Since the hearing in March, the global economy has continued its expansion at a moderate pace, and Australia's trading partner group has been growing at about its long-run average rate. With the abatement of the adverse winter weather, the US economy recovered in the June quarter and the labour market has continued to strengthen. Growth in China has remained close to the target of 7.5 per cent, though Chinese residential property prices have declined in recent months. Chinese authorities at various levels are responding to these developments with the aim of maintaining stable macroeconomic and monetary conditions. In ... (full story)