Statement on Monetary Policy – May 2008 List of tables

Chapters

Boxes

  • Table C1: Funding of Business and Household Debt
Table 1: World GDP
Year-average percentage change(a)
2006 2007 2008 2009
IMF forecasts (April 2008)
United States 2.9 2.2 0.5 0.6
Euro area 2.9 2.6 1.4 1.2
Japan 2.4 2.1 1.4 1.5
China 11.6 11.9 9.3 9.5
Other east Asia(b) 5.5 5.7 4.6 4.9
India 9.7 9.1 7.9 8.0
Emerging Europe 6.6 5.8 4.4 4.3
Latin America 5.3 5.6 4.3 3.6
World 5.1 5.0 3.7 3.8
Australia's trading partners(c) 5.1 5.4 4.0 4.2

(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 Reuters

Table 2: Selected Bank Announcements
US$ billion
Q1 2008
write-downs
Q1 actual
and planned
capital raisings
UBS 19.1 15.1
Citigroup 15.2 10.5
Merrill Lynch 11.8 2.6
Royal Bank of Scotland 11.8 23.9
HBOS 5.6 7.9
Credit Suisse 5.2  
Deutsche Bank 4.3  
Washington Mutual 3.5 7.0
Wachovia 2.8 7.0
JPMorgan 2.5 6.0
Lehman Brothers 2.4 4.0
Morgan Stanley 2.3  
Mizuho 2.2  
BayernLB(a) 2.1  
Goldman Sachs 2.0  
Wells Fargo 2.0  
Bank of America 1.9  
National City 1.4 7.0
Nomura 1.3  
CIT 0.3 1.0
WestLB(a)   7.8
Total 99.7 99.8

(a) For the year 2007

Source: company reports

Table 3: Changes in Global Share Prices
Per cent
Since 2000 peak Past year Since previous
Statement
United States
– Dow Jones 11 −2 6
– S&P 500 −7 −6 6
– NASDAQ −51 −3 8
Euro area
– STOXX −21 −14 5
United Kingdom
– FTSE −10 −5 9
Japan
– TOPIX −22 −21 6
Canada
– TSE 300 27 4 12
Australia
– ASX 200 63 −10 2
MSCI Emerging Asia 61 20 7
MSCI Latin America 292 26 16
MSCI World −2 −6 7
Source: Bloomberg
Table 4: Change in US Dollar against Other Currencies
Per cent
Past year Since previous
Statement
Brazil −18 −6
Australia −13 −5
Switzerland −13 −4
Japan −13 −2
Euro area −12 −6
Sweden −11 −7
Philippines −11 5
Singapore −10 −4
Thailand −9 −4
China −9 −3
Canada −9 0
Malaysia −8 −2
Taiwan −8 −5
New Zealand −7 0
Mexico −3 −3
India 0 4
United Kingdom 1 −1
Indonesia 4 0
South Africa 9 −3
South Korea 10 7
Majors TWI −10 −3
Broad TWI −8 −2
Sources: Bloomberg; Board of Governors of the Federal Reserve System; Thomson Reuters
Table 5: Australian Dollar against Selected TWI Currencies
Percentage change
Past year Since previous
Statement
Deviation from
post-float average
South Korea 25 13 43
South Africa 25 3 70
Indonesia 19 6 156
UK 17 6 9
US 15 6 32
New Zealand 7 6 −2
Taiwan 6 1 29
PNG 5 3 99
Canada 4 6 2
China 4 4 44
Singapore 3 2 3
Sweden 3 −1 8
Euro area 1 0 −8
Japan 1 5 4
Switzerland 0 2 −7
TWI 8 5 22
Sources: RBA; Thomson Reuters
Table 6: Demand and Output
Percentage change
September
quarter 2007
December
quarter 2007
Year to December
quarter 2007
Domestic final demand 0.7 1.6 5.7
GNE(a) 1.2 1.5 5.6
Net exports(b) −0.2 −1.0 −1.8
GDP 1.1 0.6 3.9
Non-farm GDP 0.7 0.7 4.0
Farm GDP 19.7 −2.4 1.2
Memo item:
Real GDP adjusted for
changes in the terms of trade
0.9 0.7 4.2

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

Sources: ABS; RBA

Table 7: National House Prices
Percentage change
December quarter
2007
March quarter
2008
Year to March quarter
2008
ABS 4.1 1.1 13.8
RP Data-Rismark 2.8 1.1 11.0
APM 3.8 0.4 10.7
Sources: ABS; APM; RBA; RP Data-Rismark
Table 8: Terms of Trade
Percentage change; March Qtr 2003–Dec Qtr 2007
Russia 64
Norway 44
Australia(a) 39
Canada 18
New Zealand 18
Sweden 1
Germany −1
United Kingdom −1
Italy −2
France −5
United States −5
South Korea −11
Japan −23

(a) Does not include the effect of this year's contract re-negotiations. If this is included, the cumulative increase since March quarter 2003 is estimated to be approximately 65 per cent.

