China the key for future investment: Access

AUSTRALIA should be able to shrug off any downturn in the United States economy and record good growth over 2008 as the country continues to ride on China's coat-tails, according to Access Economics.
China the key for future investment: Access China the key for future investment: Access China the key for future investment: Access China the key for future investment: Access China the key for future investment: Access

The Great Wall of Saudi Arabia will be more hi-tech than the Great Wall of China.

Angie Tomlinson

In its latest Investment Monitor report, Access said China's insatiable appetite for commodities would see much of Australia's economic fortunes for the coming year locked up with Chinese growth.

The economic forecaster said that at the forefront of Australia's growth in 2008 would be a continued high level of project investment with some 136 new projects on the cards having a combined value of $A24 billion.

"Massive investment dollars are being aimed at LNG, iron ore and coal in particular," Access said.

On the flipside, Access warns the strong demand for resources will also bring a higher Australian dollar and interest rates.

In terms of economic growth on a state and territory level, Western Australia leads the country with Queensland coming in second.

In Queensland, current mining projects are led by the $1.1 billion Dawson project and $950 million Clermont open cut.

In New South Wales major mining projects include the $350 million Bulga underground and the $280 million Wambo coal mine.

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