Despite the sharp plunge in commodity prices around the world, Australia's finance minister told CNBC that the economy was not ready to give up on a key pillar of the country's economic model – resources – altogether.
"The Australian economy is clearly an economy in transition from resource investment-driven growth to broader drivers of growth," Mathias Cormann told CNBC on Wednesday.
"(But) we're not diversifying away from resources. Part of the reason the economy continues to grow strongly is that our export volumes in terms of resources have actually increased very strongly and that is on the back of significant resource investment in recent years," he said.
Despite the sharp plunge in global commodity prices on the back of slowing demand from China, Australia's economy grew more than expected in the third quarter as a sharp increase in mining activity boosted net exports, data released in December showed.