RBA: Australia Still Struggling with Post-Mining Blues

Australia is finding the transition from mining-led growth to other forms of activity to be a bumpy one, with business and consumer confidence still lacking, the head of the country’s central bank said on Friday. Reserve Bank of Australia (RBA) Governor Glenn Stevens said the decline in the local dollar would help support the economy, …

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Australia Signals Readiness to Join China-Led Infrastructure Bank

Australia has signaled its readiness to join the new China-led Asian Infrastructure Investment Bank, despite strong objections from the U.S., with a final decision expected Monday. Treasurer Joe Hockey said that the bank was a positive development that could help address a worrying backlog of unfunded infrastructure in Australia’s immediate region, including in neighboring Indonesia. …

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RBA’s Stevens: Australia Having Period of Sub-Average Growth

Australia is likely to have a period of below-average economic growth as it undergoes a “major transition”, though a weaker currency and central bank support will cushion the impact, Reserve Bank of Australia Governor Glenn Stevens said. “The massive run-up in resources sector capital spending that was a natural response to earlier very high prices …

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