Amid speculation that the mining boom could be at its peak, NAB chief executive Cameron Clyne commented Monday that this may not be the case given significant investments were “in the pipeline”.
Addressing guests at a Sydney luncheon, he acknowledged commodity prices had peaked and were falling off slightly, but “were still quite high.”
"There is no suggestion we have seen that people are going to stop that investment. But the other side is that commodity prices are coming off.”
Clyne further allayed fears of a housing market crash, telling guests: “nothing we have seen would suggest that there is a precipitous collapse about to happen.”
He said there was a "floor underneath property prices" which would prevent a collapse.
His comments echo those of RBA governor Glenn Stevens, who last month said the housing bubble was yet to pop.
