Statement on Monetary Policy – November 2008 List of tables

Chapters

  • Table 1: Changes in Monetary Policy
  • Table 2: Emerging Market Monetary Policy Changes
  • Table 3: Changes in Global Share Prices
  • Table 4: Biggest Daily Percentage Changes in S&P 500 since January 1928
  • Table 5: Changes in US Dollar against Other Currencies
  • Table 6: Australian Dollar against Selected TWI Currencies
  • Table 7: Demand and Output
  • Table 8: National House Prices
  • Table 9: Sectoral Movement in the ASX 200
  • Table 10: Intermediaries' Variable Lending Rates
  • Table 11: Credit Aggregates
  • Table 12: Measures of Consumer Prices
  • Table 13: Median Inflation Expectations
  • Table 14: Output and Inflation Forecasts

Boxes

  • Table A1: Federal Reserve Lending Facilities – Outstandings
  • Table B1: Amount Available under US Dollar Swap Auction Facilities
Table 1: Changes in Monetary Policy
Current level
Per cent
Most recent
change
Expectations for
next 6 months
United States 1.00 Oct 08 25 bps
Euro area 3.75 Oct 08 100 bps
Japan 0.30 Oct 08 no change
United Kingdom 4.50 Oct 08 200 bps
Canada 2.25 Oct 08 75 bps
New Zealand 6.50 Oct 08 150 bps
Sweden 3.75 Oct 08 75 bps
Switzerland 2.50 Oct 08 50 bps
Sources: Bloomberg; Thomson Reuters; central banks
Table 2: Emerging Market Monetary Policy Changes
Change since
previous
Statement
Basis points
Current
level
Per cent
Brazil 75 13.75
Chile 100 8.25
China 81 6.66
Czech Republic 25 3.50
India 150 7.50
Indonesia 50 9.50
Israel 50 3.50
Hong Kong 200 1.50
Hungary 300 11.50
Korea 75 4.25
Mexico 25 8.25
Philippines 25 6.00
Taiwan 62.5 3.00
Thailand 25 3.75
Sources: Bloomberg; central banks
Table 3: Changes in Global Share Prices
Per cent
Since recent
peak
Since previous
Statement
Recent trough
lowest since
United States
– Dow Jones −35 −20 Apr 03
– S&P 500 −39 −25 Apr 03
– NASDAQ −41 −29 May 03
Euro area
– STOXX −44 −22 Jul 03
United Kingdom
– FTSE −33 −17 Apr 03
Japan
– TOPIX −47 −23 Jan 84
Canada
– TSE 300 −34 −26 Sep 04
Australia
– ASX 200 −36 −13 Nov 04
MSCI Emerging Asia −52 −31 Sep 04
MSCI Latin America −43 −26 Aug 05
MSCI Emerging Europe −58 −44 Nov 03
MSCI World −39 −22 May 03
MSCI World Financials −52 −25 na
Source: Bloomberg
Table 4: Biggest Daily Percentage Changes in S&P 500 since January 1928
Rank Increases Decreases
Change Date Change Date
1 16.6 15 Mar 33 −20.5 19 Oct 87
2 12.5 30 Oct 29 −12.3 28 Oct 29
3 12.4 6 Oct 31 −10.2 29 Oct 29
4 11.7 21 Sep 32 −9.6 6 Nov 29
5 11.6 13 Oct 08 −9.3 18 Oct 37
6 10.8 28 Oct 08 −9.0 15 Oct 08
7 9.6 5 Sep 39 −8.9 20 Jul 33
8 9.5 20 Apr 33 −8.8 29 Sep 08
9 9.1 21 Oct 87 −8.7 21 Jul 33
10 8.9 14 Nov 29 −8.3 26 Oct 87
11 8.8 3 Aug 32 −8.1 5 Oct 32
12 8.5 8 Oct 31 −8.1 12 Aug 32
13 8.4 11 Feb 32 −7.9 26 Jul 34
14 8.4 13 Feb 32 −7.8 31 May 32
15 8.3 18 Dec 31 −7.6 9 Oct 08
16 8.2 24 Jul 33 −7.4 14 May 40
17 7.5 3 Jun 31 −7.3 24 Sep 31
18 7.5 20 Oct 37 −7.2 12 Sep 32
19 7.5 10 Nov 32 −7.0 15 Jun 33
20 7.4 10 Jun 32 −6.9 27 Oct 97
Source: Bloomberg
Table 5: Changes in US Dollar against Other Currencies
Per cent
Year-to-date Since previous
Statement
South Africa 50 30
South Korea 40 25
Australia 34 32
United Kingdom 31 22
New Zealand 31 20
Canada 27 11
Brazil 23 33
Sweden 22 27
Indonesia 21 21
India 21 13
Mexico 19 27
Euro area 13 19
Philippines 10 10
Malaysia 6 7
Thailand 3 4
Singapore 2 6
Switzerland 2 9
Taiwan 1 6
China −8 0
Japan −14 −10
Majors TWI 12 10
Broad TWI 9 10
Sources: Bloomberg; Board of Governors of the Federal Reserve System; Thomson Reuters
Table 6: Australian Dollar against Selected TWI Currencies
Percentage change
Year to date Since previous
Statement
Deviation from post-
float average
South Africa 10 −2 56
South Korea 3 −7 29
UK −3 −8 −3
New Zealand −4 −10 −7
Canada −7 −16 −15
Sweden −11 −5 0
Indonesia −12 −10 112
Euro area −17 −11 −21
Singapore −25 −20 −20
Taiwan −25 −21 −1
Switzerland −26 −18 −27
US −26 −25 −6
PNG −32 −26 33
China −32 −26 0
Japan −37 −33 −30
TWI −23 −21 −6
Sources: RBA; Thomson Reuters
Table 7: Demand and Output
Percentage change
March
quarter
2008
June
quarter
2008
Year to June
quarter
2008
Domestic final demand 1.1 0.9 4.3
GNE(a) 1.3 0.3 4.4
Net exports(b) −0.7 0.0 −1.8
GDP 0.7 0.3 2.7
Non-farm GDP 0.7 0.5 2.5
GDP adjusted for changes in the
terms of trade
1.0 3.3 6.3

