Members commenced their discussion of international economic conditions by observing that growth of Australia's major trading partners had been around its long-run average in 2014 and that recent indicators suggested a continuation of this pace into 2015. Although oil prices had increased a little over the past month, consistent with signs that supply from some higher-cost sources could grow less rapidly over the period ahead, prices had remained at relatively low levels. Members noted that low oil prices should boost global growth, with the effect largest in economies that imported most of their oil, such as the ... (full story)