RDP 2012-09: A History of Australian Corporate Bonds Appendix A: Data Descriptions and Sources

Data are on a calendar year basis, except where source data is only available on a financial year basis.

Bank deposits and total liabilities: total bank deposits and liabilities are the sum of deposits and liabilities for trading banks and savings banks.

For 1917–1945, data are from Butlin, Hall and White (1971), Tables 1 and 53(ii); for 1946–1952, data are from White (1973), Tables 44 and 66; from 1953–1974 we use the Reserve Bank of Australia Statistical Bulletin: Flow-of-Funds Supplement (Tables 3.2, 3.3 and 4.9); from 1975–1997, data are from Foster (1996), Table 3.7a; and from 1997 onwards, data are from ‘Australian National Accounts: Financial Accounts’ (Cat No 5232.0), Table 8.

Equity market capitalisation: market capitalisation of all equities listed on the Sydney Stock Exchange (for period 1917–1989) and ASX (from 1990 onwards).

For 1917–1970, the data are sourced from the Sydney Stock Exchange Official Gazette. For 1971–1997, we use Foster (1996) Table 3.17; and from 1998 onwards, the data are from RBA Statistical Table ‘F.7 Share Market’.

Government bond market: bonds issued by Australian and state governments (including central borrowing authorities). For 1917–1949, data are from Butlin (1977), Table IV.15; for 1950–1987, data are from Foster (1996), Table 2.19; and from 1988 onwards, the data are from ‘Australian National Accounts: Financial Accounts’ (Cat No 5232.0), Tables 15, 18 and 19.

Households corporate bond holdings: households' stock of corporate debentures and bonds, held both directly and indirectly via superannuation funds and life insurance offices.

Data on direct holdings are from ‘Australian National Accounts: Financial Accounts’ (Cat No 5232.0), Table 20; and data on indirect holdings are from RBA Statistical Tables ‘B14 Life Insurance Offices – Statutory Funds’ and ‘B15 Superannuation Funds – Outside Life Offices’.

Inflation: from 1950 onwards, inflation is measured as annual growth in the consumer price index (CPI); prior to 1950, annual growth in retail price index (RPI) is used. For 1950–1970, the data are from Foster (1996), Table 5.7a; from 1971 onwards, data are from RBA Statistical Table ‘G1 Measures of Consumer Price Inflation’.

RPI data are from ABS (1986, p 129).

Investors in Australian corporate bonds: net inflows into corporate debentures and bonds.

For 1953–1986, data are from Reserve Bank of Australia Statistical Bulletin Flow-of-Funds Supplement/Financial Flow Accounts Supplement (Tables 2.2, 2.3, 2.5–2.23); and from 1988 onwards, data are from ‘Australian National Accounts: Financial Accounts’ (Cat No 5232.0), Table 28.

Output: GDP in current prices.

For 1917–1958 data are from Butlin (1977), Table IV.1; and from 1959 onwards, data are from RBA Statistical Table ‘G12 Gross Domestic Product – Income Components’.