Members commenced their discussion of the international economy by noting that growth of Australia's major trading partners had been around its long-run average in the September quarter. Commodity prices, notably those for iron ore and oil, had continued to decline. Members noted that these price developments could be largely explained by increases in supply, although easing demand was also a factor. The fall in oil prices was expected to contribute to lower headline consumer price inflation in many of Australia's trading partners and, other things being equal, lower oil prices were likely to spur higher growth in ... (full story)