These spillovers were most evident in Queensland and Western Australia, where, for a while, growth in employment, investment and income were all quite weak. The good news is that these negative spillovers from lower levels of mining investment are now fading. This was first evident in Queensland, where the labour market began to improve in 2015 (Graph 2).
4  BIS central bankers’ speeches  inflation from reaching more than three percent by the end of 2006 (Figure 2). We could perhaps have leaned harder against this expansion at the time, but this would probably have exaggerated the exchange rate cycle on both the upswing and the downswing. We draw several lessons from this experience.