Economy Weathers Resources Hit

Alex Heath, the head of economic analysis at the Reserve Bank of Australia, said the history of commodity price downturns meant the economy should be weaker than it is. “While current growth in the Australian economy is not as strong as we would like, the evidence from previous terms of trade cycles suggests that we have actually done quite well in aggregate,” she said. The resource-rich economy is transitioning away from mining-led growth to other areas of the economy. The shift is being hampered by falling commodity prices and a slowdown in trade partner China. But unemployment has not increased as much as expected. The RBA sees signs of improvement in the economy, saying that while there is scope to cut interest rates, it will sit on its hands for now.Screen Shot 2015-12-10 at 12.29.32 pm

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