Australian Treasurer Says Resource Boom Will Bring Huge Opportunities

Australian Treasurer Wayne Swan said on Tuesday that the investment needs and demand for capital for the country are set to grow proportionately with the resources boom. For this reason Australia will have huge opportunities for foreign investment. The Treasurer was speaking to the International CEO Forum in Canberra.

During the fiscal year 2011 – 2012 investment in mining and related services are expected to reach a new record of $88 billion. Mr Swan said that the investment needs are only going to grow. He added that there was no simple way that they could forecast the vast array of potential goods and services that the future will seek.

Mr Swan also said that Australia’s best strength is to build a flexible and open economy that can seize those opportunities when they come. He added that the nation was in the fortunate position of being in the engine room of the global economy and that would attract the foreign capital which the national has always relied on.

As the Asian countries grow more affluent Australia is well poised to benefit from them. He said that the Asian Century offered Australia the widest range of possibilities for success and for the benefits of economic progress to reach all citizens of the nation.

This outlook is supported by the Reserve Bank who has been encouraged by the successful handling of inflation by China. They see that China is placing its economic expansion on a sustainable footing and feel that this in turn will help the resources industry in Australia to sustain its growth.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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