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  • The Australian Economy andFinancial MarketsChart Pack April 2018

  • Contents

    GraphsWorld Economy 13Australian Growth 4Australian Inflation 5Household Sector 67Business Sector 89Credit and Money 10Factors of Production and Labour Market 1112Regions and Industry 13Government 14Commodity Prices 15Balance of Payments and External Position 1617Interest Rates 1822Share Markets 2324Bond Issuance 2526Exchange Rates 2728Banking Indicators 2930

    The Australian Economy and Financial Markets

  • 1CHART PACK | APRIL 2018

    201320092005 2017-4

    -2

    0

    2

    4

    6

    %

    -4

    -2

    0

    2

    4

    6

    %

    GDP Growth WorldYear-ended

    Major trading partners*

    World**

    * Weighted using Australian export shares** PPP-weighted; accounts for 85 per cent of world GDPSources: ABS; CEIC Data; IMF; RBA; Thomson Reuters

    201320092005 2017-10

    -5

    0

    5

    %

    -10

    -5

    0

    5

    %

    GDP Growth Advanced EconomiesYear-ended

    US Japan

    Euro area

    Source: Thomson Reuters

    201320092005 2017-6

    -3

    0

    3

    6

    9

    %

    -6

    -3

    0

    3

    6

    9

    %

    GDP Growth East AsiaYear-ended

    Middle-income*

    High-income**

    * Indonesia, Malaysia, Philippines and Thailand; PPP-weighted** Hong Kong, Singapore, South Korea and Taiwan; PPP-weightedSources: CEIC Data; IMF; RBA

    World Economy

    ConsumptionInvestmentNet exports

    2012200820042000 2016-5

    0

    5

    10

    ppt

    -5

    0

    5

    10

    pptChina Contributions to GDP Growth

    GDP growth(per cent)

    Sources: CEIC Data; RBA

  • 2CHART PACK | APRIL 2018

    World Economy

    2015201220092006 2018-4

    -2

    0

    2

    4

    %

    -4

    -2

    0

    2

    4

    %

    Headline Inflation Advanced Economies*Year-ended

    Japan

    Euro area

    US

    * Personal consumption expenditure (PCE) inflation for the US; Japandata excludes the effects of the consumption tax increase in April 2014

    Sources: RBA; Thomson Reuters

    Labour Markets Advanced EconomiesUnemployment rate

    4

    8

    12

    %

    4

    8

    12

    %

    Euro area

    US

    Wage growth*Year-ended

    20162014201220102008 2018-2

    0

    2

    4

    %

    -2

    0

    2

    4

    %

    Japan

    * Average hourly earnings for the US; compensation per employee forthe euro area; smoothed full-time base wages for Japan

    Sources: ECB; Eurostat; RBA; Thomson Reuters

    2014201020062002 2018-4

    0

    4

    8

    %

    -4

    0

    4

    8

    %

    Inflation East AsiaYear-ended

    High-income**

    Middle-income*

    * Indonesia, Malaysia, Philippines and Thailand; PPP-weighted** Hong Kong, Singapore, South Korea and Taiwan; PPP-weightedSources: CEIC Data; IMF; RBA; Thomson Reuters

    2014201020062002 2018-5

    0

    5

    10

    15

    %

    -5

    0

    5

    10

    15

    %

    Inflation China and IndiaYear-ended

    China

    India

    Source: Bloomberg

  • 3CHART PACK | APRIL 2018

    China Activity IndicatorsYear-ended growth

    Manufacturing PMI*

    45

    55

    index Industrial production

    10

    20

    %

    Fixed asset investment

    20132008 20180

    15

    30

    % Real retail sales

    20132008 20180

    10

    20

    %

    * Diffusion index; average of the official and CaixinSources: CEIC Data; Markit Economics; RBA

    China Residential Property Market*Year-ended growthFloor space sold

    0

    50

    %

    0

    50

    %

    Prices

    0

    10

    %

    0

    10

    %

    Real estate development investment**

    2015201320112009 2017-30

    0

    30

    %

    -30

    0

    30

    %

    * For sales and investment, a three-month moving average of theseasonally adjusted series is used to calculate growth** Investment by developers and other construction companies in thedevelopment of residential property; includes land purchases

    Sources: CEIC Data; RBA

    China Financing*Share of GDP

    Total social financing flows**

    20122007 20170

    15

    30

    % Fiscal balance

    20122007 2017-15

    0

    15

    %

    Expenditure

    Revenue

    Balance

    * Seasonally adjusted by RBA** Upper bound estimate adjusting for impact of local government bondissuance to pay off debt previously included in TSF

