I will talk about each of these three issues and then conclude with how they have influenced the Reserve Bank Board’s decisions on monetary policy over the past year or so. The end of the transition For a number of years we have been describing the economy as being in transition: a transition from very high levels of mining investment to something more normal.
1 / 12  BIS central bankers' speeches  It is now time, though, to move to a new narrative. The wind-down of mining investment is now all but complete, with work soon to be finished on some of the large liquefied natural gas projects. Mining investment, as a share of GDP, is now back to something more normal (Graph 1).