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Graph 1 plots historical annual growth rates for the median Australian house and unit values.Graph 1: Residex Non-Revised Median Values – Historical Growth of Australian Houses and Units Graph 1 suggests that the aggregated housing market peaked in 2014, though it has since had a very slow decline relative to past growth cycles.The inflation rate edged lower from the 2-1/2 year high in Q1, mainly due to a slowdown in cost of housing and transport.Year-on-year, cost increased at a slower pace for: housing (2.4 percent from 2.5 percent in Q1), transport (2.1 percent from 3.8 percent) and insurance and financial services (2.1 percent from 2.7 percent).There are concerns of a glut in supplies of iron ore.

The Australian dollar dropped to a four-month low against its US counterpart on Thursday, driven lower by tumbling prices of base metals, which Australia exports.The high nominal exchange rate helped to facilitate the reallocation of labour and capital across industries.While this has made conditions difficult in some industries, the appreciation, in combination with a relatively flexible labour market and low and stable inflation expectations, meant that high demand for labour in the resources sector did not spill over to a broad-based increase in wage inflation.While my focus today is on the relationship between the resources boom and the exchange rate, at the outset I should note that this is only one factor – albeit a very important one – influencing the exchange rate. Table 1 presents the Residex non-revised growth in median values.