the australian economy and financial markets
TRANSCRIPT
The Australian Economy and Financial Markets Chart Pack | May 2022
The Australian Economy and Financial Markets
Contents
1 World Economy
4 Australian Growth
5 Australian Inlation
6 Household Sector
8 Business Sector
11 Credit and Money
12 Factors of Production and Labour Market
14 Regions and Industry
15 Government
16 Commodity Prices
17 Balance of Payments and External Position
19 Central Bank Balance Sheets and Bond Purchases
20 Interest Rates
25 Share Markets
26 Bond Issuance
28 Exchange Rates
30 The Australian Economy and Financial Markets
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2017201320092005 2021-10
-5
0
5
10
%
-10
-5
0
5
10
%
GDP Growth – World
Year-ended
Major trading partners*
World**
* Weighted using Australian export shares.
** PPP-weighted; accounts for 85 per cent of world GDP.
Sources: ABS; CEIC Data; IMF; RBA; Refinitiv
2018201420102006 2022-30
-20
-10
0
10
20
%
-30
-20
-10
0
10
20
%
GDP Growth – China and India
Year-ended
India
China
Sources: CEIC Data; RBA
2017201320092005 2021-15
-10
-5
0
5
10
%
-15
-10
-5
0
5
10
%
GDP Growth – Advanced Economies
Year-ended
JapanEuro areaUS
Source: Refinitiv
20182014201020062002 2022-18
-12
-6
0
6
12
%
-18
-12
-6
0
6
12
%
GDP Growth – East Asia
Year-ended
Indonesia
Malaysia
South Korea
Sources: CEIC Data; RBA
World Economy
C H A R T PAC K | M AY 2 0 2 2 1
2018201420102006 2022-5.0
-2.5
0.0
2.5
5.0
%
-5.0
-2.5
0.0
2.5
5.0
%
Inflation – Advanced Economies*
Year-ended
Japan
Euro area
US
* Personal consumption expenditure (PCE) inflation for the US; Japan
data excludes the effects of the consumption tax increase in April 2014.
Sources: RBA; Refinitiv
20182014201020062002 2022
-5
0
5
10
15
%
-5
0
5
10
15
%
Inflation – China and India
Year-ended
China
India
Source: CEIC Data
Labour Markets – Advanced Economies
Unemployment rate
4
8
12
%
4
8
12
%
Euro area
US
Wages growth*Year-ended
201820142010 2022-5
0
5
%
-5
0
5
%
Japan
* Average hourly earnings for the US; compensation per employee for
the euro area; smoothed full-time base wages for Japan.
Sources: CEIC Data; RBA; Refinitiv
20182014201020062002 2022-5
0
5
10
15
%
-5
0
5
10
15
%
Inflation – East Asia
Year-ended
Malaysia South Korea
Indonesia
Sources: CEIC Data; RBA; Refinitiv
W O R L D E CO N O M Y
C H A R T PAC K | M AY 2 0 2 2 2
China – Activity IndicatorsYear-ended growth
Manufacturing PMI*
40
50
60
70
index Industrial production
-20
0
20
40
%
Fixed asset investment
20162010 2022-40
-20
0
20
40
% Real retail sales
20162010 2022-20
-10
0
10
20
%
* Diffusion index; average of the official and Caixin.
Sources: CEIC Data; Markit Economics; RBA
China – Residential Property IndicatorsNew property prices growth*
0
15
%
Alternative**
Official
Investment growth*
0
30
%
Land purchases
TotalConstruction
and other***
Floor space soldDec 2019 = 100
20182014 202240
70
100
130
index Floor space startedDec 2019 = 100
2018 202240
70
100
130
index
* Year-ended.
** China Index Academy.
*** Construction, installation, equipment purchases and other.
Sources: CEIC Data; CIA; RBA
Household loans
Business financing*
Government bonds**
201820142010 20220
10
20
30
%
0
10
20
30
%
China – Total Social Financing GrowthYear-ended with contributions
* Sum of business loans, securities financing and off-balance sheet
financing.
** Net government bond issuance includes local government bond
issuance to pay off debt previously classified as business financing,
and uses RBA estimates prior to 2016.
Sources: CEIC Data; RBA
China – Gross Output of Selected Products*2006 average = 100
20162010 202250
100
150
200
250
300
index
Electricity generation
Plate glass
Cement
20162010 202250
100
150
200
250
300
index
Steel products
Crude steel
* Seasonally adjusted by the RBA.
