Weekend Economist: Gloom looms

Global uncertainty, downbeat levels of business confidence and a slowdown in mining investment will continue to place a significant drag on Australia's fragile economy.

One of the critical outcomes from the Reserve Bank's move to lower the overnight cash rate from 4.75 per cent to 2.5 per cent over the last two years has been the response of business to these lower rates. The slowdown in mining investment is mainly a function of large, lumpy projects in the gas sector, which are approaching completion over the next few years.

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