List of tables | Statement on Monetary Policy – November 2013

Statement on Monetary Policy – November 2013 List of tables

Table 1.1: Commodity Prices Growth^(a)
SDR, 3-month-average prices, per cent
	Since previous Statement	Over the past year
Bulk commodities	4	10
– Iron ore	7	25
– Coking coal	2	−11
– Thermal coal	−4	−8
Rural	−2	−8
– Beef	1	−4
– Cotton	−4	8
– Wheat	−1	−11
– Wool	3	0
Base metals	0	−7
– Aluminium	−1	−8
– Copper	1	−9
– Lead	1	2
– Nickel	−2	−16
– Zinc	1	−1
Gold	−1	−21
Brent oil^(b)	5	−2
RBA ICP	−1	−4
– using spot prices for bulk commodities	1	0
(a) Prices from the RBA Index of Commodity Prices (ICP); bulk commodities prices are spot prices (b) In US dollars Sources: Bloomberg; IHS Energy Publishing; RBA

Table 2.1: Monetary Policy
	Policy rate Per cent		Most recent change	Cumulative change in current cycle^(a) Basis points
Euro area	0.50	↓	May 13	−100
Japan^(b)	na		na
United States	0.125	↓	Dec 08	−512.5
Australia	2.50	↓	Aug 13	−225
Brazil	9.50	↑	Oct 13	225
Canada	1.00	↑	Sep 10	75
Chile	4.75	↓	Oct 13	−50
China	6.00	↓	Jul 12	−56
India	7.75	↑	Oct 13	50
Indonesia	7.25	↑	Sep 13	150
Israel	1.00	↓	Sep 13	−225
Malaysia	3.00	↑	May 11	100
Mexico	3.50	↓	Oct 13	−475
New Zealand	2.50	↓	Mar 11	−50
Norway	1.50	↓	Mar 12	−75
Russia^(c)	5.50	↑	Sep 12	25
South Africa	5.00	↓	Jul 12	−700
South Korea	2.50	↓	May 13	−75
Sweden	1.00	↓	Dec 12	−100
Switzerland	0.00	↓	Aug 11	−275
Taiwan	1.875	↑	Jun 11	62.5
Thailand	2.50	↓	May 13	−100
United Kingdom	0.50	↓	Mar 09	−525
	Current monthly asset purchases		Most recent change	Assets on balance sheet Per cent of GDP
United States	$85 billion		Sep 12	23.0
Japan	¥6 trillion		Apr 13	44.9
United Kingdom	0		Jul 12	25.1
(a) Current rate relative to most recent trough or peak (b) Since April 2013, the Bank of Japan's main operating target has been the money base (c) The central bank of Russia changed the interest rate it uses as its policy rate in September 2013 Sources: RBA; Thomson Reuters; central banks

Table 2.3: Changes in the US Dollar against Selected Currencies
Per cent
	Over the past year	Since end August
Indonesian rupiah	19	4
Japanese yen	23	1
South African rand	19	0
Chinese renminbi	−2	0
Canadian dollar	5	−1
New Taiwan dollar	1	−2
Mexican peso	1	−2
Swiss franc	−3	−2
Swedish krona	−3	−2
European euro	−5	−2
Singapore dollar	2	−3
Thai baht	2	−3
Philippine peso	5	−3
UK pound sterling	−1	−4
Malaysian ringgit	4	−4
Brazilian real	12	−4
South Korean won	−3	−4
Indian rupee	15	−6
Australian dollar	9	−7
New Zealand dollar	−1	−8
Majors TWI	3	−2
Broad TWI	2	−2
Sources: Bloomberg; Board of Governors of the Federal Reserve System

Table 2.4: Gross Foreign Currency Reserves
As at end October 2013
	Percentage change since:		Level
	End April	End August	US$ equivalent (billions)
China^(b)	4	3	3,663
Russia^(b)	1	3	462
Taiwan^(a)	3	2	416
Brazil	0	3	367
South Korea	4	4	332
India	−3	3	255
Thailand^(b)	−3	2	163
Turkey	−1	4	111
Indonesia	−10	5	90
(a) Official reserve assets (includes foreign currency and other reserve assets) (b) End September Sources: Bloomberg; CEIC Data; IMF; RBA

Table 2.5: Changes in the Australian Dollar against Selected Currencies

Per cent
	Since April peak in TWI^(a)	Since August trough in TWI^(b)
Indonesian rupiah	6	18
South African rand	4	11
Indian rupee	4	10
Canadian dollar	−7	7
Japanese yen	−11	7
US dollar	−10	7
Thai baht	−3	6
Chinese renminbi	−11	6
Malaysian ringgit	−5	5
Swiss franc	−12	5
European euro	−13	5
Singapore dollar	−9	4
UK pound sterling	−14	2
South Korean won	−16	2
New Zealand dollar	−8	0
TWI	−10	6
(a) 11 April 2013 (b) 6 August 2013 Sources: Bloomberg; WM/Reuters

