Statement on Monetary Policy – November 2007 List of tables

Chapters

Boxes

  • Table A1: Urban Fixed-asset Investment Expenditure in China
  • Table A2: China's Production and Imports
  • Table D1: Banks' Sources and Uses of Funds
Table 1: World GDP
Year-average percentage change(a)
2006 2007 2008
IMF forecasts
(October 2007)
United States 2.9 1.9 1.9
Euro area 2.9 2.5 2.1
Japan 2.2 2.0 1.7
China 11.1 11.5 10.0
Other east Asia(b) 5.4 5.2 4.9
India 9.6 8.9 8.4
World 5.4 5.2 4.8
Australia's trading partners(c) 5.2 5.1 4.5

(a) Aggregates weighted by GDP at PPP exchange rates unless otherwise specified
(b) Weighted using GDP at market exchange rates
(c) Weighted using merchandise export shares

Sources: CEIC; IMF; RBA; Thomson Financial

Table 2: Commodity Prices
Percentage change; SDR
Three months to
October 2007
Year to
October 2007
RBA index 3 6
Rural 17 27
– Wheat 36 51
– Beef & veal 3 −3
– Wool 6 44
Base metals −7 −4
– Aluminium −12 −13
– Copper −1 1
– Nickel −8 −9
– Zinc −18 −26
– Lead 19 131
Other resources 3 3
– Coking coal(a) −1 −12
– Steaming coal(a) 4 9
– Iron ore(a) −5 3
– Gold 12 22
Memo item
Oil in US$(b)    
– WTI 16 46
– Tapis 12 39

(a) Latest available data are for September.
(b) Oil prices are not included in the RBA Index.

Sources: ABS; AWB; AWEX; Bloomberg; Meat and Livestock Australia; RBA

Table 3: Changes in Major Country Share Prices
Per cent
Since 2000 peak Past year Since previous
Statement
United States
– Dow Jones 13 9 −3
– S&P 500 −3 7 −1
– NASDAQ −46 16 5
Euro area
– STOXX −10 9 0
United Kingdom
– FTSE −8 2 0
Japan
– TOPIX −11 −4 −7
Canada
– TSE 300 24 15 3
Australia
– ASX 200 92 22 10
MSCI Emerging Asia 82 56 19
MSCI Latin America 273 45 12
MSCI World 6 12 3

Source: Bloomberg

Table 4: Change in US Dollar against Other Currencies
Past year Since previous
Statement
Brazil −19 −8
Canada −18 −11
Australia −17 −9
New Zealand −14 −1
Euro area −13 −6
Philippines −13 −4
Sweden −12 −6
India −12 −3
South Africa −11 −7
United Kingdom −9 −3
Malaysia −9 −3
Switzerland −9 −5
Singapore −8 −5
Thailand −7 0
China −5 −2
Japan −4 −6
South Korea −3 −2
Taiwan −1 −2
Mexico −1 −1
Indonesia 0 −1
Majors TWI −13 −8
Broad TWI −9 −5

Sources: Bloomberg; Board of Governors of the Federal Reserve System; Reuters

Table 5: Change in Renminbi against Other Currencies
Per cent
Since end
2000
Since
revaluation(a)
Past
year
United States 11 9 6
Japan 10 11 1
Euro area −28 −9 −8
Taiwan 9 12 4
Korea −20 −3 2
Hong Kong 11 9 5
Malaysia −3 −5 −3
United Kingdom −21 −9 −4
Singapore −8 −5 −2
Canada −31 −17 −13
Russia −3 −7 −3
Thailand 9 12 4
Australia −34 −12 −13
Mexico 24 10 5
India −6 −1 −7
TWI −5 3 0

