Overall, growth of Australia’s major trading partners (MTPs) is expected to be around its long-run average pace in 2015 and 2016 (Graph 6.1). This forecast is little changed relative to the November Statement. Commodity prices have fallen in the past three months. These price declines, particularly for oil, largely reflect supply-side factors, although weakerthan-expected growth of global demand for commodities has contributed. Most of Australia’s MTPs are likely to benefit from lower oil prices
because they are net oil and energy importers. However, this positive effect has been largely offset by other factors, most notably slower growth in China.