A sharp decline in Australia's mining sector can now be expected, with the industry having peaked last year, according to research from Morgan Stanley. The expected dropoff in the key sector is likely to lead to further rate cuts by the central bank. "While it is unlikely to be a severe headwind in 2013, an earlier peak to mining investment also raises the risk that the decline in 2014 could be significantly more damaging than we have in our current forecasts," Morgan Stanley said.

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