The ABS has released the annual national accounts to June 2016, which reported that Australia’s mining investment fell to 4.7% of GDP, down from a peak of 9.0% recorded in June 2013 (see next chart).
If we generously assume that mining investment bottoms-out at 2.0% of GDP – which is well above the 1.1% trough recorded in the mid-1970s – then Australia is only 61% of the way down the mining investment cliff.
