Quantifying the mining CAPEX cliff - 2017 looks ugly

Quantifying the mining CAPEX cliff - 2017 looks ugly. Lower commodity prices are expected to contribute to a big fall in spending on major projects over the next three years, adding to the drag on the economy from poor business and consumer confidence. With big mining and energy projects being shelved or completed, an ANZ report on major projects for 2015 said the combined spending on projects worth more than $100 million will fall from $88 billion last year to $32 billion in 2017... The mining states of Western Australia and Queensland are set to be the hardest hit as plunging commodity prices kill off the prospect of any new iron ore or coal projects in the short term. Western Australia's capital works spending is set to fall to $4 billion in 2017 after a high of $43 billion in 2013. Queensland is set to tumble even further to $1 billion in 2017 from a little under $30 billion in 2013. Full article (paywall) (VIEW LINK)