Engineering spending in Australia rose to a record high last quarter as work on mining projects helped offset softness in home building, a sign the investment boom in the resources sector has a long way to run yet.
Wednesday's upbeat data from the government reinforced hopes the economy grew briskly in the second quarter, while countering recent concerns that Australia's seven-year-old mining boom was somehow dead and buried.
"The numbers are still very strong and support our view that the peak for investment is still a couple of years away," said Michael Workman, a senior economist at Commonwealth Bank.
There has been much hand wringing about the investment outlook after mining giant BHP Billiton shelved plans for an expansion at its Olympic Dam copper and uranium mine.
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Despite the delays, Australia is fortunate in that most of the spending underway is on massive multi-year projects that are relatively insulated from the ups and downs of commodity prices.
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That is a major reason Australia has been one of the very few developed countries to avoid recession in recent years and why most analysts remain optimistic on the current year.
"We think the economy could have grown by around 1 percent in the second quarter, which would be 4 percent for the year," said Workman. "That should be a shock to all those recession groupies out there."
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