Australia’s Finance Minister Penny Wong is quoted in a Wall Street Journal article:
- Australia faces a ‘new reality’
- Lower levels of revenue growth
Controlling deficits will become even harder in future, Ms. Wong said, as the decade long mining boom fueled by industrializing Asia’s demand for Australia’s raw materials peaks this year and begins to cool.
Australia’s ‘New Reality’ Sets In as Mining Boom Wanes (The Wall Street Journal is often gated, so if you’re unable to access the article try a a Google news search using the headline)
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Traders are waking up to a lower AUD/USD this morning, down nearly a cent on yesterday’s close. Early indications have sellers 1.0310/20 and buyers 1.0250, but these indications should firm up as desks are manned.
