Over the period ahead, the level of mining investment is likely to decline substantially as existing projects are completed. The exact profile remains difficult to determine, but it would not be surprising if mining investment, relative to GDP, declined by 3 percentage points or more over coming years. A decline of this magnitude should be manageable, just as the earlier rise was manageable.
If we see economic activity improving again over the next few quarters, as we expect, and rising labour costs push prices up further, we will adjust our policy. Nothing is set in stone. 6/6  BIS central bankers' speeches