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Non-mining sectors set to take up slack: HSBC

Posted on 29 October 2012

The mining boom may be coming off its heady heights but other parts of the economy might start to pick up steam, according to an economist. As commodity prices have fallen from their 140-year highs, mining company’s have started shelving projects that have become unprofitable.
The Reserve Bank of Australia, meanwhile, has cut its interest rate by 150 basis points in the past 12 months. And, HSBC Australia chief economist Paul Bloxham says, that will start to provide support for the industries that have been weakest in the past couple of years, such as manufacturing, domestic tourism and retail………………………………………..Full Article: Source


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