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Reserve Bank of Australia calls end of the mining bust
The Reserve Bank has effectively called the end of the mining bust, raising its forecasts for Australia's terms of trade. The bank observed that the recent rally in coal and iron ore prices had lifted the terms of trade - the prices Australia receives for its exports relative to what it pays for imports - for the first time in two-and-a-half years during the June quarter, with further gains expected in the September quarter. That prompted the bank to tentatively call the bottom of Australia's commodity price bust. "The forecasts assume that the terms of trade will remain above the low point reached earlier this ... (full story)
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