Sources: CEIC Data; RBA
W O R L D E CO N O M Y
C H A R T PAC K | M AY 2 0 2 2 3
20162011200620011996 2021-8
-4
0
4
8
%
-8
-4
0
4
8
%
GDP Growth
Year-ended
Quarterly
Source: ABS
December 2021
GD
P
Consum
ption
Dw
elli
ng
investm
ent
Min
ing
investm
ent
Non-m
inin
g
investm
ent
Govern
ment
Export
s
Import
s
-1
0
1
2
3
4
ppt
-1
0
1
2
3
4
ppt
Contributions to GDP Growth
Year-ended
Sources: ABS; RBA
Mining and Non-mining ActivityYear-ended growth, RBA estimates
Mining*
0
10
20
%
0
10
20
%
Mining investment
Resource exports
Non-mining
2017201320092005 2021-10
-5
0
5
10
%
-10
-5
0
5
10
%
* Net of mining-related imports; components are contributions to
year-ended mining activity growth; contribution from changes in
inventories not shown.
Sources: ABS; RBA
2016201120062001 2021-15
-10
-5
0
5
10
15
%
-15
-10
-5
0
5
10
15
%
State Final Demand
Year-ended growth
Rest of Australia
WA
NSW and Vic
Sources: ABS; RBA
Australian Growth
C H A R T PAC K | M AY 2 0 2 2 4
20172012200720021997 2022-2
-1
0
1
2
3
4
5
%
-2
-1
0
1
2
3
4
5
%
Consumer Price Inflation*
Year-ended
Quarterly(seasonally adjusted)
* Excludes interest charges prior to the September quarter 1998;
adjusted for the tax changes of 1999–2000.
Sources: ABS; RBA
20172012200720021997 20220
1
2
3
4
5
%
0
1
2
3
4
5
%
Measures of Underlying Inflation*Year-ended
Weighted median
Trimmed mean
CPI excl volatile items
* Excludes interest charges prior to September 1998 and deposit & loan
facilities prior to September 2011; adjusted for 1999–2000 tax changes.
Sources: ABS; RBA
Tradable and Non-tradable Inflation*
Non-tradables**
0
2
4
%
0
2
4
%
Year-ended
Quarterly(seasonall� adjusted)
Tradables excl volatiles
20172012200720021997 2022-2
0
2
4
%
-2
0
2
4
%
* Ad�usted for the ta� changes of 1����000.** Excludes interest charges and indirect deposit & loan facilities.
Sources: ABS; RBA
Australian Inflation
C H A R T PAC K | M AY 2 0 2 2 5
Household Income and Consumption*Real, year-ended growth
-8
0
8
%
-8
0
8
%
Disposable income
Consumption
Saving ratio
20152009200319971991 2021-8
0
8
16
%
-8
0
8
16
%
* Household sector includes unincorporated enterprises; disposable
income is after tax and interest payments; saving ratio is net of
depreciation.
Sources: ABS; RBA
201820142010 202270
85
100
index
70
85
100
index
Consumer Sentiment*Average since 1980 = 100
* Average of the ANZ-Roy Morgan and Westpac-Melbourne Institute
consumer sentiment measure of respondents’ perceptions of their
personal finances relative to the previous year; ANZ-Roy Morgan
index rescaled to have the same average as the Westpac-Melbourne
Institute index since 1996.
Sources: ANZ-Roy Morgan; RBA; Westpac and Melbourne Institute
201620112006200119961991 20216
12
18
24
$b
6
12
18
24
$b
Private Dwelling Investment*Chain volume, quarterly
* Reference year is 2019/20.
Source: ABS
201720122007200219971992 20220
4
8
12
16
20
’000
0
4
8
12
16
20
’000
Private Residential Building ApprovalsMonthly
Higher-density housing
TotalDetached houses
Source: ABS
Household Sector
C H A R T PAC K | M AY 2 0 2 2 6
Housing Prices and Household Debt*Ratio to household disposable income
Housing prices
20061991 20212
3
4
5
ratioHousehold debt
20061991 20210.5
1.0
1.5
2.0
ratio
* Household disposable income is after tax, before the deduction of
interest payments, and includes income of unincorporated enterprises.
