“Strong growth in Asia will continue to provide significant benefits for the Australian economy,” Chris Kent, assistant governor responsible for the Reserve Bank of Australia’s economics department said at a conference in Canberra.

Mr Kent said rising export volumes will help offset a likely peak in both the price of industrial commodities, and in mining investment – which he tipped will reach its high over the next year.

“The third phase of increased production and export of resources has also commenced but has much further to run, especially in the case of liquefied natural gas, for which investment takes place over a number of years before production comes on stream,” Mr Kent said.

Australia has relied on what policymakers have called a once-in-a-century mining boom to shield the resource-rich economy from the economic headwinds buffeting Europe and the US.

But pressure on mining companies is growing as Asia’s economic outlook dims, forcing a number of major companies to close less-profitable mines, delay projects and lay off workers in recent months.

Speaking later at the conference, Mr Kent said that a sharp fall in commodity prices would weaken the Australian dollar.

“If the terms of trade were to move in unexpected ways, the exchange rate would adjust accordingly, ultimately. It’s just a question of timing,” he said.

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