Statement on Monetary Policy – November 2009 List of tables

Chapters

  • Table 1: World GDP Growth
  • Table 2: Policy Rates
  • Table 3: Changes in Global Share Prices
  • Table 4: Change in US Dollar against Other Currencies
  • Table 5: Australian Dollar against Selected TWI Currencies
  • Table 6: Demand and Output Growth
  • Table 7: National Dwelling Price Growth
  • Table 8: Intermediaries' Variable Lending Rates
  • Table 9: Credit Aggregates
  • Table 10: Sectoral movements in the ASX 200
  • Table 11: Measures of Consumer Price Inflation
  • Table 12: Median Inflation Expectations
  • Table 13: Output Growth and Inflation Forecasts

Boxes

Table 1: World GDP Growth
Year-average, per cent(a)
2008 2009 2010
IMF forecasts(d)
United States 0.4 −2.7 1.5
Euro area 0.7 −4.2 0.3
Japan −0.7 −5.4 1.7
China 9.0 8.5 9.0
Other east Asia(b) 2.7 −1.2 3.8
India 7.3 5.4 6.4
World 3.0 −1.1 3.1
Australia's trading partners(c) 2.7 −0.8 3.7

(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
(d) Forecasts from the October World Economic Outlook

Sources: CEIC; IMF; RBA; Thomson Reuters

Table 2: Policy Rates
Current level
Per cent
Most recent
change
Change over easing phase
Basis points
Euro area 1.00 ↓ May 09 ↓ 325
Japan 0.10 ↓ Dec 08 ↓ 40
United States 0.125 ↓ Dec 08 ↓ 513
Brazil 8.75 ↓ Jul 09 ↓ 500
Canada 0.25 ↓ Apr 09 ↓ 425
China 5.31 ↓ Dec 08 ↓ 216
India 4.75 ↓ Apr 09 ↓ 425
Indonesia 6.50 ↓ Aug 09 ↓ 300
Israel 0.75 ↑ Aug 09 ↓ 375
Malaysia 2.00 ↓ Feb 09 ↓ 150
Mexico 4.50 ↓ Jul 09 ↓ 375
New Zealand 2.50 ↓ Apr 09 ↓ 575
Norway 1.50 ↑ Oct 09 ↓ 450
Russia 9.50 ↓ Oct 09 ↓ 350
South Africa 7.00 ↓ Aug 09 ↓ 500
South Korea 2.00 ↓ Feb 09 ↓ 325
Sweden 0.25 ↓ Jul 09 ↓ 450
Switzerland 0.25 ↓ Mar 09 ↓ 250
Thailand 1.25 ↓ Apr 09 ↓ 250
Turkey 6.75 ↓ Oct 09 ↓ 1,000
United Kingdom 0.50 ↓ Mar 09 ↓ 525
Sources: Bloomberg; Thomson Reuters; central banks
Table 3: Changes in Global Share Prices
Per cent
Peak to
recent trough
Since recent
trough
Since previous
Statement
United States
– Dow Jones −54 50 6
– S&P 500 −57 55 4
– NASDAQ −56 62 3
Euro area
– STOXX −62 53 6
United Kingdom
– FTSE −48 45 10
Japan
– Nikkei −61 40 −4
Canada
– TSE 300 −50 46 0
China
– China A −72 83 −9
Australia
– ASX 200 −54 44 6
MSCI indices
– Emerging Asia −61 86 4
– Latin America −57 87 9
– Emerging Europe −71 82 9
– World −56 49 3
Source: Bloomberg
Table 4: Change in US Dollar against Other Currencies
Per cent
Past year Since recent peak
(March 2009)
Mexican peso 6 −15
Chinese renminbi 0 0
Taiwan dollar 0 −7
Indian rupee −1 −9
Philippine peso −2 −2
Malaysian ringgit −3 −8
British pound −4 −17
Thai baht −4 −8
Singapore dollar −5 −10
Korean won −6 −24
Canadian dollar −8 −18
Swedish krona −8 −24
Japanese yen −9 −8
Indonesian rupiah −13 −21
Swiss franc −13 −12
Euro −13 −15
New Zealand dollar −17 −32
Brazilian real −18 −28
South African rand −21 −31
Australian dollar −23 −31
Majors TWI −9 −15
Broad TWI −5 −12
Sources: Bloomberg; Board of Governors of Federal Reserve System
Table 5: Australian Dollar against Selected TWI Currencies
Percentage change
Since recent peak
(July 2008)
Since recent trough
(March 2009)
Deviation from
post-float average
British pound 12 24 24
Korean won 8 6 56
Indian rupee 2 31 62
Euro 0 22 −7
Malaysian ringgit −1 32 40
Canadian dollar −1 20 3
New Zealand dollar −2 −2 2
Indonesian rupiah −3 14 135
Singapore dollar −4 29 2
South African rand −6 7 57
Thai baht −6 33 29
US dollar −7 44 26
Chinese renminbi −7 44 33
Swiss franc −7 25 −13
Japanese yen −21 34 −12
TWI −5 30 19
Sources: RBA; Thomson Reuters; WM/Reuters
Table 6: Demand and Output Growth
Per cent
March
quarter 2009
June
quarter 2009
Year to June
quarter 2009
Domestic final demand −1.1 0.8 0.7
GNE −0.9 1.0 −0.4
Net exports(a) 2.2 −0.2 3.3
Statistical discrepancy(a) −0.9 −0.1 −2.3
GDP 0.4 0.6 0.6
Non-farm GDP 0.5 1.1 0.5
GDP adjusted for changes
in the terms of trade −1.4 −1.1 −2.1

