Predictions that the Chinese economy could face a serious downturn within the next two years have been ridiculed by Queensland mining executives.
Business leaders meeting in Brisbane at the Mining 2011 Resources Convention say there’s no end in sight to the minerals boom that is being fuelled by a China, hungry for resources.
Alexa Gordon reports.
There was only enthusiasm at this year’s Mining Resource Convention today, as industry experts spoke of their faith in the continuing mining boom for Australia.
Ian Mulholland, ROX Resources: “The mining industry will continue on because our society is reliant on it. Just at what pace and how many cycles we’ll go through, that’s the unknown.”
Nouriel Roubini from New York University has predicted a collapse in the Chinese economy within two years which could impact on the Australian mineral exports, however no one at this convention believes that.
Peter Kerr, Bannerman Resources: “As far as influences for Australia, China will continue to be a strong supporter and a driver of economic growth for some time.”
Rather than focus on the Chinese economy, experts turned their attention to the Australian government.
They say the government needs to get behind the industry so that investors won’t look elsewhere.
Kevin Bebb, Keenbell Private Investor: “You’ve got to be prepared for the rocky road ahead that sometimes you can encounter. I’m quietly optimistic about it and if we can get the government to make up their mind and which way they’re going I think it will settle a lot of industries down.”
Alexa Gordon, QUT News.