Mining investment near peak, RBA

The Reserve Bank of Australia (RBA) says the mining investment boom is close to its peak.

RBA governor Glenn Stevens on Friday told a parliamentary committee he expected investment in the mining sector to peak soon, though it would remain at elevated levels for some time.

"Looking ahead, it appears that the peak in the level of resource sector investment is now close," Mr Stevens said in Canberra.

"It is a very high peak, but we do not think that there will be a rapid decline in the near term after the peak."

He said investment spending in other parts of the economy remained subdued but would strengthen following the peak in the mining sector.

"Investment spending by businesses in other sectors has thus far remained somewhat subdued in comparison," he said.

"There are good reasons to expect it will strengthen in due course, but the available indicators at present do not suggest that is going to happen in the very near term."

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