Minutes from the silly bastards at the RBA:
International Economic Conditions
Members commenced their discussion of the global economy by noting that conditions had remained positive, particularly in the major advanced economies, where growth had remained around or above potential and labour markets had continued to tighten. However, growth in a number of economies had slowed this year; softer external demand, at least partly related to trade tensions and the associated uncertainty, had been a common driver of the slowdown. Bilateral US–China trade had contracted following the increase in import tariffs between the two countries, while indicators of external demand, such as new export orders, had softened in the euro area, Japan and other parts of Asia.
In the major advanced economies, GDP growth outcomes had diverged further in the September quarter, although there had been some loss of momentum in external demand in all regions. In the United States, growth had remained strong in the September quarter, driven in part by fiscal stimulus. In Japan, the pronounced slowing in year-ended GDP growth had been at least partly the result of disruptions in the wake of natural disasters. One-off factors had weighed on growth in some parts of the euro area, and business conditions and investment intentions there had also declined.
