SYDNEY (Oct 10): For autoparts maker Brian Hughes, the shock of Australia's car industry closing down could have meant the end of his business. This agility is what the Reserve Bank of Australia (RBA) says is helping the economy's long-awaited transition away from mining. Official data shows business investment in the country fell 5.4% to A$28.71 billion (US$21.6 billion) in the June quarter. Without the drag from weak business investment in the year to March, Australia's A$1.6 trillion economy would have expanded at a breakneck pace of 5%. New RBA governor Philip Lowe said recently Australia was adjusting "reasonably well" to the unwinding of the biggest mining investment boom in more than a century.

Source: The Edge Markets October 10, 2016 02:48 UTC