Australian tourism won't compensate for fading mining boom but it's a start | Greg Jericho

The Reserve Bank is relatively upbeat about Australia's economic prospects in the face of falling commodities as the lower dollar helps domestic travel

Last week the Organisation for Economic Co-operation and Development (OECD) revised down projections for China's growth over the next two years, and the price of our major exports has fallen 30% in the past year. Despite this the governor of the Reserve Bank, Glenn Stevens, remains upbeat about Australia's economy. One of the reasons is the performance of the services sectors - notably the tourism industry. With a falling dollar, Australia has again become a good place to visit - and an expensive place to leave.

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