The Australian economy by noting that GDP had grown by 0.6 per cent in the December quarter.
There had been some easing in the growth of global economic activity
It was appropriate for monetary policy to be very accommodative.
Low-interest rates had played an important role in promoting the gradual increase in consumption growth and activity in the housing market.
The economy grew at a moderate pace in the December quarter and more recent data were consistent with this having continued in early 2016.
More recent data had suggested that the Australian economy had continued to grow at a moderate pace in early 2016 and that activity had continued to rebalance towards the non-mining sectors of the economy.
The GDP growth target for 2016 had been lowered at the recent meeting of the National People’s Congress to 6.5–7 per cent from ‘around 7 per cent’ in 2015.

Media release: Minutes of the Monetary Policy Meeting of the Reserve Bank Board