That profile follows from the forecast for the growth of labour costs to rise gradually and is consistent with the medium-term inflation target. 1 / 14  BIS central bankers' speeches  Two key forces shaping developments over recent years have been the large fall in mining investment and commodity prices.
Mining investment has a bit further to fall, but by our estimates about 80 per cent of the adjustment is now behind us. Resource exports still have further to grow. Meanwhile, growth of activity in the non-mining sector has risen gradually over recent years. That improvement has been fostered by low interest rates and the depreciation of the exchange rate since 2013.