List of tables | Statement on Monetary Policy – August 2007

Statement on Monetary Policy – August 2007 List of tables

Chapters

Boxes

Table 1: World GDP
Year-average percentage change^(a)
	2005	2006	2007	2008
			IMF forecasts (July 2007)
United States	3.1	2.9	2.0	2.8
Euro area	1.6	2.9	2.6	2.5
Japan	1.9	2.2	2.6	2.0
China	10.4	11.1	11.2	10.5
Other east Asia^(b)	4.9	5.4	4.9	5.0
India	8.7	9.7	9.0	8.4
World	4.9	5.5	5.2	5.2
Australia's trading partners^(c)	4.3	4.9	5.1	4.8
(a) Aggregates weighted by GDP at PPP exchange rates unless otherwise specified (b) Weighted by GDP at market exchange rates (c) Weighted using merchandise export shares Sources: CEIC; IMF; RBA; Thomson Financial

Table 2: Commodity Prices
Percentage change; SDR
	Three months to July 2007	Year to July 07
RBA index	−0.6	4.4
Rural	8.9	11.8
– Wheat	14.5	16.5
– Beef & veal	1.9	0.9
– Wool	3.2	38.1
– Sugar	11.4	−29.4
Base metals	−9.5	13.8
– Aluminium	−3.4	5.4
– Copper	2.8	−0.2
– Nickel	−33.8	23.3
– Zinc	−0.8	3.2
– Lead	53.8	181.9
Other resources	0.5	−2.0
– Coking coal^(a)	−1.0	−12.8
– Steaming coal^(a)	7.2	4.9
– Iron ore^(a)	4.7	7.1
– Gold	−2.7	1.5
Memo item
Oil in US$^(b)
– WTI	15.7	−0.5
– Tapis	6.2	2.7
(a) Latest available data are for June. (b) Oil prices are not included in the RBA index. Sources: ABS; AWB; AWEX; Bloomberg; Meat and Livestock Australia; RBA

Table 3: Changes in Monetary Policy
	Current level Per cent	Most recent change		Expectations for next 6 months
United States	5.25	↑	Jun-06	↓	25 bps
Euro area	4.00	↑	Jun-07	↑	25 bps
Japan	0.50	↑	Feb-07	↑	25 bps
United Kingdom	5.75	↑	Jul-07	↑	25 bps
Canada	4.50	↑	Jul-07	↑	25 bps
New Zealand	8.25	↑	Jul-07	No change
Sources: central banks; Bloomberg; Reuters

Table 4: Changes in Global Share Prices
Per cent
United States
	Since 2000 peak	Over the past year	Since previous Statement
– Dow Jones	17	22	3
– S&P 500	−2	18	0
– NASDAQ	−48	27	2
Euro area
– STOXX	−10	22	−2
United Kingdom
– FTSE	−8	10	−1
Japan
– TOPIX	−5	7	−2
Canada
– TSE 300	21	15	1
Australia
– ASX 200	75	21	−2
MSCI Emerging Asia	52	44	16
MSCI Latin America	234	43	9
MSCI World	4	19	0
Source: Bloomberg

Table 5: Change in US Dollar against Other Currencies
Per cent
	Past year	Since previous Statement
New Zealand	−19	−4
Brazil	−13	−7
India	−13	−2
Philippines	−12	−5
Australia	−11	−3
Thailand	−10	−2
Euro area	−7	−1
Canada	−7	−6
Sweden	−6	0
Malaysia	−6	1
United Kingdom	−6	−2
China	−5	−2
Singapore	−4	−1
South Korea	−4	−1
Switzerland	−2	−1
Taiwan	0	−1
Mexico	0	0
Indonesia	2	2
South Africa	3	0
Japan	4	0
Majors TWI	−5	−3
Broad TWI	−5	−2
Source: RBA

Table 6: Australian Dollar against Selected TWI Currencies
Percentage change
	Past year	Since previous Statement
Japan	18	5
South Africa	17	4
Indonesia	15	6
Taiwan	14	3
US	14	5
PNG	11	2
Switzerland	11	3
South Korea	10	4
Singapore	9	4
China	8	3
Canada	6	−1
Euro area	6	3
Sweden	6	4
UK	6	2
Philippines	0	−1
New Zealand	−7	0
TWI	10	4
Source: RBA

Table 7: Demand and Output
Percentage change
	December qtr 2006	March qtr 2007	Year to March qtr 2007
Domestic final demand	1.2	1.5	4.5
Change in inventories^(a)	0.7	0.5	0.6
GNE^(b)	2.3	1.8	5.3
Net exports^(a)	−1.3	−0.2	−1.6
GDP	1.1	1.6	3.8
Non-farm GDP	1.3	1.7	4.6
Farm GDP	−10.4	−0.2	−22.7
Memo item:
Real GDP adjusted for changes in the terms of trade	1.4	1.9	5.4
(a) Contributions to GDP growth (b) Includes the statistical discrepancy Sources: ABS, RBA