Sources: ABS; CoreLogic; RBA
20162011200620011996 20210
200
400
600
800
%
0
200
400
600
800
%
Household Wealth and Liabilities*
Per cent of annual household disposable income
Dwellings
Liabilities
Financial assets
Net wealth
* Household disposable income is after tax, before the deduction of
interest payments, and includes income of unincorporated enterprises.
Sources: ABS; RBA
201820142010 2022-10
-5
0
5
10
15
20
%
-10
-5
0
5
10
15
20
%
Housing PricesYear-ended growth, seasonally adjusted
CoreLogic**
ABS*
Residex*
APM***
* ABS is a quarterly stratified median price index; Residex is a quarterly
repeat sales price index.
** Monthly hedonic price index; non-seasonally adjusted.
*** Quarterly stratified median price index.
Sources: ABS; APM; CoreLogic; RBA; Residex
2018201420102006 20220
5
10
15
20
25
30
$b
0
5
10
15
20
25
30
$b
Housing Loan Commitments*Excluding refinancing
Total
Investor
Owner-occupier
* Seasonally adjusted.
Sources: ABS; RBA
H O U S E H O L D S E C TO R
C H A R T PAC K | M AY 2 0 2 2 7
20152009200319971991 202110
12
1�
16
18
%
10
12
1�
16
18
%
Business Investment*
Share of nominal GDP
* Adjusted for second-hand asset transfers between the pri�ate andother sectors.
Source: ABS
Capital Expenditure – Mining and Non-mining*Nominal, log scale
Mining
08 / 0994 / 95 22 / 232
4
8
16
32
64
128
$bNon-mining
08 / 0994 / 95 22 / 232
4
8
16
32
64
128
$b
* Dots are firms’ expectations for 2021/22 and 2022/23; adjusted forhistorical differences between expected and realised spending.
Sources: ABS; RBA
20152009200319971991 20210
2
4
6
8
%
0
2
4
6
8
%
Business Investment Components*Share of nominal GDP
Engineering
Buildings
Machinery and equipment
* Adjusted for second-hand asset transfers between the private and
other sectors.
Source: ABS
15 / 1610 / 1105 / 0600 / 0195 / 9690 / 91 20 / 210
10
20
30
40
50
%
0
10
20
30
40
50
%
Industry Share of Business Investment*
Mining
Construction
Retail and
wholesale trade
Financial and
insurance services
Manufacturing
Other business
services**
Agriculture
* Nominal; includes second hand asset transfers.
** Includes: information media and telecommunications; rental, hiring
and real estate services; professional, scientific and technical services;
administrative and support services.
Source: ABS
Business Sector
C H A R T PAC K | M AY 2 0 2 2 8
NAB Business SurveyBusiness conditions*
-40
-20
0
20
ppt
-40
-20
0
20
ppt
Business confidence*
-60
-30
0
ppt
-60
-30
0
ppt
Capacity utilisation
20162010200419981992 202268
72
76
80
84
%
68
72
76
80
84
%
Average since 1989
* Net balance; deviation from average since 1989.
Sources: NAB; RBA
2016201120062001 20210
4
8
12
16
%
0
4
8
12
16
%
Private Non-financial Corporation Profits*Share of nominal GDP
Mining
Non-mining
* Gross operating profits; inventory valuation adjusted.
Sources: ABS; RBA
Lending to Business*Break-adjusted
Exposures data
20172013 20210
200
400
600
$b
Small business
Medium business
Large business
EFS data
2020 20220
200
400
600
$b
* Exposures data capture credit exposures on the balance sheets ofbanks allowed by APRA to use an internal ratings-based approachfor credit risk management; EFS data are based on reporting of banksand finance companies that have $2 billion or more of business credit.
