List of tables | Statement on Monetary Policy – August 2011

Statement on Monetary Policy – August 2011 List of tables

Chapters

Table 1.1: World GDP Growth
Table 1.2: Commodity Price Growth
Table 2.1: Policy Rates
Table 2.2: Changes in International Share Prices
Table 2.3: Changes in the US Dollar against Selected Currencies
Table 2.4: Foreign Exchange Reserves
Table 2.5: Australian Dollar against Selected TWI Currencies
Table 3.1: Demand and Output Growth
Table 3.2: National Housing Price Growth
Table 3.3: LNG Projects Commencing in 2011
Table 4.1: Intermediaries' Lending Rates
Table 4.2: Financial Aggregates
Table 5.1: Measures of Consumer Price Inflation
Table 5.2: Productivity Growth
Table 5.3: Median Inflation Expectations
Table 6.1: Output Growth and Inflation Forecasts

Boxes

Table A1: Japanese Motor Vehicle Producers
Table D1: Average Duration of Short Positions in ASX 200 Companies

Table 1.1: World GDP Growth
Year-average, per cent^(a)
	2009	2010	2011	2012
			IMF forecasts^(b)
United States	−3.5	3.0	2.5	2.7
Euro area	−4.2	1.8	2.0	1.7
Japan	−6.3	4.0	−0.7	2.9
China	9.2	10.3	9.6	9.5
East Asia (excl China and Japan)^(c)	0.1	7.7	5.2	5.0
India	6.8	10.1	8.2	7.8
World	−0.8	5.1	4.3	4.5
Australia's trading partners^(d)	−0.2	6.8	4.7	5.5
(a) Aggregates weighted by GDP at PPP exchange rates unless otherwise specified (b) Forecasts from the June World Economic Outlook Update (c) Weighted using GDP at market exchange rates (d) Weighted using merchandise export shares Sources: CEIC; IMF; RBA; Thomson Reuters

Table 1.2: Commodity Price Growth^(a)
SDR terms, per cent
	Change since previous Statement	Change over the past year
Bulk commodities^(b)	2	24
– Iron ore	−2	19
– Coking coal	5	32
– Thermal coal	12	26
Rural	0	25
– Beef	−3	14
– Cotton	−30	27
– Wheat	−2	21
– Wool	6	76
Base metals	3	12
– Aluminium	−4	8
– Copper	10	22
– Lead	9	8
– Nickel	−2	4
– Zinc	13	8
Gold	14	33
Oil^(c)	−3	22
– US$ terms	−5	27
(a) RBA Index of Commodity Prices components except oil; latest available (b) RBA estimates for recent months (c) Average of WTI and Tapis crude oil prices Sources: Bloomberg; RBA

Table 2.1: Policy Rates
	Current level Per cent		Most recent change	Cumulative increase Basis points
Euro area	1.50	↑	Jul 11	50
Japan	0.05	↓	Oct 10	–
United States	0.125	↓	Dec 08	–
Brazil	12.50	↑	Jul 11	375
Canada	1.00	↑	Sep 10	75
China	6.56	↑	Jul 11	125
India	8.00	↑	Jul 11	325
Indonesia	6.75	↑	Feb 11	25
Israel	3.25	↑	May 11	275
Malaysia	3.00	↑	May 11	100
Mexico	4.50	↓	Jul 09	–
New Zealand	2.50	↓	Mar 11	–
Norway	2.25	↑	May 11	100
Russia	8.25	↑	Apr 11	50
South Africa	5.50	↓	Nov 10	–
South Korea	3.25	↑	Jun 11	125
Sweden	2.00	↑	Jul 11	175
Switzerland	0.00	↓	Aug 11	–
Taiwan	1.875	↑	Jun 11	63
Thailand	3.25	↑	Jul 11	200
Turkey	6.25	↓	Jan 11	–
United Kingdom	0.50	↓	Mar 09	–
Source: central banks

Table 2.2: Changes in International Share Prices
Per cent
United States
	Since end 2010	Since previous Statement
– Dow Jones	3	−7
– S&P 500	0	−6
– NASDAQ	2	−5
Euro area
– STOXX	−11	−15
United Kingdom
– FTSE	−5	−7
Japan
– Nikkei	−6	−4
Canada
– TSE 300	−5	−6
Australia
– ASX 200	−9	−9
China
– China A	−5	−7
MSCI indices
– Emerging Asia	−4	−5
– Latin America	−16	−8
– Emerging Europe	−3	−6
– World	−5	−8
Source: Bloomberg

