List of tables | Statement on Monetary Policy – May 2008

Statement on Monetary Policy – May 2008 List of tables

Table 1: World GDP
Year-average percentage change^(a)
	2006	2007	2008	2009
			IMF forecasts (April 2008)
United States	2.9	2.2	0.5	0.6
Euro area	2.9	2.6	1.4	1.2
Japan	2.4	2.1	1.4	1.5
China	11.6	11.9	9.3	9.5
Other east Asia^(b)	5.5	5.7	4.6	4.9
India	9.7	9.1	7.9	8.0
Emerging Europe	6.6	5.8	4.4	4.3
Latin America	5.3	5.6	4.3	3.6
World	5.1	5.0	3.7	3.8
Australia's trading partners^(c)	5.1	5.4	4.0	4.2
(a) Aggregates weighted by GDP at PPP exchange rates unless otherwise specified (b) Weighted using GDP at market exchange rates (c) Weighted using merchandise export shares Sources: CEIC; IMF; RBA; Thomson Reuters

Table 2: Selected Bank Announcements
US$ billion
	Q1 2008 write-downs	Q1 actual and planned capital raisings
UBS	19.1	15.1
Citigroup	15.2	10.5
Merrill Lynch	11.8	2.6
Royal Bank of Scotland	11.8	23.9
HBOS	5.6	7.9
Credit Suisse	5.2
Deutsche Bank	4.3
Washington Mutual	3.5	7.0
Wachovia	2.8	7.0
JPMorgan	2.5	6.0
Lehman Brothers	2.4	4.0
Morgan Stanley	2.3
Mizuho	2.2
BayernLB^(a)	2.1
Goldman Sachs	2.0
Wells Fargo	2.0
Bank of America	1.9
National City	1.4	7.0
Nomura	1.3
CIT	0.3	1.0
WestLB^(a)		7.8
Total	99.7	99.8
(a) For the year 2007 Source: company reports

Table 4: Change in US Dollar against Other Currencies
Per cent
	Past year	Since previous Statement
Brazil	−18	−6
Australia	−13	−5
Switzerland	−13	−4
Japan	−13	−2
Euro area	−12	−6
Sweden	−11	−7
Philippines	−11	5
Singapore	−10	−4
Thailand	−9	−4
China	−9	−3
Canada	−9	0
Malaysia	−8	−2
Taiwan	−8	−5
New Zealand	−7	0
Mexico	−3	−3
India	0	4
United Kingdom	1	−1
Indonesia	4	0
South Africa	9	−3
South Korea	10	7
Majors TWI	−10	−3
Broad TWI	−8	−2
Sources: Bloomberg; Board of Governors of the Federal Reserve System; Thomson Reuters

Table 5: Australian Dollar against Selected TWI Currencies
Percentage change
	Past year	Since previous Statement	Deviation from post-float average
South Korea	25	13	43
South Africa	25	3	70
Indonesia	19	6	156
UK	17	6	9
US	15	6	32
New Zealand	7	6	−2
Taiwan	6	1	29
PNG	5	3	99
Canada	4	6	2
China	4	4	44
Singapore	3	2	3
Sweden	3	−1	8
Euro area	1	0	−8
Japan	1	5	4
Switzerland	0	2	−7
TWI	8	5	22
Sources: RBA; Thomson Reuters

Table 6: Demand and Output
Percentage change
Memo item:
	September quarter 2007	December quarter 2007	Year to December quarter 2007
Domestic final demand	0.7	1.6	5.7
GNE^(a)	1.2	1.5	5.6
Net exports^(b)	−0.2	−1.0	−1.8
GDP	1.1	0.6	3.9
Non-farm GDP	0.7	0.7	4.0
Farm GDP	19.7	−2.4	1.2
Real GDP adjusted for changes in the terms of trade	0.9	0.7	4.2
(a) Adjusted for the statistical discrepancy (b) Contribution to GDP growth Sources: ABS; RBA

Table 7: National House Prices
Percentage change
	December quarter 2007	March quarter 2008	Year to March quarter 2008
ABS	4.1	1.1	13.8
RP Data-Rismark	2.8	1.1	11.0
APM	3.8	0.4	10.7
Sources: ABS; APM; RBA; RP Data-Rismark

