Australia is expecting an Asia-led boom in resources investment over the next five years, bringing 'powerful and broad-ranging' economic benefits, its central bank said Wednesday. Deputy Reserve Bank of Australia (RBA) governor Ric Battellino said the economy had emerged from the global financial crisis much better than expected, thanks largely to Asian demand for its commodities. Growth among its major regional trading partners, notably China, was forecast to resume a 'relatively normal pace' compared with sluggish hopes for the broader world economy, he said. 'Over the next few years, Australia is also expected to see a further expansion of the resources sector, including the development of some very large gas (LNG) projects,' Battellino told a housing conference. Already at record levels as a share of gross domestic product, mining investment was set for a 'substantial' rise in the next five years, he said. 'If this scenario eventuates, it will have powerful and broad-ranging implications for the economy,' added Battellino. Australia enjoyed a decade of stellar economic growth, underpinned by intense demand for resources from fast-industrialising China and India, until being slowed by the global financial crisis. 'Australia is the only developed economy where year-ended growth has remained positive during the past year,' Battellino told a housing industry conference, adding the country had not seen an annual contraction in 18 years. In September, Canberra agreed to the country's largest ever resources project, the development of the Gorgon liquefied natural gas (LNG) field, which is underpinned by supply contracts with China, Japan, India and South Korea. Treasury chief Ken Henry has also foreshadowed a 'decades-long' commodities boom based on Asia's unprecedented need for power and materials. Battellino said demand would be complemented by strong domestic population growth driven by high immigration, while household incomes were likely to rise solidly. Official projections released in September showed Australia's population was expected to grow by almost two-thirds to 35 million by 2049. The RBA sharply lifted its 2009 economic growth forecasts this month from 0.5 percent to 1.75 percent, citing the Asian demand for resources. 