The Reserve Bank of Australia said its decision to cut the official cash rate to its equal lowest point ever was influenced by its belief that Australia’s mining boom is nearing its peak. In the minutes of its December policy meeting, the central bank said the short-term outlook for investment in sectors outside of resources remained subdued.
“At this meeting, the information on labour costs and softening labour market conditions suggested that the inflation outlook still afforded the board some scope to provide additional support to demand,” the RBA said…………………………………….Full Article: Source