Australia central bank cut rates ahead of mining peak

Australia’s central bank said it decided to cut interest rates this month rather than wait because it saw further evidence that the peak in the mining investment boom was near, while the non-resource sector showed no signs of picking up.

Yet the Reserve Bank of Australia (RBA) also noted that global economic news had improved and importantly, the pace of growth in China had stabilised, helping underpin key commodity prices. China is Australia’s most valuable export market.

via Business feed http://www.scmp.com/business/banking-finance/article/1107305/australia-central-bank-cut-rates-ahead-mining-peak