By Clancy Yeates
THE mining boom has driven business spending plans to levels not seen since 2007, an NAB survey shows, as miners attack the carbon tax for slowing the industry down.
While debate raged over the carbon tax during the June quarter, NAB's business survey found miners were stepping up their spending plans in response to better conditions.
The survey, published yesterday, said planned capital spending over the next 12 months had jumped to a three-year high, despite a broad slump in business confidence. It came as the Minerals Council and Australian Coal Association unveiled advertisements saying the carbon tax would cost jobs.
The government leapt on the trend towards investment growth as proof miners were exaggerating the impact of the tax.
A spokesman for the Treasurer, Wayne Swan, accused the mining industry of running a scare campaign that was ''proving emptier by the day''.
''Last week it was torpedoed by Peabody's multibillion-dollar bid for Macarthur Coal, and today we see new data showing businesses are ramping up their investment plans over the next 12 months in full knowledge of a carbon price,'' the spokesman said.
The chief economist at NAB, Alan Oster, said it was difficult to gauge the full impact of the carbon tax on business sentiment because the survey was taken before the detailed plan to price carbon was announced.
However, the survey results suggested mining companies were still planning a wave of investment during the intense political debate over the tax.
''Is the mining industry going to stop investment because of a carbon tax? The answer is no. We just don't see that happening,'' Mr Oster said.
The survey also saw a widening gap between positive conditions in mining, transport, utilities and services and the very weak conditions in retail, manufacturing and construction.
Mr Oster said the gap between weak and strong industries was near highs last seen in the recession of 2000. ''Broadly outside of mining, most of the other industries are going sideways,'' he said.
Economy-wide confidence fell from 11 points to 6 points - a level indicating optimists still outnumber pessimists, the survey said.