RBA Gov Stevens: Talk of end of mining boom ‘somewhat overhyped’

Author: Pete Jackson | Category: News

Author: Pete Jackson

  • Next phase of mining boom has begun in the case of iron ore, but still some way to go for Gas
  • Terms of trade have peaked, will probably fall by around 15% next year
  • Chinese slowdown more material than expected a year ago, but not ‘disastrously so’
  • Expect domestic consumption to grow in line with income
  • Surprised AUD still so high given that ‘Terms of Trade’ peaked a year ago
  • Pre conditions for a pick up in housing construction coming into place
  • Board feels further easing may be necessary  over time
  • Latest inflation readings are a bit  high, but not a major problem
  • Encouraging pick up in productivity, but too early to conclude a new trend
  • World will have to live with Eurozone anxiety for several years

AUD’s fairly static around 1.0408 after the mildly upbeat comments

LON GMT
BJ HK+8
NY EST-4
TYO +9

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