(a) 21 July 2005

Sources: BIS; Bloomberg; Reuters

Table 6: Australian Dollar against Selected TWI Currencies
Percentage change
Past year Since
previous
Statement
Deviation
from
post-float
average
Indonesia 20 5 156
US 20 7 30
Taiwan 18 6 35
South Korea 16 5 27
Japan 15 1 10
China 13 6 51
PNG 13 3 105
Singapore 11 2 7
Switzerland 9 2 −3
UK 9 4 0
South Africa 6 −1 47
Sweden 6 1 11
Euro area 5 1 −5
Philippines 4 3 32
New Zealand 4 6 −3
Canada −1 −5 −8
TWI 12 4 23

Sources: RBA; Reuters

Table 7: Demand and Output
Percentage change
March quarter
2007
June quarter
2007
Year to June
quarter 2007
Domestic final demand 1.8 1.8 5.6
Change in inventories(a) 0.6 −0.4 0.9
GNE(b) 1.9 1.0 5.8
Net exports(a) −0.4 −0.1 −1.7
GDP 1.6 0.9 4.3
Non-farm GDP 1.8 1.2 5.2
Farm GDP −6.8 −10.9 −26.3
Memo item:
Real GDP adjusted for changes in the terms of trade 1.9 0.9 5.6

(a) Contributions to GDP growth
(b) Adjusted for the statistical discrepancy

Sources: ABS; RBA

Table 8: House Prices
Percentage change
June
quarter
September
quarter
Year to
September
quarter
Sydney 3.4 1.5 5.2
Melbourne 5.9 6.7 17.8
Brisbane 6.3 4.0 18.1
Adelaide 5.7 5.1 16.2
Perth −2.2 1.1 2.8
Canberra 3.7 3.9 11.2
Hobart 2.8 3.9 11.6
Darwin −0.4 5.1 13.1
Australia 3.7 3.5 10.6

Source: ABS

Table 9: Volume of Farm Production
Per cent
Share of gross production Growth
2005/06 2006/07 2007/08(f)
Crops 45 −31 7
– Cereals 17 −61 33
– Non-cereal crops 29 −13 0
Livestock products 43 −5 0
Farm GDP(a)   −25 5

(a) Gross farm production less farm inputs

Sources: ABARE; ABS; RBA

Table 10: Labour Market by State
Trend measure, Per cent
Employment growth Unemployment rate
Year to October 2007 October 2006 October 2007
NSW 1.7 5.0 4.6
Victoria 2.7 4.8 4.3
Queensland 3.1 4.2 3.8
WA 4.2 3.4 3.5
SA 1.2 5.0 5.0
Tasmania 2.3 6.1 5.3
Australia 2.5 4.6 4.3

Source: ABS

Table 11: Intermediaries' Variable Mortgage Rates
As at 31 October 2007
Per cent of
outstanding loans
Change Basis points Level Per cent
Aug Sep Oct
Cash rate   25 0 0 6.50
Prime full-doc 91        
Banks 78 25 0 0 7.65
Credit unions and
building societies
5 25 0 0 7.43
Mortgage originators 8 25 5 6 7.83
Prime low-doc 8        
Banks 5 25 8 2 8.04
Mortgage originators 3 25 13 5 8.19
Non-conforming 1 40 62 0 9.90

Sources: ABS; Cannex; RBA

Table 12: Banks' Business Lending Rates(a)
As at 31 October 2007
Share Per cent Change Basis points Level Per cent
Aug Sep Oct Oct
Cash rate   25 0 0 6.50
Large loans(b) 65 14 11 10 7.28
– bills 29 13 16 15 7.42
– variable-rate 27 19 8 7 7.27
– fixed-rate 9 1 1 2 6.82
Small loans(b) 35 17 3 6 8.34
– bills 7 13 16 15 7.69
– variable-rate 18 25 0 0 8.85
– fixed-rate 9 3 4 5 7.88

(a) Interest rates are RBA estimates.
(b) Large loans are those greater than $2 million; small loans are those less than $2 million.

