RDP 2020-02: The Distributional Effects of Monetary Policy: Evidence from Local Housing Markets Appendix A: Data Description
February 2020
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| Variable | Source | Start date | End date | Frequency |
|---|---|---|---|---|
| Hedonic dwelling price index | CoreLogic | March 1990 | June 2019 | Quarterly |
| Hedonic house price index | CoreLogic | March 1990 | June 2019 | Quarterly |
| Hedonic apartment price index | CoreLogic | March 1990 | June 2019 | Quarterly |
| Median sales price | CoreLogic | March 1990 | June 2019 | Quarterly |
| Cash rate target | RBA | March 1990 | June 2019 | Quarterly |
| GDP growth, year-ended | ABS | March 1990 | June 2019 | Quarterly |
| Unemployment rate | ABS | March 1990 | June 2019 | Quarterly |
| Terms of trade | ABS | March 1990 | June 2019 | Quarterly |
| RBA forecasts of unemployment, real GDP and inflation | RBA | September 1992 | September 2018 | Quarterly |
| Forecast of aggregate real housing index | CoreLogic, ABS and authors' calculations | September 1992 | September 2018 | Quarterly |
| Credit measure spreads | Beckers (2020) | September 1992 | September 2018 | Quarterly |
| Variable | Description | Source | Year |
|---|---|---|---|
| Population density | Population per square metre | ABS Census, Australian Statistical Geography Standard (ASGS) |
1991, 2016 |
| Dwelling density | Number of dwellings per square metre | ABS Census, ASGS | 1991, 2016 |
| Median age | ABS Census | 2016 | |
| Mortgagor rate | Share of dwellings owned with a mortgage; per cent | ABS Census | 2016 |
| Ownership rate | Share of dwellings owned with a mortgage or outright; per cent | ABS Census | 2016 |
| Outright ownership rate | Share of dwellings owned outright; per cent | ABS Census | 2016 |
| Renter rate | Share of dwellings rented; per cent | ABS Census | 2016 |
| Share of workers in mining, manufacturing or financial industry | Share of working-age population; per cent | ABS Census | 2016 |
| Share of workers in ‘cyclical’ industries | Share of working-age population in construction, accommodation, and food or retail trade; per cent | ABS Census | 2016 |
| Apartment share | Share of dwellings that are apartments; per cent | ABS Census | 2016 |
| Income growth | Percentage points | ABS Census | 2006, 2011, 2016 |
| Share rent interest deductions(a) | Share of individuals with rent interest deductions; per cent | ATO | 2016/17 |
| Rent interest deductions per capita | Log level (dollars) | ATO | 2016/17 |
| Share of individuals with rental income(a) |
Per cent | ATO | 2016/17 |
| Rental profit per capita | Log level (dollars) | ATO | 2016/17 |
| Share of individuals with interest income(a) |
Per cent | ATO | 2016/17 |
| Share of individuals with net capital gains(a) |
Per cent | ATO | 2016/17 |
| Net capital gains per capita | Log level (dollars) | ATO | 2016/17 |
| Share of individuals with unfranked dividends(a) |
Per cent | ATO | 2016/17 |
| Share of individuals with franked dividends(a) |
Per cent | ATO | 2016/17 |
| Share of individuals with franked dividend credits(a) |
Per cent | ATO | 2016/17 |
| Share of individuals with dividend deductions(a) |
Per cent | ATO | 2016/17 |
| Unfranked dividends per capita | Log level (dollars) | ATO | 2016/17 |
| Franked dividends per capita | Log level (dollars) | ATO | 2016/17 |
| Franked dividend credits per capita | Log level (dollars) | ATO | 2016/17 |
| Dividend deductions per capita | Log level (dollars) | ATO | 2016/17 |
| Share of individuals with salary or wages(a) |
Per cent | ATO | 2016/17 |
| Salary or wage per capita | Log level (dollars) | ATO | 2016/17 |
| Taxable income per capita | Log level (dollars) | ATO | 2016/17 |
| Share of individuals with low income tax offset(a) |
Per cent | ATO | 2016/17 |
| Low income tax offset per capita | Log level (dollars) | ATO | 2016/17 |
| Share of individuals with allowance, earnings, tips, director fees(a) | Per cent | ATO | 2016/17 |
| Allowance, earnings, tips, director fees per capita | Log level (dollars) | ATO | 2016/17 |