Table 2.3: Changes in the US Dollar against Selected Currencies
Per cent
	Over past year	Since previous Statement
Swedish krona	−10	4
European euro	−7	4
South African rand	−7	2
Mexican peso	−6	2
New Taiwan dollar	−9	1
UK pound sterling	−3	1
Australian dollar	−15	1
Canadian dollar	−6	1
Malaysian ringgit	−6	0
Indian rupee	−4	0
Indonesian rupiah	−5	−1
Chinese renminbi	−5	−1
Thai baht	−7	−1
Philippine peso	−6	−1
South Korean won	−9	−2
Japanese yen	−8	−2
Singapore dollar	−10	−2
Brazilian real	−11	−4
New Zealand dollar	−14	−7
Swiss franc	−25	−10
Majors TWI	−7	1
Broad TWI	−7	0
Sources: Bloomberg; Board of Governors of the Federal Reserve System

Table 2.4: Foreign Exchange Reserves
As at end June 2011
	Three-month-ended change		Level
	US$ equivalent (billions)	Per cent	US$ equivalent (billions)
China	153	5	3,197
Japan	20	2	1,061
Russia	18	4	472
Taiwan	8	2	400
Brazil^(a)	18	6	327
South Korea	5	2	299
Thailand	2	1	177
South Africa	0	1	41
Chile^(a)	3	11	33
(a) RBA estimates of official reserve assets excluding gold Sources: Bloomberg; CEIC; RBA

Table 2.5: Australian Dollar against Selected TWI Currencies
Per cent
	Change over past year	Change since previous Statement	Deviation from post-float average
European euro	8	3	13
South African rand	9	1	59
UK pound sterling	14	0	45
Canadian dollar	10	0	10
US dollar	17	−1	46
Malaysian ringgit	10	−1	42
Indian rupee	13	−1	75
Indonesian rupiah	11	−1	135
Chinese renminbi	11	−1	46
Thai baht	8	−1	34
South Korean won	6	−2	63
Japanese yen	8	−2	−10
Singapore dollar	5	−2	4
New Zealand dollar	1	−8	2
Swiss franc	−12	−10	−22
TWI	10	−1	29
Sources: Bloomberg; Thomson Reuters; W/M Reuters

Table 3.1: Demand and Output Growth
Per cent
	March quarter 2011	Year to March quarter 2011
Domestic final demand	1.3	3.3
– Private demand	1.3	3.8
– Public demand	1.1	1.8
Change in inventories^(a)	−0.5	−0.2
GNE	0.8	3.1
Net exports^(a)	−2.4	−2.8
GDP	−1.2	1.0
Nominal GDP	0.7	7.1
(a) Contribution to GDP growth Source: ABS

Table 3.2: National Housing Price Growth
Per cent
Capital cities
	3 months to March 2011	3 months to June 2011	Year to June 2011
ABS^(a)^(b)	−1.1	−0.1	−1.9
APM	−0.9	−1.5	−2.6
RP Data-Rismark	−1.8	−0.9	−2.0
Regional areas
APM^(b)	−0.3	0.4	0.0
RP Data-Rismark^(a)	−1.7	−1.1	−2.4
(a) Detached houses only (b) Quarter-on-quarter growth rate Sources: ABS; APM; RBA; RP Data-Rismark

Table 3.3: LNG Projects Commencing in 2011
US$ billion
Committed
Gladstone LNG	16
Queensland Curtis LNG	15
Australia Pacific LNG (Phase 1)	14
Prelude LNG	12
Likely
Wheatstone LNG	25
Source: publicly available information

Table 4.1: Intermediaries' Variable Lending Rates
Per cent
Small business
		Change Since:
	Level at end July 2011	May Statement	End July 2010
Cash rate	4.75	0.00	0.25
Housing loans^(a)	7.04	−0.05	0.29
Personal loans	13.10	0.01	0.31
Residentially secured
– Term loans	8.99	0.00	0.40
– Overdraft	9.86	0.00	0.40
Average actual rate	8.81	0.00	0.27
Large business
Average actual rate (variable and bill funding)	7.05	0.06	0.22
(a) Average of the major banks' discounted package rates on $250,000 full-doc loans Sources: ABS; APRA; Perpetual; RBA

