Manoj Wanzare, an Indian fund manager with a master’s in business administration, personifies Australia’s best bet to address the risk of a slump in income growth as the nation’s once-in-a-century mining boom fades.
Australian banks are set for a lending boost as Prime Minister Tony Abbott champions ventures to revitalize the economy, accelerating some of the more than A$80 billion ($72 billion) of infrastructure projects.
Australian businesses need to boost efficiency to maintain growth in living standards and could use engineers freed up from mining construction to build more infrastructure, central bank Deputy Governor Philip Lowe said.
Australia’s dollar slid to a five- year low versus the New Zealand currency before the bigger nation’s Reserve Bank deputy governor speaks tomorrow amid speculation his central bank will curb strength in the currency.
Reserve Bank of Australia Deputy Governor Philip Lowe said a stronger currency and higher savings rate have helped contain inflation and allowed lower interest rates even as the mining industry boomed.