Report forecasts 20,00 jobs lost and decline in mining

MINING dollars in Australia will continue to dry up, says a report forecasting a further decline in investment of almost 60% over the next three years.

BIS Shrapnel also flagged a further 20,000 job losses during this time in its Mining in Australia 2015-2030 report released today.

The report said mining investment was expected to fall a further 58% during the next three years, dragging down economic growth.

BIS Shrapnel Infrastructure and Mining Unit senior manager Adrian Hart said Australia had not hit bottom yet on commodity prices or investments.

Mr Hart said mining production continued to rise strongly, led by new LNG exports, but this growth would mean far fewer jobs than the investment phase.

"Quite simply, Australia badly needs new investment drivers beyond mining to provide sustainable growth in jobs and incomes," Mr Hart said.

The report noted it was not all bad news for the industry, with a boom in mining production, operations and maintenance set to continue in the next five years