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

Sources: ABS; RBA

Table 8: National House Prices
Percentage change
June
quarter 2008
September
quarter 2008
Year to September
quarter 2008
ABS −0.2 −1.8 2.8
RP Data-Rismark −1.6 −1.6 0.9
APM −1.0 −1.6 1.4
Sources: ABS; APM; RBA; RP Data-Rismark
Table 9: Sectoral Movement in the ASX 200
Per cent change since Lowest since
End Jul 2008 End 2007
Resources −32.1 −33.3 January 2007
Financials −7.4 −38.0 August 2004
All other sectors −12.5 −29.9 May 2005
ASX 200 −16.3 −34.2 June 2005
Source: Bloomberg
Table 10: Intermediaries' Variable Lending Rates
Per cent
Level at Change since:
End Oct 2008 End Jul 2008 End Jul 2007
Cash rate(a) 6.00 −1.25 −0.25
Housing loans
Prime-full doc
Banks 7.71 −1.22 0.27
CUBS 7.89 −0.91 0.52
Mortgage originators 8.26 −0.85 0.91
Prime low doc
Banks 8.19 −1.19 0.51
Mortgage originators 8.82 −0.97 1.02
Non-conforming 11.71 0.00 2.09
Personal loans
Margin loans 10.12 −0.43 1.15
Standard credit cards 19.75 0.08 1.96
Low-rate credit cards 13.23 0.34 2.06
Unsecured term loans 14.84 −0.06 2.22
Small business
Term loans
Residentially secured 9.41 −0.69 1.11
Other security 10.01 −0.68 1.12
Overdraft
Residentially secured 10.16 −0.72 1.22
Other security 11.10 −0.68 1.26
Average actual rate(b) 9.46 −0.69 0.82
Large business
Average actual variable rate 8.17 −0.80 0.61
Average actual bill rate(b) 7.52 −0.91 0.43

