Given the nature of the investment boom we are currently experiencing, it is non-mining investment where we are looking for this pick-up to occur. As mining investment inevitably peaks and then gradually declines, a critical question for the outlook is the strength of this expected pick-up in non-mining investment. We cannot know the answer to this question yet.
What we do know is that other parts of the transmission mechanism appear to be working broadly in line with our expectations and that there are some tentative signs of a lift in investment intentions outside the resources sector.