Sources: APRA; RBA
B U S I N E S S S E C TO R
C H A R T PAC K | M AY 2 0 2 2 9
Lending to BusinessesNot seasonally adjusted, break-adjusted
Small business
2020 20220
150
300
450
600
$bMedium business
2020 2022
Large business
2020 20220
150
300
450
600
$b
Secured (other)Secured (residential property)
UnsecuredSecured
Sources: APRA; RBA
Business Lending RatesAverage interest rate on credit outstanding
Small business
2020 20220
2
4
6
%
Fixed-rate
Secured by
residential
property*
Medium business
2020 2022
Variable-rate
Large business
2020 20220
2
4
6
%
* Small business loans secured by residential property can have fixed
or variable interest rate terms and are included in the fixed-rate and
variable-rate lines
Sources: APRA; RBA
Lending to Selected IndustriesSmall and medium-sized businesses, credit outstanding
Highly affected by COVID-19*
2020 20220
40
80
$b
Accom & food
HealthcareAdmin
Other highly
affected**
Less affected by COVID-19*
2020 20220
40
80
$b
Rental
Agriculture
Construction
Other services***
* Highly affected industries had the highest share of businesses report afall in revenue of greater than 50 per cent in a June 2020 ABS survey;less affected industries are the top four by value of SME lending.
** Education & training; arts & recreation; information media & telecoms.*** Other services includes a broad range of personal services, selected
repair and maintenance activities and households employing staff.
Sources: APRA; RBA
Other**
Working capital
Plant and equipment
Purchase of property
Construction
M M MJ JS S SD D D2020 20212019 2022
0
3
6
9
12
$b
0
3
6
9
12
$b
Business Loan Commitments*
Small and medium-sized businesses, excluding refinancing
Total
* Fixed-term loans; not seasonally adjusted.** Wholesale finance, acquisitions and general business purposes.
Sources: APRA; RBA
B U S I N E S S S E C TO R
C H A R T PAC K | M AY 2 0 2 2 1 0
20172012200720021997 20220
5
10
15
%
0
5
10
15
%
Credit and Broad Money GrowthYear�ended
Broad money
�redit
Sources: ABS; ARA; RBA
Credit Growth
Oner-occupierhousing
0
7
%
6-month-ended
annualised
Investor housing Business
0
7
%
20192016 2022-0.8
0.0
0.8
%
Monthly
2019 2022 2019 2022-0.8
0.0
0.8
%3-month-ended
average
Sources: A�RA; RBA
20172012200720021997 20220
5
10
15
20
%
0
5
10
15
20
%
Monetary Aggregates GrowthYear-ended
M3
Currency
Sources: APRA; RBA
20182014201020062002 2022-20
-10
0
10
20
%
-20
-10
0
10
20
%
Credit Growth by SectorYear-ended
Housing
Business
Personal
Sources: ABS; APRA; RBA
Credit and Money
C H A R T PAC K | M AY 2 0 2 2 1 1
Factors of Production
Annual growth
Net capital stock*
3
5
%
3
5
%
Working-age population
13 / 1406 / 0799 / 0092 / 9385 / 86 20 / 210
1
2
%
0
1
2
%
* Excluding livestock & orchards, dwellings and ownership transfer costs.
Sources: ABS; RBA
2016201120062001 20210
1
2
3
4
%
0
1
2
3
4
%
Wage Price Index Growth*
Year-ended
�uarterly
* otal pay excluding bonuses.Source: ABS
13 / 1�06 / 0��� / 00�2 /�385 /86 20 / 21�5
100
125
150
1�5
200
inde�
�5
100
125
150
1�5
200
inde�
Capital Ratios*1���/80 = 100
�a�ital�out�ut ratio
�a�ital�la�our ratio
* �a�i�al s�ock e�cludes li�es�ock & orchards, d�ellings and o�nershi��ransfer cos�s.
Sources: ABS; RBA
Unit Labour Costs Growth
Non-farm, year-ended
Unit labour costs
-5
0
5
10
15
%
-5
0
5
10
15
%
20162011200620011996 2021-10
-5
0
5
10
%
-10
-5
0
5
10
%
Labour productivity per hour
Average earnings per hour
Sources: ABS; RBA
Factors of Production and Labour Market
C H A R T PAC K | M AY 2 0 2 2 1 2
20172012200720021997 202255
58
61
64
%
55
58
61
64
%
Employment and Participation Rates
Participation rate
Employment to working-age population ratio
Source: ABS 201820142010 202280
90
100
110
120
index
80
90
100
110
120
index
Employment and Hours Worked*2008 average = 100
Total hours worked
Average hours worked
Employment
* Seasonally adjusted.
Sources: ABS; RBA
20172012200720021997 20223
6
9
12
%
3
6
9
12
%
Labour Underutilisation Rates
Heads-based
Underemployment rate*
Unemployment rate
* Full-time workers on reduced hours for economic reasons and
part-time workers who would like, and are available, to work more
hours.
