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Deloitte: Resources sector propping up pipeline
July 30, 2012
By Rob Starr, Content Manager, Big4.com
The June 2012 issue of Investment Monitor saw major projects in the resources sector continue to push through to the construction phase. The June quarter saw construction begin on the $31 billion Ichthys gas field development and on the $12 billion Prelude LNG project in Western Australia’s Browse Basin, the world’s first floating LNG platform.
The strength of investment in the resources sector has been an important windfall for the Australian economy. There is clearly a substantial base of investment in the sector (though the value of resources projects in planning has softened over the past year). The value of resources projects as a share of all planned projects has fallen from more than 56% in June 2011 to less than 40% in June 2012.
The sustained strength in mining investment means that the industry now accounts for more than half the value of all projects currently listed as under construction in the Investment Monitor database. The investment performance of other industries is less impressive. The value of definite manufacturing, utilities and office projects is now weaker compared to a year earlier, while the retail and tourism sectors continue to struggle to attract investment.
As has been the trend of late, there was strong growth in the value of projects under construction. The value of work underway rose 7.7% in the June quarter and 45.1% over the past year. As a consequence, the value of committed projects saw a sharp decline. On the whole, the value of definite projects (projects classified as under construction or committed) was down slightly compared to the March quarter.