News Wrap

IN THIS morning’s wrap: RBA “slow to see end of boom”; resources slowdown ushers in calls for labour reforms; and mine project appeals set to be scrapped.

Lou Caruana

RBA ‘slow to see end of boom’

The mining industry said the Reserve Bank of Australia was slow to recognise the end of the resources boom, as executives painted a gloomy picture for investment in the sector, according to the Australian Financial Review.

Executives and fund managers said the slowdown in the industry was barely a new phenomenon and should have been factored in by economic forecasters earlier.

“It’s a very, very difficult market and the outlook is very subdued,” chairman of Russian aluminium giant Rusal John Hanngan said. “Companies are treading water out there and that is something that has been around for much of this year.”

Resources slowdown end ushers in calls for labour reforms

Mining and business leaders have demanded renewed commitment to tax reform and called on governments to tackle traffic congestion and lift labour productivity, declaring that the "unprecedented income" that has sheltered Australia from tough reform decisions will be gone, according to The Australian.

Deloitte Access Economics director Chris Richardson said falling resources income from iron ore and coal exports would make federal Treasurer Wayne Swan's task of achieving a surplus tougher.

Mine project appeals set to be scrapped

Mining companies are being promised speedy Aboriginal heritage approvals on new projects under a plan by the South Australian Labor government, according to The Australian.

Mineral Resources Minister Tom Koutsantonis said the Aboriginal Heritage Act needed to be "freshened up" because red tape and legal challenges by indigenous groups were delaying important mining projects.