SYDNEY (Reuters) – There are increasing signs business investment in Australia is picking up outside the resources sector thanks to growth in services and infrastructure spending, a timely support to the broader economy, a top central banker said on Monday.
Reserve Bank of Australia (RBA) Deputy Governor Guy Debelle said recent revisions to economic data showed non-mining investment had been stronger than previously thought over the last couple of years.
Growth has been concentrated in the services sector, including healthcare, telecoms and media. Public spending on infrastructure has also picked up markedly and is spilling over into investment in the private sector, said Debelle.
That was a timely development as a boom in mining spending that stretches back more than a decade is almost at an end, he added.
Reporting by Wayne Cole; editing by Diane Craft