Description of Graphs for Speech by Glenn Stevens, Deputy Governor

Graph 1: World GDP Growth

The graph has columns showing annual world Gross Domestic Product (GDP) growth from 1974 to 2003 as well as the December Consensus forecast for 2004 and 2005. It also has a line showing the 30-year average for world GDP growth, which is around 3½ per cent. The graph shows that world GDP growth is expected to pick up to around 5 per cent in 2004, which would be the fastest rate of growth since 1976. Growth is expected to slow slightly in 2005, remaining above 4 per cent.

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Graph 2: Oil Demand

This graph shows total world oil demand, in millions of barrels per day, from 1980 to 2004, with the total also split between demand from the OECD, Non-OECD Asia and the rest of the world. It shows that demand for oil has increased strongly over recent years, owing in large part to higher demand from Asia. The data are sourced from the International Energy Agency.

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Graph 3: GDP and Domestic Demand

This graph shows Australian GDP and domestic demand, in billions of dollars, on a quarterly basis from the March quarter 2000 to the September quarter 2004. It shows that after falling behind GDP through 2000 and 2001, domestic demand has grown much faster than GDP over recent years, to be around 10 billion dollars larger than GDP in the September quarter 2004. The data are sourced from the ABS.

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Graph 4: Dwelling Investment

This graph shows dwelling investment as a percentage of GDP, in current prices, on a quarterly basis from the September quarter 1959 to the September quarter 2004. It shows that dwelling investment as a share of GDP has risen strongly over the past couple of years to almost 7 per cent, easily surpassing a GST-induced spike in mid 2000, and more than a full percentage point higher than previous peaks seen during the past 45 years. The data are sourced from the ABS.

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