Table 8: House Prices
Percentage change
	March qtr	June qtr	Year to June qtr
Sydney	0.1	2.3	3.0
Melbourne	1.7	5.0	11.5
Brisbane	4.2	6.5	15.7
Adelaide	2.2	5.7	11.7
Perth	1.3	−0.9	15.3
Canberra	1.3	2.9	9.0
Hobart	3.4	2.3	9.7
Darwin	2.5	−1.4	7.4
Australia	1.4	3.2	9.2
Source: ABS

Table 9: Fiscal Balance – General Government Sector^(a)
Estimates, $ billion
	2006/07	2007/08
Federal government	12.8	11.0
– Per cent of GDP	1.2	1.0
State governments	−2.1	−5.7
– Per cent of GDP	−0.2	−0.5
Total – federal and state	10.7	5.3
– Per cent of GDP	1.0	0.5
(a) ABS Government Finance Statistics basis Sources: Australian Treasury; RBA; state Treasuries

Table 10: Volume of Farm Production
Per cent
	2005/06	2006/07	2007/08
	Share of gross production	Growth^(a)
Crops	44	−31	40
– Cereals	17	−60	130
– Non-cereal crops	27	−13	15
Livestock products	46	−3	0
Farm GDP^(b)		−21	20
(a) Estimate for 2006/07, forecast for 2007/08 (b) Gross farm production less farm inputs Sources: ABARE; ABS; RBA

Table 11: Unemployment Rates by State
Per cent
	July 2006	July 2007
	Three months ended
NSW	5.1	4.8
Victoria	5.1	4.6
Queensland	4.5	3.5
WA	3.2	3.4
SA	4.8	4.8
Tasmania	6.4	4.8
Australia	4.8	4.3
Source: ABS

Table 12: Share Market Performance
Per cent
	Dec 2002–Dec 2006 Average annual change	Financial year 2006/07	Calendar year to date
ASX 200	17.2	23.7	7.6
S&P 500	12.7	18.4	5.6
MSCI ex US	16.8	20.3	4.2
Sources: Bloomberg; RBA; Thomson Financial

Table 13: Financial Aggregates
Average monthly growth, percentage change
	September quarter 2006	December quarter 2006	March quarter 2007	June quarter 2007
Total credit	1.2	1.0	1.2	1.4
Household	1.2	0.8	1.0	1.3
– Housing	1.2	0.8	1.0	1.2
Owner-occupier housing	1.4	1.0	1.0	1.2
Investor housing	0.8	0.5	0.9	1.3
– Personal	1.2	0.7	0.9	2.0
Business	1.1	1.2	1.7	1.7
Broad money	1.1	0.8	1.2	1.3
Source: RBA

Table 14: Measures of Consumer Prices
Percentage change
	Quarterly		Year-ended
	March quarter 2007	June quarter 2007	March quarter 2007	June quarter 2007
CPI	0.1	1.2	2.4	2.1
– Tradables	−1.0	2.0	1.0	0.3
– Tradables (ex food and petrol)	0.0	0.8	0.4	1.0
– Non-tradables	0.9	0.7	3.5	3.4
Underlying measures
Weighted median	0.6	0.9	2.8	2.8
Trimmed mean	0.5	0.9	2.7	2.7
CPI ex volatile items^(a)	0.6	0.7	2.5	2.6
(a) Volatile items are fruit, vegetables and petrol Sources: ABS; RBA

Table 15: Median Inflation Expectations
Per cent
	Year to June 2008			Year to June 2009
	February 2007	May 2007	August 2007	August 2007
Market economists^(a)	2.5	2.5	2.7	2.7
Union officials^(b)	3.5	3.0	3.0	3.0
(a) RBA survey (b) Workplace Research Centre

Table 16: RBA Inflation Forecasts^(a)
Percentage change over year to quarter shown
	June 2006	Dec 2006	June 2007	Dec 2007	June 2008	Dec 2008	June 2009
Consumer price index	4.0	3.3	2.1	2½	3	2½–3	2½–3
Underlying inflation	2.9	3.0	2.8	3	3	2½–3	2½–3
(a) Actual data to June 2007. Underlying inflation refers to the average of trimmed mean and weighted median inflation. For the forecast period, technical assumptions include A$ at US$0.86, TWI at 69, cash rate at 6.5 per cent, and WTI crude oil price at US$73 per barrel and Tapis crude oil price at US$75 per barrel. Sources: ABS; RBA

Table A1: Share of World Activity
Selected economies, 2006, Per cent
	GDP		Australia's exports^(a)
	PPP exchange rates	Market exchange rates
United States	20	28	6
Euro area	15	23	7
Japan	6	9	19
China	15	5	14
Other east Asia	7	5	24
India	6	2	6
Australia	1	2	na
(a) Merchandise exports, valued at market exchange rates Sources: ABS; IMF; RBA

Table C1: Measures of Construction Activity^[1]
Chain volumes, percentage change
	Value added^(a)	Expenditure		Employment
		Non-residential	Residential
2003/04	6.6	5.6	4.6	8.0
2004/05	4.8	10.2	−1.5	7.7
2005/06	8.3	16.9	−4.0	4.8
2006/07^(b)	7.5	8.6	3.8	6.9
Average	6.8	10.3	0.6	6.8
(a) Gross value added at basic prices (b) Estimate Source: ABS

Footnote

Construction industry data are on a value-added basis. Data for residential and non-residential construction refer to expenditure as value-added data are not available. [1]