According to the Australian Bureau of Statistics figures, investment spending planned for 2010-11 is predicted to come in at $A123.3 billion, a 16% increase on 2009-2010 investment of $106.1 billion.

Mining is tipped to take up a large slice of this increase, with investment in the sector expected to jump from $34.8 billion in 2009-2010 to $54.8 billion next financial year, a 57% jump.

Today’s news comes after the ABS tipped spending in the mining sector would increase 40% to $48.8 billion in 2010-11 in May this year.

During the June quarter, investment spending in the mining sector increased 14% to $7 billion while overall investment spending in Australia increased 16% to $27.7 billion.

Western Australia again performed the strongest in terms of actual expenditure on buildings and structures during the quarter.

The state spent $5.9 billion in the June quarter, an 18% increase on the previous quarter, while Queensland came second with $2.6 billion spent on buildings and structures during the June quarter.