Table 3.1: Demand and Output Growth

Per cent
	June quarter 2013	Year to June quarter 2013
Domestic final demand	0.3	0.6
– Private demand	0.0	1.3
– Public demand	1.6	−1.8
Change in inventories^(a)	0.2	−0.1
Gross national expenditure	0.6	0.5
Exports	1.3	6.4
Imports	1.6	−1.8
GDP	0.6	2.6
Nominal GDP	0.9	3.0
Real gross domestic income	0.6	1.5
(a) Contribution to GDP growth Sources: ABS; RBA

Table 3.2: Housing Price Growth

Per cent
Capital cities
	3 months to September 2013	3 months to June 2013	Year to September 2013
ABS^(a),(b)	1.9	2.7	7.6
APM^(b)	1.9	2.4	7.0
RP Data-Rismark	2.8	1.1	5.5
Regional areas
APM^(b)	1.3	0.5	3.4
RP Data-Rismark^(a)	0.2	0.1	0.8
(a) Detached houses only (b) Quarter-on-quarter growth rate Sources: ABS; APM; RBA; RP Data-Rismark

Table 4.1: Financial Aggregates
Percentage change^(a)
	Quarterly		Year-ended
	Jun 2013	Sep 2013	Sep 2013
Total credit	1.0	1.0	3.3
– Owner-occupier housing	1.0	1.1	4.2
– Investor housing	1.6	1.7	6.1
– Personal	0.1	0.5	1.0
– Business	0.9	0.4	1.1
Broad money	1.8	0.8	5.2
(a) Growth rates are break adjusted and seasonally adjusted Sources: APRA; RBA

Table 4.2: Intermediaries' Fixed and Variable Lending Rates
Housing loans
	Level at 6 November 2013	Change since July 2013	Change since end October 2011
	Per cent	Basis points	Basis points
– Standard variable rate^(a)	5.93	−26	−186
– Package variable rate^(b)	5.08	−28	−195
– Fixed rate^(c)	5.24	7	−127
Personal loans
– Variable rate	11.59	−4	−95
Small business (variable rates)
Residentially secured, advertised
– Term loans	7.10	−25	−190
– Overdraft	7.97	−25	−188
Average rate^(d)	6.80	−26	−183
Large business
Average rate^(d) (variable rate and bill funding)	4.66	−21	−238
(a) Average of the major banks' standard variable rates (b) Average of the major banks' discounted package variable rates on new, $250,000 full-doc loans (c) Average of the major banks' 3-year fixed rates (d) Rates on outstanding, business lending (includes discount) Sources: ABS; APRA; RBA

Table 5.1: Measures of Consumer Price Inflation
Per cent
	Quarterly^(a)		Year-ended^(b)
	September quarter 2013	June quarter 2013	September quarter 2013	June quarter 2013
Consumer Price Index	1.2	0.4	2.2	2.4
Seasonally adjusted CPI	1.0	0.6	–	–
– Tradables	1.0	0.1	−0.1	−0.7
– Tradables (excl volatile items and tobacco)^(c)	0.2	0.1	−1.1	−1.3
– Non-tradables	0.9	0.8	3.6	4.3
Selected underlying measures
Trimmed mean	0.7	0.6	2.3	2.3
Weighted median	0.6	0.6	2.3	2.5
CPI excl volatile items^(c)	0.7	0.7	2.4	2.6
(a) Except for the headline CPI, quarterly changes are based on seasonally adjusted data; those not published by the ABS are calculated by the RBA using seasonal factors published by the ABS (b) Year-ended changes are based on non-seasonally adjusted data, except for the trimmed mean and weighted median measures (c) Volatile items are fruit, vegetables and automotive fuel Sources: ABS; RBA

Table 5.2: Median Inflation Expectations
Per cent
	Year to June 2014			Year to June 2015
	May 2013	August 2013	November 2013	August 2013	November 2013
Market economists	2.6	2.6	2.8	2.6	2.5
Union officials	2.8	2.5	2.5	2.5	2.5
Sources: RBA; Workplace Research Centre

Table 6.1: Output Growth and Inflation Forecasts^(a)
Per cent
	2012/13	2013	2013/14	2014	2014/15	2015
	Year-ended
	June 2013	Dec 2013	June 2014	Dec 2014	Jun 2015	Dec 2015
GDP growth	2.6	2¼	2½	2–3	2¼–3¼	2¾–4¼
Non-farm GDP growth	2.7	2¼	2½	2–3	2¼–3¼	2¾–4¼
CPI inflation^(b)	2.4	2½	2¾	2–3	2–3	1½ –2½
Underlying inflation^(b)	2½	2¼	2½	2–3	2–3	1¾ –2¾
	Year-average
GDP growth	2.6	2½	2½	2–3	2–3	2½ –3½
(a) Technical assumptions include A$ at US$0.95, TWI at 72 and Brent crude oil price at US$104 per barrel (b) Based on current legislation for the price of carbon Sources: ABS; RBA

Table C1: Output and Employment in Household Services^(a)
Per cent
	Output share (nominal)		Employment share (hours)
	1989/90	2012/13	1989/90	2012/13
Household services	15	19	24	29
Health	5	8	7	10
Education	5	5	6	7
Hospitality	2	3	5	6
Art & recreation	1	1	1	2
Other services	2	2	5	4
(a) Excludes ‘ownership of dwellings’ Sources: ABS; RBA