The Reserve Bank of Australia (RBA) has lowered its growth forecast amid a slowdown in the country's non-mining sectors.
The central bank cut its growth forecast for 2012 to 3% from its earlier projection of 3.5%.
The move comes just days after the RBA cut its key interest rates to 3.75% from 4.25% to boost growth.
There have also been fears that a slowdown in global growth may hurt demand for Australia's resources.
"Outside of the mining sector, survey measures and liaison suggest that business investment intentions remain weak at present," the RBA said in its statement.
"Public final demand is also expected to grow at well below-trend rates over the forecast period," it added.
Source & Image : BBC
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