Australia Set for a Long Term Boom in Maintenance Construction
According to the Maintenance in Australia report by BIS Oxford Economics, 2022…
17 February 2022
Total exploration expenditure in Australia hit a record $974 million in the fourth quarter of 2021, which is almost double compared to last year, Similarly, total capital raising also broke a record in the quarter, increasing more than 70% to $3.17 billion compared to 2020. This is Australiaâ€™s largest investment in the industry since 2010.
Analysis of the mining industry and this explorations expenditure signals a boom, similar to the boom of 12 years ago.
With the industry experiencing a sustained period of substantial growth, industry leaders are focusing on managing the subsequent boom and preparing for a bust.
2010 brought soaring wages and house prices in West Australian towns, but the subsequent bust shocked the region. However, Tony Simpson, chief executive of Regional Development in Australia’s Pilbara office assures shareholders that lessons have been learnt.
The industry now relies on multiple commodities rather than just one, and moving ahead from the Covid-19 pandemic, things in the mining industry are looking positive.