Mining boost for Australia

MASSIVE gains from mining and financial firms carried Australia’s corporate profit to a record jump last quarter.

Company profits rose by 18.9 per cent compared with the previous quarter to a seasonally-adjusted A$68.5bn (£39.5bn), the Australian Bureau of Statistics said yesterday.

Mining profit rose 62.7 per cent on the last quarter, reflecting rising commodity prices, while banking gains increased by 28.9 per cent.

Overall profit in the country’s private firms is up 27.5 per cent on the same period last year.