The low level of interest rates and the depreciation of the exchange rate have underpinned a rise in the growth of non-mining activity, which is currently running around its long-run average. Western Australia and Queensland have been most directly affected by the fall in commodity prices and mining investment, and so economic conditions there are still relatively weak (Graph 10).
However, New South Wales and Victoria have been less affected by those pressures and so low interest rates and the lower exchange rate have led to an improvement in economic conditions in those states.