Sources: ABS; Cannex; RBA

Table 13: Financial Aggregates
Average monthly growth, Per cent
December
quarter
2006
March
quarter
2007
June
quarter
2007
September
quarter 2007
Total credit 1.0 1.3 1.4 1.2
Household 0.8 1.0 1.2 0.7
– Owner-occupier housing 0.9 1.0 1.1 0.8
– Investor housing 0.7 0.9 1.1 0.7
– Personal 0.7 0.9 2.2 −0.1
Business 1.3 1.8 1.8 2.1
Broad money 0.8 1.2 1.5 1.3

Source: RBA

Table 14: Measures of Consumer Prices
Percentage change
Quarterly Year-ended
June
quarter
2007
September
quarter
2007
June
quarter
2007
September
quarter
2007
CPI 1.2 0.7 2.1 1.9
– Tradables 2.0 0.2 0.3 −0.3
– Tradables (ex food and petrol) 0.8 0.0 1.0 0.6
– Non-tradables 0.7 1.1 3.4 3.5
Underlying measures
Weighted median 0.9 1.0 2.9 3.1
Trimmed mean 0.9 0.9 2.7 2.9
CPI ex volatile items(a) 0.7 0.7 2.6 2.6

(a) Volatile items are fruit, vegetables and petrol

Sources: ABS; RBA

Table 15: Median Inflation Expectations
Per cent
Year to June 2008 Year to June 2009
May
2007
August
2007
November
2007
August
2007
November
2007
Market economists(a) 2.5 2.7 2.9 2.7 2.6
Union officials(b) 3.0 3.0 3.0 3.0 3.0
(a) RBA survey
(b) Workplace Research Centre
Table 16: RBA Inflation Forecasts(a)
Percentage change over year to quarter shown
Dec
2006
June
2007
Dec
2007
June
2008
Dec
2008
June
2009
Dec
2009
Consumer price index 3.3 2.1 3 2¾–3 2¾–3
Underlying inflation 3.0 2.8 3 2¾–3 2¾–3

(a) Actual data to September 2007. Underlying inflation refers to the average of trimmed mean and weighted median inflation. For the forecast period, technical assumptions include A$ at US$0.93, TWI at 73, cash rate at 6.75 per cent, and WTI crude oil price at US$90 per barrel and Tapis crude oil price at US$92 per barrel.

Sources: ABS; RBA

Boxes

Table A1: Urban Fixed-asset Investment Expenditure in China
Per cent of GDP
2004 2006
Total(a) 37 42
Of which:    
Primary industry 1 1
 Secondary industry 14 18
– Manufacturing 9 12
– Utilities 3 4
– Other 2 2
Tertiary industry  22 24
– Real estate 9 10
– Infrastructure 4 5
– Water & environmental management 3 3
– Other 6 6

(a) Includes land sales

Source: CEIC

Table A2: China's Production and Imports
Per cent
Share of world Annual growth
2001 2006 2006
Production
Steel 17 35   20  
Electricity 12 17(a)   13(a)  
Aluminium 14 28   20  
Imports
Coal 1 4   46  
Copper 12 12   −32  
Iron ore 18 41   19  
Nickel 5 22   8  

(a) Data for 2005

Sources: ABARE; AME Mineral Economics; International Aluminium Institute; International Iron and Steel Institute;
Customs General Administration; CEIC; Energy Information Administration; RBA

Table D1: Banks' Sources and Uses of Funds(a)
Level in July 2007 Change over August and September 2007
$ billion $ billion Per cent
Sources of funds 1,804 143 7.9
Domestic deposits 759 29 3.8
Domestic capital markets 401 73 18.3
– Certificates of deposit 216 66 30.6
– Other 185 8 4.1
Offshore capital markets 486 13 2.7
Other liabilities 158 27 17
Uses of funds 1,918 145 7.6
Domestic loans 1,221 40 3.3
Domestic debt securities and
other financial assets
354 69 19.5
– Certificates of deposit 71 49 69.8
– Other 283 20 7
Offshore assets 149 17 11.1
Other assets 194 19 9.8

(a) Excludes securitisation

Sources: APRA; RBA