The downturn in mining investment has weighed on domestic demand, while the commensurate pick-up in exports has been less labour intensive. On the labour supply side, much of the slowdown is likely to have had a cyclical element, although structural factors such as ageing are also playing a role.
BIS central bankers’ speeches  11  The slower growth of wages over the past couple of years has been a helpful part of the process of adjusting to the downturn in commodity prices and mining investment.