Statement on Monetary Policy – November 2006 List of tables

Chapters

Boxes

Table 1: Changes in Monetary Policy
Current level
Per cent		 Most recent
change		 Expectations for
next 6 months
United States 5.25 ↑ Jun 06 No change
Euro area 3.25 ↑ Oct 06 ↑ 50 bps
Japan 0.25 ↑ Jul 06 ↑ 25 bps
United Kingdom 4.75 ↑ Aug 06 ↑ 50 bps
Canada 4.25 ↑ May 06 No change
New Zealand 7.25 ↑ Dec 05 ↑ 25 bps

Sources: central banks; Bloomberg; Reuters
Table 2: Changes in Major Country Share Prices
Per cent
Since 2000 peak 2006 to date Since previous Statement
United States
– Dow Jones 4 14 8
– S&P 500 −9 11 8
– NASDAQ −53 8 14
Euro area
– STOXX −17 17 12
United Kingdom
– FTSE −10 11 7
Japan
– TOPIX −9 −3 2
Canada
– TSE 300 9 10 4
Australia
– ASX 200 62 15 9

Source: Bloomberg
Table 3: US Dollar against Other Currencies
Percentage change
2006 to
date		 Since previous
Statement
Thailand −11 −3
United Kingdom −10 0
Sweden −10 0
Brazil −8 −2
Indonesia −7 0
Euro area −7 1
South Korea −7 −3
Philippines −6 −3
Singapore −6 −1
Switzerland −5 2
Australia −5 −1
Malaysia −4 −1
Canada −3 0
China −3 −1
India −1 −4
Japan 0 3
Taiwan 0 0
Mexico 2 0
New Zealand 3 −6
South Africa 16 7
Majors TWI −5 1
Broad TWI −4 0

Source: RBA
Table 4: Australian Dollar against Selected TWI Currencies
Percentage change
2006 to date Since previous
Statement
South Africa 21 2
New Zealand 8 −1
Japan 6 1
Taiwan 5 1
US 5 1
PNG 2 1
China 2 0
Canada 2 3
Switzerland 0 2
Philippines −1 −1
Singapore −1 0
Euro area −2 1
South Korea −3 −2
Indonesia −3 1
Sweden −5 −1
UK −5 1
TWI 2 0

Source: RBA
Table 5: Demand and Output
Percentage change
March qtr 2006 June qtr 2006 Year to June qtr 2006
Domestic final demand 0.4 1.2 3.8
Change in inventories(a) 0 −0.8 −0.8
GNE(b) 0.8 0.5 3.1
Net exports(a) −0.1 −0.2 −1.2
GDP 0.7 0.3 1.9
Memo item:      
Real GDP adjusted for changes
in the terms of trade		 0.6 0.7 3.3

(a) Contributions to GDP growth
(b) Includes the statistical discrepancy

Source: ABS
Table 6: House Prices
Percentage change
APM REIA Residex ABS
Sep qtr 2006 Year to Sep qtr Sep qtr 2006(a) Year to Sep qtr Sep qtr 2006 Year to Sep qtr Year to Jun qtr
Sydney −0.9 0.3 1.2 0.6 0.7 1.4 −0.5
Melbourne −0.1 3 3 6.3 −0.4 5.1 5.5
Brisbane 0.2 6 .. .. 0 5.5 4.5
Adelaide −0.3 6.3 0.8 3.6 0.3 2.3 7.3
Perth 4.9 38.5 .. .. −2.2 24.1 35.4
Canberra −1.4 2.8 1.8 7.2 0.7 8.7 6.7
Hobart 0.8 5 2.5 8.8 .. .. 7.4
Darwin 4.7 18.2 .. .. 0.5 5.3 18.7
Australia 0.4 6.8 .. .. −0.2(b) 7.0(b) 6.4

(a) Seasonally adjusted by the RBA
(b) Excludes Hobart

Sources: ABS; APM; REIA; state REIs; RBA; Residex
Table 7: Labour Market by State
Per cent
Employment growth Unemployment rate
Three-month-ended
October 2006		 Year-ended
October 2006		 October
2005		 October
2006
NSW 0.3 1.9 5.4 5.1
Victoria 0.9 2.2 5.4 4.8
Queensland 1.6 3.8 5.0 4.0
WA 0.3 1.4 4.0 3.7
SA 1.2 3.2 5.1 4.6
Tasmania −1.4 0.9 7.4 6.5
Australia 0.7 2.5 5.2 4.6

Source: ABS
Table 8: Industry Contributions to Labour Productivity
Two years to 2005/06
Annual
productivity
growth Per cent		 Annual growth
in employment
(hours worked) Per cent		 Implied employment
effect on productivity(a) Percentage
contribution
Agriculture 5.9 −4.2 0.1
Mining −11.7 14.6 0.9
Manufacturing 0.0 −0.7 0.0
Electricity, gas & water −5.1 6.8 0.1
Construction 1.4 5.1 −0.1
Wholesale trade 4.4 −1.2 −0.1
Retail trade 1.0 1.6 0.1
Accommodation & restaurants 3.2 0.6 0.1
Transport & storage 1.9 1.8 0.0
Communication 1.8 3.1 0.0
Finance & insurance 0.0 3.8 0.1
Property & business services −0.8 3.3 0.0
Cultural & recreational −2.0 6.5 −0.1
Government & other −0.6 −5.6 −0.1
Total     1.1

