current mining boom was being driven by a big increase in demand for commodities, by China and India.
He said global consumption of coal has increased by about 50 per cent over the past decade, consumption of iron ore has increased 80 per cent since 2003 and the capacity to export Liquified Natural Gas (LNG) has doubled since 2004.
Stevens said increased demand for these commodities had driven up prices and Australia's terms of trade were about 65 per cent above the average level for the 20th century.
He said the Australian dollar, which has been level with the US dollar for the past few months has eased the inflationary pressures.
Stevens said this in his speech at the Victoria University Public Conference on the resources boom.
In a speech here, Reserve Bank of Australia Governor Glen Stevens said the current mining boom was being driven by a big increase in demand for commodities, by China and India.
He said global consumption of coal has increased by about 50 per cent over the past decade, consumption of iron ore has increased 80 per cent since 2003 and the capacity to export Liquified Natural Gas (LNG) has doubled since 2004.
Stevens said increased demand for these commodities had driven up prices and Australia's terms of trade were about 65 per cent above the average level for the 20th century.
He said the Australian dollar, which has been level with the US dollar for the past few months has eased the inflationary pressures.
Stevens said this in his speech at the Victoria University Public Conference on the resources boom.
