Members noted that growth of Australia's major trading partners had eased a little in the early months of 2015, but was forecast to remain close to its long-run average in 2015 and 2016. Minor revisions to the outlook largely reflected weaker growth in China in the March quarter, which had also been reflected in lower bulk commodity prices and hence a slightly lower terms of trade than previously forecast by staff. Monetary conditions remained very accommodative across the globe and low oil prices were also supporting growth of Australia's trading partners. Core inflation rates were below central banks' targets in ... (full story)