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Australia’s Ferguson says commodity price boom has ended

Posted on 18 September 2012

Martin FergusonThe global boom in commodity prices is over and Australia must improve productivity in order to remain competitive, Resources Minister Martin Ferguson said. “The easy earnings we get out of high prices are now gone,” Ferguson said.
While Australia’s economy grew about 4 percent in the first half from the previous year on the strength of resource-industry investment and consumer spending, a plunge in the price of iron ore and a high currency prompted mining companies including BHP Billiton Ltd. and Fortescue Metals Group Ltd. (FMG) to put off projects and cut employees in the past month………………………………………..Full Article: Source


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