According to Robb, the country has benefited by more than $550 billion dollars of capital expenditure in resources projects over the decade to 2017, with major increases in Australia's production capacity of iron ore, coal and LNG.

He said while the capital expenditure had peaked, in-line with the 2002-03 mining boom  and the resultant supply induced severe price downturn, the higher volumes of annual mineral and energy exports would deliver economic benefits to Australia for many decades to come.

Robb said the rebalancing of most markets in 2016, an increase in commodity prices and better credit conditions in China led to many in the Australian mining sector developing an unrelenting focus on lowering costs and maximising productivity.

This response, he ...