Table 4.2: Financial Aggregates
Percentage change
	Average monthly growth
	March quarter 2011	June quarter 2011	Year to June 2011
Total credit	0.5	0.1	2.7
– Owner-occupier housing	0.5	0.4	6.3
– Investor housing	0.4	0.3	5.4
– Personal	0.3	−0.3	0.3
– Business	0.5	−0.4	−2.4
Broad money	0.6	0.3	6.8
Source: RBA

Table 5.1: Measures of Consumer Price Inflation
Per cent
Selected underlying measures
	Quarterly		Year-ended
	March quarter 2011	June quarter 2011	March quarter 2011	June quarter 2011
CPI	1.6	0.9	3.3	3.6
– Tradables	1.8	1.3	3.3	3.6
– Tradables (excl food, fuel and tobacco)	−0.6	0.5	−1.6	−1.0
– Non-tradables (excl deposit & loan facilities)	1.1	0.6	3.3	3.5
Trimmed mean	0.9	0.9	2.3	2.7
Weighted median	0.8	0.9	2.2	2.7
CPI excl volatile items^(a) and deposit & loan facilities	0.7	0.5	2.6	2.4
(a) Volatile items are fruit, vegetables and automotive fuel Sources: ABS; RBA

Table 5.2: Productivity Growth
Annual average, per cent
Market sector industries^(b)
	1975/76–2003/04	2004/05–2010/11^(a)
Labour productivity	2.2	0.9
Multifactor productivity	1.0	−0.8
All industries
Labour productivity	2.0	0.6
Multifactor productivity	1.1	−0.1
(a) Labour productivity includes estimates for 2010/11; multifactor productivity is calculated to 2009/10 (b) Market sector estimates of productivity are more reliable as industries for which productivity is most difficult to estimate are excluded. Data prior to 1994/95 are for ‘selected industries’, which is a slightly narrower definition of the market sector than the current ABS definition. Sources: ABS; RBA

Table 5.3: Median Inflation Expectations
Per cent
	Year to December 2011			Year to December 2012
	February 2011	May 2011	August 2011	May 2011	August 2011
Market economists^(a)	3.3	3.4	3.4	3.0	3.7
Union officials^(b)	3.2	3.3	3.4	3.1	3.1
(a) RBA survey (b) Workplace Research Centre

Table 6.1: Output Growth and Inflation Forecasts^(a)
Per cent
	Year-ended
	Dec 2010	June 2011	Dec 2011	June 2012	Dec 2012	June 2013	Dec 2013
GDP growth	2.7	1¼	3¼	4½	3¾	3¾	3¾
Non-farm GDP growth	2.2	1	3¼	4½	3¾	3¾	3¾
CPI inflation	2.7	3.6	3½	2½	3½	3¾	3¼
Underlying inflation	2¼	2¾	3¼	3	3¼	3¼	3¼
CPI inflation excl carbon price	2.7	3.6	3½	2½	3	3	3¼
Underlying inflation excl carbon price	2¼	2¾	3¼	3	3	3	3¼
	Year-average
	2010	2010/11	2011	2011/12	2012	2012/13	2013
GDP growth	2.7	1¾	2	4	4½	3¾	3¾
(a) Technical assumptions include A$ at US$1.07, TWI at 77 and Tapis crudeoil price at US$118 per barrel Sources: ABS; RBA

Table A1: Japanese Motor Vehicle Producers
Market share and supply-chain effects, per cent
	Japanese vehicle brands in total domestic production	Imported Japanese vehicles in total sales		Motor vehicle production	Motor vehicle sales
	2009	2010	Growth over 2 months to May 2011
Thailand	86	6		−38	−32
Taiwan	84	15		−14	−35
Australia	43	34		−13	−12
Canada	39	12		−12	−16
United Kingdom	50	5		−8^(a)	1
United States	37	13		−7	−10
Euro area	3	4		1	0
(a) Change from March to April; production rebounded in May Sources: CEIC; European Automobile Manufacturers' Association; FCAI/VFACTS; International Organization of Motor Vehicle Manufacturers; RBA; Thomson Financial

Table D1: Average Duration of Short Positions in ASX 200 Companies
By sector, number of days^(a)
	Since previous *Statement*	June 2010–April 2011
Financials	9.0	9.8
– Major banks	8.2	10.0
– Other financials	10.7	9.5
Non-financials	12.9	13.6
– Resources	10.9	11.7
– Other non-financials	15.7	16.8
ASX 200	11.6	12.4
(a) Outstanding short positions divided by short turnover Sources: ASIC; ASX; Bloomberg; RBA