| Median investment income | Log level (dollars) | ABS | 2016 |
| Mean investment income | Log level (dollars) | ABS | 2016 |
| Median employee income | Log level (dollars) | ABS | 2016 |
| Median total income excluding government pensions | Log level (dollars) | ABS | 2016 |
| Share of working-age population earning negative income per week | Per cent | ABS | 2016 |
| Share of working-age population earning no income per week | Per cent | ABS | 2016 |
| Share of working-age population earning between $1–$499 per week | Per cent | ABS | 2016 |
| Share of working-age population earning between $500–$999 per week | Per cent | ABS | 2016 |
| High mortgage servicing | Share of households with mortgage repayments greater than or equal to 30 per cent of household income | ABS | 2016 |
| High rent servicing | Share of households with rental payments greater than or equal to 30 per cent of household income | ABS | 2016 |
| Share of population on age pension | Per cent | ABS | 2018 |
| Household net worth | Log level (dollars) | ABS | 2016 |
| Share of hand-to-mouth households | As defined by La Cava, Hughson and Kaplan (2016); per cent | HILDA | 2002, 2006, 2010, 2014 |
| Share of wealthy hand-to-mouth households | As defined by La Cava et al (2016); per cent | HILDA | 2002, 2006, 2010, 2014 |
| Share of poor hand-to-mouth households | As defined by La Cava et al (2016); per cent | HILDA | 2002, 2006, 2010, 2014 |
| Mean net worth | Log level (dollars) | HILDA | 2002, 2006, 2010, 2014 |
| Mean liquid wealth | Log level (dollars) | HILDA | 2002, 2006, 2010, 2014 |
| Mean illiquid wealth | Log level (dollars) | HILDA | 2002, 2006, 2010, 2014 |
| Share of housing value determined by ‘zoning’ | See Appendix B for details; per cent | CoreLogic; RBA | 2015–16 |
| Share of housing value determined by land | See Appendix B for details; per cent | CoreLogic; RBA | 2015–16 |
| Share of housing value determined by physical land | See Appendix B for details; per cent | CoreLogic; RBA | 2015–16 |
| Share of housing value determined by structure | See Appendix B for details; per cent | CoreLogic; RBA | 2015–16 |
| Mortgage servicing share | Median mortgage payment as a percentage of median household income; per cent | ABS Census | 2016 |
| Rent servicing share | Median rent payment as a percentage of median household income; per cent | ABS Census | 2016 |
| Housing servicing share | Weighted average of mortgage and rent servicing ratios; weighted by share of households with mortgages or are renters | ABS Census | 2016 |
| Investor density (working-age population) | Share of working-age population with investment income; per cent | ABS Census | 2016 |
| Investor density (population) | Share of population with investment income; per cent | ABS Census | 2016 |
| Investment-to-total income ratio | Median investment income divided by median total income excluding government pensions | ABS Census | 2016 |
| Share on government benefits | Share of working-age population that receive Newstart or parenting payments | ABS Census | 2016 |
| Share of working-age population earning at or below $999 per week | Per cent | ABS Census | 2016 |
| Average unemployment rate | Per cent | ABS | 2010–18 |
| Median household income | Log level (dollars) | ABS Census | 1991 |
| Median individual income | Log level (dollars) | ABS Census | 1991 |
| Unemployment rate | Per cent | ABS Census | 1991 |
| Employment-to-working-age population rate | Per cent | ABS Census | 1991 |
| Rental growth | Percentage points | CoreLogic | 2005–18 |
| Average sales growth | Log level (dollars) | CoreLogic | 1991–94 |
| Housing price growth | Growth in hedonic dwelling price index; percentage change | CoreLogic | 1994–19 |
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Notes: State and territory indicators of SA3s are also included in the elastic net and LAR (a) ‘Share of individuals’ is based on individuals recorded by the ATO based on tax statistics |
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