RBA expects mining industry to double

The Reserve Bank of Australia (RBA) expects the size of the mining industry to
double over the next few years in an effort to satisfy Asia's vast appetite for
energy and resources.
RBA deputy governor Ric Battellino said the mining sector would expand over the next
few years to be twice as big as in the previous boom that ended with the global
financial crisis.
"I don't think it's unreasonable to expect mining investment to rise to six per cent
of GDP (gross domestic product) over the next few years," Mr Battellino told the
Sydney Institute in a question and answer session on Tuesday.
"'That would be about twice as high as it was up to in the previous boom. It's a
very big boom."
Mr Battellino said the RBA had done a lot of work through its representative office
in Western Australia to assess the north west gas fields.
"I have to say it's a very big story," he said.
Mr Battellino had earlier delivered a speech to the institute, saying Australia is
experiencing a surge in mining driven by commodities demand from China and India
that could last more than 15 years.