Iron Ore No Longer Fastest-Growing Sector in Australia

Mining Weekly reported that data from Deloitte Access Economics has shown that iron ore is no longer the fastest growing sector in Australia, with information media and telecommunications taking the lead.
As quoted in the market news:

In its latest Business Outlook, Deloitte Access Economics noted that mining exploration has also reported the biggest falls in the last year, which was no surprise considering the falling commodity prices.
“The negatives facing Australia are big and growing; China is throwing the kitchen sink at its slowdown, but that hasn’t been enough to halt the slide in global commodity prices, because the stumble in China’s growth has coincided with a surge in global mining and energy supplies,” Deloitte Access Economics partner Chris Richardson said on Monday. “And those lower coal, gas and iron-ore prices mean miners won’t build new mines once the current construction surge passes.”
Deloitte Access Economics was expecting mining-related construction in Western Australia to slow significantly and, while the state was not expected to “crash and burn”, conditions were likely to worsen before they improved, Richardson said.

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