Commodity boom is not over just yet

Calling an end to the commodity boom is problematic because the definition of what constitutes the boom depends on who you are.

Since BHP Billiton shelved $40bn of mining projects in Australia when announcing lower profits on Wednesday, the nation has been engaged in an exercise of navel-gazing and mud-slinging as to what has or hasn’t gone wrong.

For Reserve Bank of Australia governor Glenn Stevens the boom is far from over, with the economy growing at potential and inflation contained.