The major advanced economies are at different stages in the business cycle, but all still have very stimulatory monetary policies, which is keeping interest rates low globally. One consequence of the exceptional expansion of the central bank balance sheets of the major advanced economies is that the value of their currencies has been lower than would otherwise have been the case.
Conditions in the advanced economies will be important for the Australian economy via global financial market conditions and exchange rates. BIS central bankers’ speeches  3  State of the Australian economy How should we characterise the state of the Australian business cycle? The less extreme case I described at the outset is the relevant one.