The federal treasurer is warning Australia’s states against overreacting to the new Omicron variant of COVID-19. “The Omicron variant is a reminder of the challenges we face but states need to keep calm and carry on,” Josh Frydenberg told reporters on Saturday. In a positive sign for the economy, Frydenberg said business investment was at its strongest since the mining boom a decade ago. Next week’s Mid-Year Economic and Fiscal Outlook will show that investment is up 16 percent. Non-mining investment will reach its highest recorded level—$200 billion. However, the treasurer said the post-pandemic economic recovery depended on states staying the course on reopening. While the health implications of the new variant are still being figured out, Frydenberg said the early signs were reassuring. “The virus is certainly highly transmissible but perhaps not as severe as other variants,” he said. He said high vaccine rates mean states should be able to …