RDP 1999-06: Two Depressions, One Banking Collapse Appendix A: Data Sources and Descriptions

Most of the data described below are recorded on a calendar year basis prior to either 1901 or 1915 and on a financial year basis thereafter. For details of the few exceptions see the original sources.

Building activity: from Butlin, N.G. (1962), Australian Domestic Product, Investment and Foreign Borrowing, 1861–1938/39 (ADP), Table 2, output of construction industry, from 1861 to 1940. Share of construction to GDP for the 1970s and 1980s is from Foster, R.A. (1996), ‘Australian Economic Statistics, 1949–50 to 1994–95’, Reserve Bank of Australia Occasional Paper No. 8, Table 5.9.

Capital flows: for 1861–1900, ADP Table 250, indirect estimate of long-term capital inflows. For 1901–1940, data are from Vamplew, W. (ed.) (1987), Australians: Historical Statistics (AHS), Table ITFC 101–106 apparent capital inflow.

Exports: for 1861–1900 AHS, Table ITFC 48–51. For 1901–1945, AHS Table ITFC 122–151. No data is available for 1914. Real exports are calculated by deflating nominal exports using the export price index, AHS Table ITFC 81–83.

Fiscal data: AHS Table GF (various) and Barnard (1986).

Imports: for 1861–1900 AHS, Table ITFC 22–35, including gold imports. For 1901–1945, sum of imports excluding gold and imports of gold, AHS Table ITFC 167–181.

Investment expenditure: private investment is gross private capital formation – AHS, Table ANA 65–71. Public investment is gross public capital formation and includes local and semi government capital formation. For 1860–1900 gross public capital formation is the sum of public capital formation (excluding local authorities), AHS Table ANA 82–90 and gross capital formation of local and semi government authorities from AHS Table ANA 91–97. From 1901 onwards, public investment is from AHS, Table ANA 104–118 and includes investment by local and semi government authorities.

Output: GDP in current prices for 1861–1900 is from ADP, Table 1, p. 6, col. 2 and is GDP at market prices. From 1900/01 onwards data are from AHS, Table ANA 129. Real GDP (1910/11 prices) is calculated by deflating this series by the GDP price deflator index in AHS, Table PC 79.

Pastoral output: expressed as a ratio to GDP by factor cost, ADP, Table 2.

Population: from AHS, Table POP 17–25. Between census dates, population figures are interpolated.

Property prices: capital value of ratable property in the City of Melbourne, Commonwealth Bureau of Census and Statistics Victorian Yearbook, various issues. Capital value of ratable property in the City of Sydney, Commonwealth Bureau of Census and Statistics NSW Statistical Register, various issues and Commonwealth Bureau of Census and Statistics Official Yearbook of NSW, various issues.

Retail price index and retail price of groceries in Sydney: AHS, Tables PC 31 and PC 8.

Terms of trade: for 1870–1900 AHS Table ITFC 81–83. For 1901–1945 Butlin (1984) Table Aa 21.

UK and US output: Mitchell (1992, 1993).

Unemployment: unemployment rate of trade union members, Jonson and Stevens (1983). Unemployment rate of Amalgamated Society of Engineers, Australia, AHS, Table LAB 98–100.

Bank Data

The source for the majority of bank data is Butlin, S.J, A.R. Hall and R.C. White. (1971), ‘Australian Banking and Monetary Statistics 1817–1945’, Reserve Bank of Australia Occasional Paper No. 4A (OP4A). For details of bank numbers, and dates of amalgamations, liquidations and suspensions see OP4A pp. 103–105 and Royal Commission (1937).

Australian banks liabilities to British residents: OP4A, Table 4(ii).

Bank credit: for 1861–1945 sum of trading bank advances and all other assets within Australia (OP4A, Table 1) and savings bank mortgage loans (OP4A, Table 53(i) and 53(ii)). Trading bank data includes the Commonwealth Bank from 1913 onwards. Trading banks included in this series are the banks of note issue.

Total assets of financial institutions: Pope (1986), Table 1. Assets of managed funds is the sum of the assets of life insurance offices, pension funds and trustee companies.

Trading bank advances by State: for 1929, sworn averages for the quarter ended 31 December 1929 – Australian States and New Zealand, The Australasian Insurance and Banking Record (AIBR), Vol. LIV, February 1930, p. 137. For 1891, summary of deposits, advances, and coin and bullion-fourth quarter 1891, AIBR, Vol. XVI, February 1892.

Trading bank deposits: consists of all deposits within Australia. Source OP4A, Table 1. Savings bank deposits OP4A, Table 53(i) and 53(ii).

Trading bank liquid assets: is the sum of trading banks holdings of coin, bullion and Australian notes, OP4A, Table 1. For 1893–1900 includes Queensland treasury notes. Quarterly seasonally adjusted data on cash balances and deposits is from OP4A, Table 19.

Trading bank shareholders' funds: OP4A, Table 3. Prior to 1893 paid up capital consists of paid up ordinary capital. From 1893 paid up capital is the sum of ordinary capital and preference capital. Retained earnings are ‘reserves’ as reported on banks' balance sheets – Butlin, Hall and White (1971) advise caution in interpreting this series. These series exclude a number of trading banks, whose business was primarily undertaken outside of Australia, and do not incorporate the Commonwealth Bank of Australia.

Trading and savings banks' holdings of government securities: trading banks, OP4A, Table 1. Savings banks, OP4A, Table 53(i).

Trading bank branches: Butlin S.J. (1977; 1986).

Trading bank dividend rate: return on capital and reserves, source OP4A, Table 3.