Australia’s central bank Friday lowered its expectations for growth over the next 18 months, reflecting rising uncertainty about the economic outlook as a decade–long mining investment boom ends. The Reserve Bank of Australia expects the resource-rich economy to grow by 2.5% in 2014, down from a forecast in May of 2.75%. The economy is tipped to grow by between 2.5% to 3.5% in 2015, slower than the 2.75% to 3.75% range forecast in May, the central bank said. What’s surprising about the growth downgrade is that it comes after 12 months with official interest rates set at a record low 2.5%. With that kind of stimulus ... (full story)