Source: ABS
201820142010 20220
1
2
3
%
0
1
2
3
%
Job Vacancies and Advertisements
Per cent of labour force
Vacancies*
Advertisements
Advertisements(NSC)
(ANZ survey)
(ABS survey)
* This survey was suspended between May 2008 and November 2009.
Sources: ABS; ANZ; National Skills Commission (NSC); RBA
FAC TO R S O F P R O D U C T I O N A N D L A B O U R M A R K E T
C H A R T PAC K | M AY 2 0 2 2 1 3
15 /1610 / 1105 / 0600 /0195 /9690 /91 20 /210
5
10
15
20
25
�0
�5
%
0
5
10
15
20
25
�0
�5
%
St�te Sh�re of Out�utNominal
South Australia
�asmania
Western Australia
ueensland
Victoria
Ne! SouthWales
Source: ABS
State Unemployment Rates*Seasonally ad"usted
2018201# 20223
#
$
6
7
8
&
'ueensland
*ictoria
Ne+ South Wales
2018 20223
#
$
6
7
8
&
.asmania
Western Australia
South Australia
* 0he trend series have been suspended from April 2020 until morecertainty emerges in the underlying trend in labour mar1et activityover the :;<I>-19 period.
Source: ABS
15 ?1@10 ? 1105 ? 0@00 ?0195 ?9@90 ?91 20 ?212
@
10
1A
%
2
@
10
1A
%
Industry Share of Output*
Mining
Manufacturing
Bonstruction
Agriculture
Ether business services**
Retail and wholesale
trade
Financial and insurance services
* Nominal gross value added.
** Includes: information media and telecommunications; rental, hiringand real estate services; professional, scientific and technical services;
administrative and support services.
Source: ABS
Employment Growth by Industry*Cumulative change since March 2013
20172013 2021-300
0
300
600
900
’000
Construction
Mining
Household
services
Retail and
wholesale trade
2017 2021-300
0
300
600
900
’000
Manufacturing
Business
services
Public
administration
Other**
* The trend series have been suspended from June 2020 until more
certainty emerges in the underlying trend in labour market activity
over the COVID-19 period.
** Includes agriculture, forestry & fishing; transport, postal & warehousing;
and electricity, gas, water & waste services.
Source: ABS
Regions and Industry
C H A R T PAC K | M AY 2 0 2 2 1 4
16 / 1707 / 0898 / 9989 / 90 25 / 26H8
H6
HJ
H2
0
2
%
H8
H6
HJ
H2
0
2
%
KLMtrSUiSn GoXernZent [Ldget [SUSnce*\er cent of nominal G]\
* ^nderlying cash balance; 2022/2_ Budget.Source: Australian Treasury
13 `1c06 `0799 `0092 `938e `86 20 `21-2.e
-2.0
-1.e
-1.0
-0.e
0.0
0.e
1.0
g
-2.e
-2.0
-1.e
-1.0
-0.e
0.0
0.e
1.0
g
State Budget Balances*ner cent of nominal oqn
* rnderlying cash balance.Source: ABS
20152009200319971991 20210
1
2
3
%
0
1
2
3
%
Public ConstructionWork DonePer cent of nominal GDP
Total
Engineering
Building
Source: ABS
Total
Household income tax
Corporate income tax*
GST
Other
2017201320092005 2021-10
-5
0
5
10
15
%
-10
-5
0
5
10
15
%
Taxation Revenue Growth
Nominal, year-ended with contributions
* Only includes taxation of resident corporations.
Source: ABS
Government
C H A R T PAC K | M AY 2 0 2 2 1 5
20162010200419981992 202225
50
75
100
125
150
index
25
50
75
100
125
150
index
RBA Index of Commodity PricesSzR{ 2020/21 a|erage } 100{ log scale
Source: RBA
20202018201620142012 20220
50
100
150
US$/b
0
10
20
30
US$/
MMBtu
~il and �N� �ri�e�Monthly
Brent oil
(RHS)Japan and Korea LNG spot
(LHS)
Sources: Bloomberg; RBA; Refinitiv
Bul� �����d�t� Prices�ree on board basis
�ron ore��HS)
2015 20220
100
200
300
US$/t Thermal coal(LHS)
2015 2022
Average
Australian
export price
Coking coal(RHS)
2015 20220
150
300
450
US$/t
Spot price*
* Iron ore 62% Fe fines index; Newcastle thermal coal and premiumhard coking coal.
