Australia’s Coastal Divergence Has East Leading West: Chart

With the mining investment boom over, Australia has increasingly become two different economies. Sydney and Melbourne are seeing booming property prices and spiraling household debt; on the western side of the continent, housing and rental costs in Perth are falling as mining companies retrench. The upshot: interest rates aren’t likely to be going anywhere soon, with all but one of the 28 economists surveyed by Bloomberg expecting no change from the Reserve Bank of Australia Tuesday.

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