Australian growth forcast reduced by 2.7%
Australian economic growth forecast for 2008/09 have been reduced by 2.75% as the impact of the gas crisis ripples through the economy.
Federal Resources Minister Martin Ferguson said today that disruption to economic activity is expected as Western Australian companies layoff thousands of works with mining and industrial companies forced to cut back production.
BHP Billington has brought forward upgrades to its nickel refinery in Kambalda and diverted its gas allocation to keeping the Worsley Alumina refinery operating. The upgrade originally scheduled for mid 2009 is expect to take four months to complete. BHP has said that it’ll continue to accept ore from independent mining operators in the area inline with current contracts.
Australia’s economy is expecting turbulence as mining companies come under pressure to continue to supply China’s demand for materials from Western Australia. Additional factors include growing inflation in oil and commodity prices.
Creative Commons Attribution 2.5
| More from NewsWax
Stumble It!
