Summary: Interview with RMIT economist Jonathan Boymal on the impact of the carbon tax and future of the mining industry Leon and Garry talk about issues including: Total net profit for China's major industrial companies declined during the month of July Spain falling deeper into a recession and moving closer to a full bailout while German Chancellor Angela Merkel offers a ray of hope to Greece Friday, stressing that she wanted the debt-burdened country to stay in the Eurozone and pledging German help after crisis talks. At the same time, German business optimism is falling more than expected US consumer confidence taking an unexpected fall in August, to its lowest level since November 2011. The US economy grew slightly more than first estimated in the second quarter but remained sub-par. Treasurer Wayne Swan has issued a staunch warning against people seeking to declare the resources investment boom dead, saying such commentary threatened to damage consumer and business confidence. NAB chief Cameron Clyne and RBA chief Glenn Stevens also hosing down talk of the mining boom ending. Gina Rinehart's Roy Hill iron ore mine and Xstrata's Wandoan coal project may be the next victims of a fading resources boom, after BHP Billiton scrapped its $20 billion Olympic Dam expansion. The economics of Roy Hill, in Western Australia, were said to rest on a $US100-a-tonne average iron ore price over the next decade, but analysts says those assumptions were looking shaky Reserve Bank of Australia (RBA) governor Glenn Stevens says a decline in the nation's terms of trade has been assumed for some time by both the central bank and the Treasury Rio Tinto expects BHP Billiton's decision to scrap a $30 billion expansion of the Olympic Dam copper and uranium mine to contribute to a coming copper supple shortfall The mining boom - or at least investment in it - will peak in 2014, but the non-resources sector will then drive growth, a BIS Shrapnel report has found Falling commodity prices jangling the nerves of investors, but BHP Billiton's boss Marius Kloppers says the company is banking on more falls. Australia's largest undeveloped uranium deposit, the Yeelirrie Project, finally could be mined following a planned BHP Billiton sale to big global uranium company Cameco Corporation. Sundance accepting Chinese suitor Hanlong Mining Investment's reduced takeover bid. Nathan Tinkler may sell down his major shareholding in Whitehaven Coal after dropping his $5.2 billion Whitehaven takeover bid amid rumours he is in financial strife. New home sales in Australia have fallen back into weak territory, reversing much of the strength gained at the end of the 2011/2012 financial year. Construction work has also fallen back. The federal government has scrapped its planned floor on the carbon price under a deal linking Australia to the European Union emissions trading scheme (ETS), the world's biggest carbon market Profit figures from companies including Atlas Iron, Salmat, Caltex Australia, Billabong, Toll and Woolworths.