Sources: ABS; Bloomberg; McCloskey by OPIS; RBA
200119811961 2021�0
60
80
100
120
index
�0
60
80
100
120
index
Terms of Trade*2019/20 a�erage = 100, log scale
* Annual data are used prior to 1960.
Sources: ABS; RBA
Commodity Prices
C H A R T PAC K | M AY 2 0 2 2 1 6
Export VolumesLog scale, quarterly
20112001 202110
20
40
$b
Resources
20112001 20214
8
16
$b
Services
Rural
Manufacturing
Sources: ABS; RBA
Resource Exports*�og scale� �uarterly
201�2009 2021�0
100
200
Mt
Iron ore
�oal
201�2009 20213
6
12
Mt
�N�
* Seasonally ad�usted by the RBA.Sources: ABS; �epartment of Industry� Science� �nergy and Resources;
RBA
Import VolumesLog �cale, �uarterl�
20112001 20212
4
�
16
32
$�
�on�u ¡tion
Ser¢ice�
20112001 20212
4
�
16
32
$�
�a¡ital
Inter ediate
Source: ABS
201620122008200£2000 20200
10
20
¤0
¥
0
10
20
¤0
¥
¦§¨or©ª «¬ eª©®na©®on
Annual, share of total values
¯apan
China
US
India
South °oreaEU±27²
U°
* ³he series has ´een revised to exclude the Uµ.Sources: ABS; RBA
Balance of Payments and External Position
C H A R T PAC K | M AY 2 0 2 2 1 7
201620112006200119961991 2021-9
-6
-3
0
3
6
%
-9
-6
-3
0
3
6
%
Current Account Balance
Per cent of nominal GDP
Current account balance
Trade balance
Net income balance
Source: ABS
201¶2013200·200¸2001 2021-¹
-4
-2
0
2
4
¹
º
%
-¹
-4
-2
0
2
4
¹
º
%
Net Capital Inflow*Per cent of nominal GDP
»¼uity
Debt
½otal
* 2021 value just includes t¾e Marc¾¿ Àune and September Áuarters.Source: ABS
20172013200920052001 2021-30
-15
0
15
30
45
60
%
-30
-15
0
15
30
45
60
%
Net Foreign LiabilitiesBy type, per cent of nominal GDP
Total
Equity
Short-term debt*
Long-term debt*
* Short-term includes debt with residual maturity of one year or less;
long-term includes all other debt.
Source: ABS
External Position*
Composition after hedging, quarterly
Gross foreign liabilities
201520092003 20210
1,000
2,000
3,000
4,000
$bGross foreign assets
Foreign currency
Australian dollar
20152009 20210
1,000
2,000
3,000
4,000
$b
* Hedge ratios inferred from ABS Foreign Currency Exposure surveys.
Sources: ABS; RBA
B A L A N C E O F PAY M E N T S A N D E X T E R N A L P O S I T I O N
C H A R T PAC K | M AY 2 0 2 2 1 8
RBA Assets
Financial year
14/15 16/17 18/19 20/21-100
0
100
200
300
400
500
600
$bWeekly
J A S
2021
O N D J
2022
F M A-100
0
100
200
300
400
500
600
$b
Open repo & other assetsOMO repoTerm Funding Facility
Domestic bondsGold & foreign exchange
Source: RBA
RÂÃ Liabilities
Äinancial year
1ÅÆ1Ç 16Æ17 18Æ19 20Æ21-100
0
100
200
300
Å00
Ç00
600
ÈbWeeÉly
Ê A S
2021
Ë N Ì Ê2022
Ä M A-100
0
100
200
300
Å00
Ç00
600
Èb
Íapital Î Reserve BanÏ Reserve ÑundBanÏnotesÒxchange Settlement balances
Óovernment Î other depositsÔther liabilities
Source: RBA
Central Bank Total AssetsPer cent of GDP
2017 2019 20210
25
50
75
100
125
150
%
Japan
Euro area
US
UK
2017 2019 20210
5
10
15
20
25
30
%
Canada
NZ
Australia
Sweden
Sources: Central banks; RBA; Refinitiv
CeÕtraÖ ×aÕk ØoÙerÕÚeÕt ×oÕd HoldingsÛer cent of eligible stocÜ outstandingÝ
20192017 20210
10
20
30
Þ0
ß0
à
US
áapanUâ
Euro areaÝÝ
2017 2019 20210
10
20
30
Þ0
ß0
à
Canada
ãä
Australia
Såeden
* æata include noçinal and inflationèlinéed bonds issued bê centralgovernçents that are eligible for purchase in the secondarê çaréetunder central banésë governçent bond purchase prograçs ìforAustralia, this is noçinal Australian Governçent Securities onlêí; datafor euro area also include eligible bonds issued bê local and regionalgovernçents.
