BIS Shrapnel's Mining in Australia report has claimed mining investment will fall a further 58% over the next three years, continuing to drag down economic growth. The report said the industry will suffer further job losses. on top of the 40,000 jobs already cut since the investment peak.
"The industry continues to be squeezed given a fundamental global oversupply now plaguing most commodities," BIS Shrapnel analyst Rubhen Jeya told the Sydney Morning Herald.
Jeya said a recovery in commodity prices will eventually occur as oversupply is eradicated, but that this was not expected until towards the end of the decade.
The resources slowdown has yet to hit bottom, a report has claimed.