One of the main drivers of Australia’s economic growth was natural resources. Now with their largest trading partner China signalling slowing growth the RBA has issues a statement that they are ready to act if needed.
Martin Ferguson, the Australian Resources Minister said an interview: “the resources boom is over.”
Reserve Bank of Australia Governor Glenn Stevens said policy makers are prepared to respond in the event the economy slows, predicting the nationâ€™s mining investment boom has at least another year before easing.
â€œThe peak of the resource investment boom as a share of gross domestic product, the highest such peak in at least a century, will occur within the next year or two,â€ Stevens said today in semiannual testimony at parliament in Canberra. The RBA is ready to act if growth veers off from the outlook, he said.
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