Growth of Australia’s major trading partners (MTPs) was around its long-run average in 2014. The US economy continued to strengthen, growing above its trend pace over the second half of 2014. In China, economic growth eased a little but was still very close to the authorities’ target for 2014. Growth of investment and industrial production in China – which contribute significantly to the demand for commodities, including iron ore – have moderated over the past year or so, partly because of weak conditions in the residential property market. In Japan, economic activity has been weaker than expected since the increase ... (full story)