(a) Contribution to GDP growth

Source: ABS

Table 7: National Dwelling Price Growth
Per cent
June
quarter 2009
September
quarter 2009
Year to September
quarter 2009
House prices
ABS 4.2 4.2 6.2
APM 3.6 3.7 6.5
RP Data-Rismark 2.7 2.7 5.5
Apartment prices
APM 2.9 3.3 8.2
RP Data-Rismark 2.5 2.2 7.1
Sources: ABS; APM; RBA; RP Data-Rismark
Table 8: Intermediaries' Variable Lending Rates
Per cent
Current level Change since:
4 November 2009 Jul 2009 Aug 2008
Cash rate 3.50   0.50 −3.75
Housing loans
Prime full-doc 5.61   0.43 −3.37
Prime low-doc 6.09   0.20 −3.40
Personal loans
Margin loans 8.16   0.15 −2.42
Standard credit cards 18.12   0.21 −1.81
Low-rate credit cards 12.09   0.13 −0.84
Unsecured term loans 13.77   0.25 −1.13
Home equity loans 6.21   0.30 −3.37
Small business
Term loans        
Residentially secured 7.48   0.38 −2.61
Other security 8.27   0.38 −2.43
Overdraft        
Residentially secured 8.30   0.38 −2.61
Other security 9.19   0.38 −2.40
Average actual rate(a) 7.51   0.36 −2.78
Large business
Average actual rate,
variable and bill funding(a)
5.54   0.36 −3.07

(a) RBA estimate

Sources: ABS; APRA; Canstar Cannex; Perpetual; RBA

Table 9: Credit Aggregates
Average monthly growth, per cent
December
quarter
2008
March
quarter
2009
June
quarter
2009
September
quarter
2009
Total credit 0.2 0.2 0.1 0.1
Household 0.4 0.5 0.5 0.6
– Owner-occupier housing 0.7 0.8 0.8 0.8
– Investor housing 0.2 0.3 0.2 0.4
– Personal −1.0 −0.4 −0.5 0.0
Business −0.1 −0.1 −0.6 −0.8
Source: RBA
Table 10: Sectoral movements in the ASX 200
Per cent change since
November 2007
peak
March 2009
trough
Previous
Statement
Resources −25 35 −1
Financials −39 67 10
Other −34 30 4
ASX 200 −34 44 5
Source: Bloomberg
Table 11: Measures of Consumer Price Inflation
Per cent
Quarterly Year-ended
June
quarter
2009
September
quarter
2009
June
quarter
2009
September
quarter
2009
CPI 0.5 1.0 1.5 1.3
– Tradables 0.7 0.2 0.0 −0.5
– Tradables (ex food & fuel) 1.0 0.3 1.9 2.1
– Non-tradables 0.4 1.5 2.4 2.3
Selected underlying measures
Weighted median 0.8 0.8 4.2 3.8
Trimmed mean 0.8 0.8 3.6 3.2
CPI ex volatile items(a) and
deposit & loan facilities
0.8 0.9 3.6 3.5

(a) Volatile items are fruit, vegetables and automotive fuel

Sources: ABS; RBA

Table 12: Median Inflation Expectations
Per cent
Year to June 2010 Year to June 2011
May
2009
August
2009
November
2009
August
2009
November
2009
Market economists(a) 2.3 2.3 2.3   2.5 2.5
Union officials(b) 2.5 2.5 2.0   3.0 3.0
(a) RBA survey
(b) Workplace Research Centre
Table 13: Output Growth and Inflation Forecasts(a)
Per cent, over year to quarter shown
June 2009 Dec 2009 June 2010 Dec 2010 June 2011 Dec 2011 June 2012
GDP growth 0.6
Non-farm GDP growth 0.5 2
CPI inflation 1.5 2
Underlying inflation

(a) Actual GDP and inflation data for June 2009. For the forecast period, technical assumptions include A$ at US$0.91, TWI at 70, WTI crude oil price at US$85 per barrel and Tapis crude oil price at US$88 per barrel.

Sources: ABS; RBA

Table B1: Household Debt Servicing
Percentage point change of ratio to disposable income, since recent peak
Australia
(peak: June 2008)
United Kingdom
(peak: December 2007)
United States
(peak: September 2007)
Debt-servicing ratio −5.1 −3.1 −1.0
Contributions from
Mortgage interest −3.9 −2.6 −0.1
Non-mortgage interest −0.8 0.0 −0.5
Disposable income −0.4 −0.5 −0.4
Sources: National Sources; RBA