(a) Reduction of cash rate on 4 November not included
(b) RBA estimate

Sources: ABS; APRA; RBA

Table 11: Credit Aggregates
Average monthly growth, Per cent
December
quarter 2007
March
quarter 2008
June
quarter 2008
September
quarter 2008
Total credit 1.3 0.9 0.5 0.6
Household 0.9 0.8 0.6 0.4
– Owner-occupier
housing 0.9 1.0 0.7 0.5
– Investor housing 0.8 0.7 0.6 0.5
– Personal 1.3 0.0 0.0 −0.4
Business 1.8 1.0 0.3 0.9
Source: RBA
Table 12: Measures of Consumer Prices
Percentage change
Quarterly Year-ended
June
quarter 2008
September
quarter 2008
June
quarter 2008
September
quarter 2008
CPI 1.5 1.2 4.5 5.0
– Tradables 1.5 0.7 2.9 3.4
– Tradables (ex food and fuel) 1.1 0.1 1.0 1.1
– Non-tradables 1.4 1.6 5.6 6.1
Underlying measures        
Weighted median 1.0 1.3 4.5 4.8
Trimmed mean 1.2 1.2 4.3 4.6
CPI ex volatile items(a) 1.3 1.1 4.2 4.6

(a) Volatile items are fruit, vegetables and petrol

Sources: ABS; RBA

Table 13: Median Inflation Expectations
Per cent
Year to June 2009 Year to June 2010
May
2008
August
2008
November
2008
August
2008
November
2008
Market economists(a) 3.0 3.3 3.4 2.8 2.6
Union officials(b) 4.0 4.0 4.5 3.6 4.0
(a) RBA survey
(b) Workplace Research Centre
Table 14: Output and Inflation Forecasts(a)
Percentage change over year to quarter shown
June
2008
Dec
2008
June
2009
Dec
2009
June
2010
Dec
2010
June
2011
GDP 2.7 2 3
Non-farm GDP 2.5 1 2 3
CPI 4.5 3 3
Underlying inflation 4.4 4 3

(a) Actual data to June 2008. Underlying inflation refers to the average of trimmed mean and weighted median inflation. For the forecast period, technical assumptions include A$ at US$0.70, TWI at 57, cash rate at 5.25 per cent, and WTI crude oil price at US$70 per barrel and Tapis crude oil price at US$72 per barrel.

Sources: ABS; RBA

Table A1: Federal Reserve Lending Facilities – Outstandings
US$ billion
As at 3 Sep 2008 As at 29 Oct 2008 Change
Repos 109 80 −29
Discount window 19 111 92
PDCF 0 79 79
TAF 150 301 151
TSLF 116 197 82
AMLF na 96 96
CPFF na 145 145
MMIFF na na na
US$ swap facility 62 442 380
Source: Board of Governors of the Federal Reserve System
Table B1: Amount Available under US Dollar Swap Auction Facilities(a)
US$ billion
As at
19 Dec 2007
As at
24 Sep 2008
As at
29 Oct 2008
Amount
outstanding as
at 29 Oct 2008
European Central Bank 20 110 Unlimited 210
Bank of England 40 Unlimited 74
Bank of Japan 60 Unlimited 70
Sveriges Riksbank 10 30 27
Swiss National Bank 4 27 Unlimited 26
Reserve Bank of Australia 10 30 18
Danmarks Nationalbank 5 15 15
Norges Bank 5 15 3
Bank of Canada 10 30 0
Banco Central do Brasil 30 0
Banco de México 30 0
Bank of Korea 30 0
Monetary Authority of Singapore 30 0
Reserve Bank of New Zealand 15 0
Total 24 277 Unlimited 442

(a) Excludes central banks' direct foreign exchange swaps with counterparties

Source: central banks