** Holdings data for euro area onlê include bonds held as part of assetpurchase prograçs; holdings data for other central banés also includebonds held for operational or liîuiditê purposes.
Sources: Central banés; debt çanageçent offices; RBA; Refinitiv
Central Bank Balance Sheets and Bond Purchases
C H A R T PAC K | M AY 2 0 2 2 1 9
20172012200720021997 20220
1
2
ï
ð
5
6
7
%
0
1
2
ï
ð
5
6
7
%
Australian Cash Rate Target
Source: RBA
2018201420102006 2022-1
0
1
2
3
4
5
%
-1
0
1
2
3
4
5
%
ñoliòó ôntereõt Rateõ
US
Japan
Euro area*
* Main refinancing rate until the introduction of 3-year LTROs in
December 2011; deposit facility rate thereafter.
Source: Central banks
20172012200720021997 2022-4
-2
0
2
4
6
8
%
-4
-2
0
2
4
6
8
%
ö÷støùliùn úùsh Rùtû ùnd 90-dùü Bill ýiûld
90-day bill yield
Real cash rate*
Cash rate
target
* Calculated using average of year-ended weighted median inflation
and year-ended trimmed mean inflation.
Sources: ABS; AFMA; ASX; RBA
2018201420102006 2022
-2
0
2
4
6
8
%
-2
0
2
4
6
8
%
Policy Interest Rates – Selected
Advanced Economies
UK
CanadaSweden
NZ
Switzerland
Source: Central banks
Interest Rates
C H A R T PAC K | M AY 2 0 2 2 2 0
þonetary ÿolicy Ð ChinaInterest rates
20172012 20220
2
4
6
8
%
(month average)
One-year
benchmark
lending
One-year
benchmark
deposit
Seven-day
repo
One-year MLF*
Reserve requirement ratios
20172012 20220
5
10
15
20
%
Medium institutions
Large institutions
Small institutions
* Medium term lending facility.
Sources: CEIC Data; RBA
20182014201020062002 20220
1
2
3
4
5
6
7
%
0
1
2
3
4
5
6
7
%
10-year Australian Government Bond Yield
Sources: RBA; Yieldbroker
Policy Interest Rates – Emerging Markets
20162010 20220
3
6
9
12
%
India Malaysia
Thailand South Korea
Indonesia*
Philippines
20162010 20220
5
10
15
20
%
Mexico
Russia*Brazil
South
Africa
* Breaks in series indicate changes in the official policy rates for Russia
(September 2013) and Indonesia (August 2016).
Source: Central banks
20182014201020062002 2022-1
0
1
2
3
4
5
6
%
-1
0
1
2
3
4
5
6
%
10-year Government Bond Yields
Japan
Germany
US
China
Sources: CEIC Data; Refinitiv
I N T E R E S T R AT E S
C H A R T PAC K | M AY 2 0 2 2 2 1
20162010200419981992 2022-6
-4
-2
0
2
4
ppt
-6
-4
-2
0
2
4
ppt
Spread between Austra�ian �0-year Bond
Yield and the Cash Rate Target
Source: RBA
2018201420102006 20220
3
6
9
%
0
3
6
9
%
Australian Non-financial Corporate Bond Yields3-year target
A
BBB
Sources: Bloomberg; RBA
20162010200419981992 2022-100
0
100
200
300
400
bps
-100
0
100
200
300
400
bps
Differential between Australian and
US 10-year Government Bond Yields
Sources: RBA; Refinitiv; Yieldbroker
2018201420102006 20220
200
400
600
800
bps
0
200
400
600
800
bps
Australian Non-financial Corporate Bond SpreadsSpread to government yields; 3-year target
A
BBB
Sources: Bloomberg; RBA; Yieldbroker
I N T E R E S T R AT E S
C H A R T PAC K | M AY 2 0 2 2 2 2
2018201420102006 20220
2
4
6
8
10
%
0
2
4
6
8
10
%
US Corporate Bond Yields
AA corporates*
BBB corporates*
Five-year swap
* Includes financials and non-financials.
