That said, at this stage in the business cycle, I believe it will be especially important to monitor a wide range of data to continually assess and calibrate the level of the policy rate that is consistent with meeting our objectives on a sustained basis.
Falling commodity prices reduced Australia’s terms of trade, and thus our income. There was a debate about whether the Australian dollar had depreciated by enough to offset that effect. But the net effect of lower commodity prices and the exchange rate was smaller than in some other economies.