Sources: OECD; State Statistical Office (Russia)

Table 9: Credit Aggregates
Average monthly growth, Per cent
June
quarter
2007
September
quarter
2007
December
quarter
2007
March
quarter
2008
Total credit 1.4 1.1 1.3 0.8
Household 1.2 0.7 0.9 0.7
– Owner-occupier housing 1.1 0.8 0.9 1.0
– Investor housing 1.0 0.7 0.7 0.6
– Personal 2.1 0.0 1.2 −0.2
Business 1.8 1.9 1.9 0.9
Source: RBA
Table 10: Intermediaries' Variable Lending Rates
Per cent
Current level Change since:
6 May 2008 End Jan 2008 End Jul 2007
Cash rate 7.25 0.50 1.00
Housing loans
Prime-full doc
Banks 8.83 0.74 1.39
Credit unions and building societies 8.72 0.76 1.35
Mortgage originators 8.92 0.86 1.54
Prime low doc
Banks 9.27 0.79 1.51
Mortgage originators 9.49 0.95 1.69
Non-conforming 12.01 0.75 2.26
Personal loans
Margin loans 10.40 0.74 1.44
Standard credit cards 19.38 0.81 1.59
Low-rate credit cards 12.54 0.77 1.37
Unsecured term loans 14.65 0.76 2.03
Small business
Term loans
Residentially secured 9.89 0.81 1.59
Other security 10.48 0.81 1.59
Overdraft
Residentially secured 10.65 0.86 1.71
Other security 11.55 0.86 1.71
Average actual rate(a) 9.91 0.70 1.35
Large business
Average actual rate(a) 8.20 0.65 1.28

(a) RBA estimate for end of April

Sources: ABS; APRA; RBA

Table 11: Measures of Consumer Prices
Percentage change
Quarterly Year-ended
December
quarter
2007
March
quarter
2008
December
quarter
2007
March
quarter
2008
CPI 0.9 1.3 3.0 4.2
– Tradables 0.3 0.8 1.4 3.3
– Tradables (ex food and petrol) 0.0 −0.2 0.8 0.6
– Non-tradables 1.3 1.7 4.1 5.0
Underlying measures
Weighted median 1.1 1.3 3.8 4.4
Trimmed mean 1.0 1.2 3.4 4.1
CPI ex volatile items(a) 1.0 1.2 3.0 3.6

(a) Volatile items are fruit, vegetables and petrol

Sources: ABS; RBA

Table 12: Median Inflation Expectations
Per cent
Year to June 2009 Year to June 2010
November
2007
February
2008
May
2008
May
2008
Market economists(a) 2.6 2.8 3.0 2.8
Union officials(b) 3.0 3.5 4.0 3.5
(a) RBA survey
(b) Workplace Research Centre
Table 13: Output and Inflation Forecasts(a)
Percentage change over year to quarter shown
Dec
2007
Mar
2008
June
2008
Dec
2008
June
2009
Dec
2009
Jun
2010
Dec
2010
GDP 3.9 3
Non-farm GDP 4.0 3
CPI 3.0 4.2 3
Underlying inflation 3.6 4.2 4 3

(a) Actual GDP data to December 2007 and actual inflation data to March 2008. Underlying inflation refers to the average of trimmed mean and weighted median inflation. For the forecast period, technical assumptions include A$ at US$0.94, TWI at 71, cash rate at 7.25 per cent, and WTI crude oil price at US$116 per barrel and Tapis crude oil price at US$120 per barrel.

Sources: ABS; RBA

Table C1: Funding of Business and Household Debt
Outstandings ($ billion) Per cent of total outstandings
Mar 1998 Mar 2008 Mar 1998 Mar 2008
Total debt 596 1,956 100 100
Borrowed by:
– Businesses 318 867 53 44
– Households 278 1,089 47 56
Funded by:
– Intermediaries 529 1,620 89 83
– Securitisation 19 196 3 10
– Corporate debt 49 141 8 7
Sources: ABS; APRA; RBA