5 Dec 2011

Mining sector continues to boost Australian economy

6:57 am on 5 December 2011

Investment data shows the Australian economy is continuing to get a big boost from the mining sector.

The Australian Bureau of Statistics has released figures show capital expenditure, or spending on buildings and equipment, reached $37.3 billion in the September quarter.

That's an increase of 12.3%, almost double the expectations of economists.

Mining investment led the rise, up 22.1%.

The figures show resource companies have doubled their capital expenditure over the past four years.

Companies indicate they are planning to increase it this year by 75%.