Australia’s cenbank ready to act further as mining boom peaks

The cooling of Australia’s long-run mining investment boom will pose a significant challenge, but the central bank stands ready to help support an economy shifting to a new source of growth, the head of the Reserve Bank of Australia said on Wednesday.

Speaking just a day after the RBA left its cash rate unchanged at a record low 2.75 per cent, RBA Governor Glenn Stevens noted that the non-resource sectors strengthen could not be guaranteed to strengthen on cue and to the right degree.

via Business feed http://www.scmp.com/business/economy/article/1274518/australias-cenbank-ready-act-further-mining-boom-peaks