(a) Over whole period

Sources: ABS; RBA
Table 9: Volume of Farm Production
Per cent
Share of gross production Growth
2005/06 2002/03 2006/07(f)
Crops 45 −29 −31
Cereals 18 −55 −60
Non-cereal crops 27 −12 −13
Livestock products 45 −8 −3
Meat and livestock 32 −8 −2
Wool 5 −6 −7
Dairy 8 −7 −3
Gross production(a)   −19 −16
Farm GDP(b)   −26 −20

(a) Includes services to agriculture
(b) Gross farm production less farm inputs

Sources: ABARE; ABS; RBA
Table 10: Commodity Prices
Percentage change; SDR
Three months to
October 2006		 Year to
October 2006
RBA Index 0.9 14.9
Rural −0.7 7.4
– Wheat 4.7 19.3
– Beef & veal 6.8 8.1
– Wool 1.4 10.0
– Sugar −27.2 −6.4
Base metals 10.4 82.2
– Aluminium 6.0 34.8
– Copper −2.7 81.3
– Nickel 24.6 156.9
Other resources −2.4 0.1
– Coking coal(a) −7.2 −10.9
– Steaming coal(a) 0.3 −7.1
– Iron ore(a) 3.5 19.5
– Gold −7.1 22.5
Memo item    
Oil in US$(b) −20.9 −5.6

(a) Latest available data are for September.
(b) Oil prices are not included in the RBA Index.

Sources: ABS; AWB; AWEX; Bloomberg; Meat and Livestock Australia; RB
Table 11: Interest Rates
Per cent, November
Cash rate Actual rate on
new housing loans(a)		 Actual
business rate(a)
Levels 6.25 7.5 7.85
Deviation from decade average 1.00 0.8 −0.10

(a) Assumes full pass-through of August and November tightenings

Sources: APRA; RBA
Table 12: Financial Aggregates
Percentage change
Average monthly growth Year to September
First half of year September quarter
Total credit 1.2 1.0 14.4
Household 1.1 1.0 13.6
– Housing 1.2 1.1 14.2
– Personal 0.8 0.7 9.5
Business 1.2 1.0 15.9
Broad money 1.0 1.1 11.2

Source: RBA
Table 13: Non-government Bond Issuance by Sector
$ billion
Sector 2003 2004 2005 2006
June half September
quarter
Bond issues by Australian entities
Onshore
Financial institutions 9.9 14.5 20.9 9.8 5.7
Non-financial corporations 5.6 8.0 8.9 4.3 3.2
Asset-backed 20.7 25.0 32.2 22.7 9.5
Total 36.1 47.5 62.1 36.8 18.4
Offshore
Financial institutions 51.5 64.9 52.3 37.6 20.2
Non-financial corporations 14.7 13.6 16.4 2.4 5.4
Asset-backed 24.3 29.8 25.6 11.5 8.6
Total 90.5 108.2 94.3 51.4 34.2
Total 126.6 155.7 156.4 88.2 52.6
A$ bond issues by non-resident entities
Onshore 7.1 21.3 26.5 20.6 6.1
Offshore 24.8 21.6 14.1 7.6 2.1
Total 31.9 42.9 40.6 28.2 8.2

Source: RBA
Table 14: Measures of Consumer Prices
Percentage change
Quarterly Year-ended
June
quarter
2006		 September
quarter
2006		 June
quarter
2006		 September
quarter
2006
CPI 1.6 0.9 4.0 3.9
– Tradables 2.7 0.8 4.8 4.4
– Tradables (ex food and petrol) 0.1 0.4 0.2 0.4
Non-tradables 0.8 1.0 3.4 3.6
Underlying measures
Weighted median 0.9 0.8 3.0 3.2
Trimmed mean 0.9 0.7 2.8 2.9
CPI ex volatile items(a) 0.6 0.8 2.4 2.6

(a) Volatile items are fruit, vegetables and petrol

Sources: ABS; RBA
Table 15: Median Inflation Expectations
Per cent
Year to June 2007 Year to June 2008
May
2006		 August
2006		 November
2006		 August
2006		 November
2006
Market economists(a) 2.7 2.7 2.7 2.5 2.5
Union officials(b) 3.5 4.2 4.0 4.0 3.5
(a) RBA survey
(b) Workplace Research Centre
Table A1: Australia's Exports of Goods and Services by Destination
Share of total exports 2005, per cent Average annual growth 2000–2005, per cent Rank in 2000
Japan 17.9 4.4 1
China 10.6 22.5 7
United States 7.8 −3.9 2
Korea 6.9 4.5 3
New Zealand 6.7 6.1 4
United Kingdom 5.2 4.5 6
India 4.5 28.8 13
Singapore 3.6 −3.9 5
Taiwan 3.4 −0.2 8
Thailand 2.6 13.8 12
– North America 9.6 −2.3  
– European Union 12.9 3.5  
– Asia 62.0 5.9  
Total   4.2  

Source: ABS
Table A2: Australia's Imports of Goods and Services by Origin
Share of total imports 2005, per cent Average annual growth 2000–2005, per cent Rank in 2000
United States 14.4 −1.4 1
China 11.6 18.1 4
Japan 9.8 2.0 2
Singapore 5.9 14.7 7
United Kingdom 5.3 −1.0 3
Germany 5.1 7.6 5
New Zealand 3.8 3.8 6
Malaysia 3.5 6.1 8
Thailand 3.0 10.8 13
France 2.9 15.8 14
– North America 16.1 −1.0  
– European Union 23.3 6.6  
– Asia 48.7 7.8  
Total   5.4  

Source: ABS