    Sources: CEIC Data; RBA

    China Output Indicators2007 average = 100

    20132008 201860

    100

    140

    180

    index

    Crude steel

    Electricitygeneration

    20132008 201860

    100

    140

    180

    index

    Cement

    Plate glass

    Sources: CEIC Data; RBA

    World Economy

  • 4CHART PACK | APRIL 2018

    Australian Growth

    2012200720021997 2017-2

    0

    2

    4

    %

    -2

    0

    2

    4

    %GDP Growth

    Year-ended

    Quarterly

    Source: ABS

    Mining and Non-mining ActivityYear-ended growth, RBA estimates

    Mining*Mining*

    0

    10

    20

    %

    0

    10

    20

    %

    Mining investment

    Resource exports

    Non-mining

    201320092005 20170

    3

    6

    %

    0

    3

    6

    %

    * Net of mining-related imports; components are contributions toyear-ended mining activity growth; contribution from changes ininventories not shown

    Sources: ABS; RBA

    2013200920052001 2017-15

    -10

    -5

    0

    5

    10

    15

    %

    -15

    -10

    -5

    0

    5

    10

    15

    %

    State Final DemandYear-ended growth

    Rest of Australia

    WA

    NSW and Vic

    Sources: ABS; RBA

    December 2017

    GD

    P

    Hou

    seho

    ldco

    nsum

    ptio

    n

    Dw

    ellin

    gin

    vest

    men

    t

    Min

    ing

    inve

    stm

    ent

    Non

    -min

    ing

    inve

    stm

    ent

    Pub

    licde

    man

    d

    Exp

    orts

    Impo

    rts

    -2

    -1

    0

    1

    2

    ppt

    -2

    -1

    0

    1

    2

    ppt

    Contributions to GDP GrowthYear-ended

    Sources: ABS; RBA

  • 5CHART PACK | APRIL 2018

    Australian Inflation

    Tradable and Non-tradable Inflation*Tradables**Tradables**

    0

    2

    4

    %

    0

    2

    4

    %

    Year-ended

    Quarterly(seasonally adjusted)

    Non-tradables***Non-tradables***

    2012200720021997 2017-2

    0

    2

    4

    %

    -2

    0

    2

    4

    %

    * Adjusted for the tax changes of 19992000** Excludes volatile items (fruit, vegetables & automotive fuel)*** Excludes interest charges prior to the September quarter 1998, anddeposit & loan facilities prior to the September quarter 2011

    Sources: ABS; RBA

    2012200720021997 2017-1

    0

    1

    2

    3

    4

    5

    %

    -1

    0

    1

    2

    3

    4

    5

    %Consumer Price Inflation*

    Year-ended

    Quarterly(seasonally adjusted)

    * Excluding interest charges prior to the September quarter 1998 andadjusted for the tax changes of 19992000

    Sources: ABS; RBA

    2012200720021997 20170

    1

    2

    3

    4

    5

    %

    0

    1

    2

    3

    4

    5

    %Underlying Inflation*

    Weighted median

    Trimmed mean

    CPI excl volatile items

    * Excluding interest charges prior to the September quarter 1998 andadjusted for the tax changes of 19992000

    Sources: ABS; RBA

  • 6CHART PACK | APRIL 2018

    Household Sector

    20122007200219971992 20176

    12

    18

    24

    $b

    6

    12

    18

    24

    $b

    Private Dwelling Investment*Chain volume, quarterly

    * Reference year is 2015/16Source: ABS

    20132008200319981993 20180

    4

    8

    12

    16

    20

    000

    0

    4

    8

    12

    16

    20

    000

    Private Residential Building ApprovalsMonthly

    Higher-density housing

    Total

    Detachedhouses

    Source: ABS

    Household Income and Consumption*Real, year-ended growth

    0

    5

    10

    %

    0

    5

    10

    %

    Disposable income

    Consumption

    Saving ratio

    20122007200219971992 2017-5

    0

    5

    10

    %

    -5

    0

    5

    10

    %

    * Household sector includes unincorporated enterprises; disposableincome is after tax and interest payments; income level smoothedwith a two-quarter moving average between March quarter 2000 andMarch quarter 2002; saving ratio is net of depreciation

    Sources: ABS; RBA

    20162014201220102008 201870

    85

    100

    index

    70

    85

    100

    index

    Consumer Sentiment*Average since 1980 = 100

    * Average of the ANZ-Roy Morgan and Westpac-Melbourne Instituteconsumer sentiment measure of respondents perceptions of theirpersonal finances relative to the previous year; ANZ-Roy Morganindex rescaled to have the same average as the Westpac-MelbourneInstitute index since 1996

    Sources: ANZ-Roy Morgan; RBA; Westpac and Melbourne Institute

  • 7CHART PACK | APRIL 2018

    Household Sector

    20162014201220102008 2018-10

    -5

    0

    5

    10

    15

    %

    -10

    -5

    0

    5

    10

    15

    %

    Housing PricesYear-ended growth, seasonally adjusted

    CoreLogic**

    ABS*

    Residex*

    APM***

    * ABS is a quarterly stratified median price index; Re

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