Table 8: Terms of Trade
Percentage change; March Qtr 2003–Dec Qtr 2007
Russia	64
Norway	44
Australia^(a)	39
Canada	18
New Zealand	18
Sweden	1
Germany	−1
United Kingdom	−1
Italy	−2
France	−5
United States	−5
South Korea	−11
Japan	−23
(a) Does not include the effect of this year's contract re-negotiations. If this is included, the cumulative increase since March quarter 2003 is estimated to be approximately 65 per cent. Sources: OECD; State Statistical Office (Russia)

Table 10: Intermediaries' Variable Lending Rates
Per cent
Housing loans
	Current level	Change since:
	6 May 2008	End Jan 2008	End Jul 2007
Cash rate	7.25	0.50	1.00
Prime-full doc
Banks	8.83	0.74	1.39
Credit unions and building societies	8.72	0.76	1.35
Mortgage originators	8.92	0.86	1.54
Prime low doc
Banks	9.27	0.79	1.51
Mortgage originators	9.49	0.95	1.69
Non-conforming	12.01	0.75	2.26
Personal loans
Margin loans	10.40	0.74	1.44
Standard credit cards	19.38	0.81	1.59
Low-rate credit cards	12.54	0.77	1.37
Unsecured term loans	14.65	0.76	2.03
Small business
Term loans
Residentially secured	9.89	0.81	1.59
Other security	10.48	0.81	1.59
Overdraft
Residentially secured	10.65	0.86	1.71
Other security	11.55	0.86	1.71
Average actual rate^(a)	9.91	0.70	1.35
Large business
Average actual rate^(a)	8.20	0.65	1.28
(a) RBA estimate for end of April Sources: ABS; APRA; RBA

Table 11: Measures of Consumer Prices
Percentage change
Underlying measures
	Quarterly		Year-ended
	December quarter 2007	March quarter 2008	December quarter 2007	March quarter 2008
CPI	0.9	1.3	3.0	4.2
– Tradables	0.3	0.8	1.4	3.3
– Tradables (ex food and petrol)	0.0	−0.2	0.8	0.6
– Non-tradables	1.3	1.7	4.1	5.0
Weighted median	1.1	1.3	3.8	4.4
Trimmed mean	1.0	1.2	3.4	4.1
CPI ex volatile items^(a)	1.0	1.2	3.0	3.6
(a) Volatile items are fruit, vegetables and petrol Sources: ABS; RBA

Table 12: Median Inflation Expectations
Per cent
	Year to June 2009			Year to June 2010
	November 2007	February 2008	May 2008	May 2008
Market economists^(a)	2.6	2.8	3.0	2.8
Union officials^(b)	3.0	3.5	4.0	3.5
(a) RBA survey (b) Workplace Research Centre

Table 13: Output and Inflation Forecasts^(a)
Percentage change over year to quarter shown
	Dec 2007	Mar 2008	June 2008	Dec 2008	June 2009	Dec 2009	Jun 2010	Dec 2010
GDP	3.9	3	2½	2¼	2¾	2½	2½	2¾
Non-farm GDP	4.0	3	2¼	1¾	2¼	2½	2½	2¾
CPI	3.0	4.2	4¼	4½	3½	3¼	3	2¾
Underlying inflation	3.6	4.2	4¼	4	3½	3¼	3	2¾
(a) Actual GDP data to December 2007 and actual inflation data to March 2008. Underlying inflation refers to the average of trimmed mean and weighted median inflation. For the forecast period, technical assumptions include A$ at US$0.94, TWI at 71, cash rate at 7.25 per cent, and WTI crude oil price at US$116 per barrel and Tapis crude oil price at US$120 per barrel. Sources: ABS; RBA

Table C1: Funding of Business and Household Debt
Borrowed by:
	Outstandings ($ billion)		Per cent of total outstandings
	Mar 1998	Mar 2008	Mar 1998	Mar 2008
Total debt	596	1,956	100	100
– Businesses	318	867	53	44
– Households	278	1,089	47	56
Funded by:
– Intermediaries	529	1,620	89	83
– Securitisation	19	196	3	10
– Corporate debt	49	141	8	7
Sources: ABS; APRA; RBA