Source: ICE Data is used with permission
2019201620132010 20222
4
6
8
%
2
4
6
8
%
Chinese Corporate Bond Yields5-year maturity
Low-rated*
High-rated**
* Based on AA- domestically rated bond.
** Based on AAA domestically rated bond.
Source: CEIC Data
2018201420102006 2022-200
0
200
400
600
bps
-200
0
200
400
600
bps
US Corporate Bond SpreadsTo US government bonds
BBB corporates*
AA corporates*
Five-year swap
* Includes financials and non-financials.
Sources: Bloomberg; ICE Data is used with permission
20172012200720021997 20220
5
10
15
20
%
0
5
10
15
20
%
Emerging Market Government Bond Yields*US dollar-denominated
Asia
Latin America
Europe
* Weighted average across issuers.
Source: J.P. Morgan
I N T E R E S T R AT E S
C H A R T PAC K | M AY 2 0 2 2 2 3
Average Housing Interest RatesVariable-rate loans
2017 20212
3
4
5
6
%
Reference
rates**
Fixed-rate loans*
2017 20212
3
4
5
6
%
New loans***
Outstanding loans***
* Weighted average interest rate across all fixed-rate periods.
** Major banks’ standard reference rates for variable-rate loans.
*** Series break in July 2019; thereafter, data based on EFS collection.
Sources: APRA; banks’ websites; CANSTAR; RBA; Securitisation System
20172012200720021997 20220
2
4
6
8
10
12
%
0
2
4
6
8
10
12
%
Fixed Housing Interest Rates3-year maturity
Swap rate
Advertised*
* Available to owner-occupiers.
Sources: Banks’ websites; CANSTAR; RBA; Refinitiv
Housing Interest Rates*Outstanding loans
Owner-occupier
2018 20222.5
3.0
3.5
4.0
4.5
5.0
%
Principal-and-interest
Investor
2018 20222.5
3.0
3.5
4.0
4.5
5.0
%
Interest-only
* Average of variable-rate securitised loans to 2019; thereafter, average
of fixed and variable-rate loans, based on EFS data.
Sources: APRA; RBA; Securitisation System
20172012200720021997 20220
2
4
6
8
%
0
2
4
6
8
%
Australian Business Lending Rates*Average interest rate on credit outstanding
Large loans
Small loans
Small business(EFS)
(EFS)
(EFS)Large business
Medium business
* Small loans are loans less than $2 million; large loans are loans $2million or more; new series from July 2019 are from the Economicand Financial Statistics (EFS) collection (see Statistical Table F7).
Sources: APRA; RBA
I N T E R E S T R AT E S
C H A R T PAC K | M AY 2 0 2 2 2 4
20172012200720021997 202280
100
300
500
700
900
1,100
index
80
100
300
500
700
900
1,100
index
Share Price Accumulation IndicesLog scale, end December 1994 = 100
ASX 200
S&� 500
�S�� �orld
Sources: Bloomberg; RBA
20172012200720021997 202240
100
200
400
600
800
index
40
100
200
400
600
800
index
Advanced Economies’ Share Price IndicesLog scale� end December 1994 = 100
Japan
Euro areaUS
U�
Sources: Bloomberg; RB
20172012200720021997 202240
100
200
500
1,000
1,500index
40
100
200
500
1,000
1,500index
Emerging Markets’ Share Price Indices*Log scale, end December 1994 = 100
Emerging Europe
Latin America
Emerging Asia
World
China
* MSCI indices; Shanghai Composite Index for China.
Sources: Bloomberg; MSCI; RBA
Share Markets
C H A R T PAC K | M AY 2 0 2 2 2 5
20162010200419981992 20220
100
200
00
�00
500
600
700
800
$b
0
100
200
00
�00
500
600
700
800
$bBonds on Issue in Australia
Non-government**
State
governmentsAustralian
government*
* Excludes bonds purchased by the Australian Go�ernment.** Excludes A �sÕ self�securitisations� includes go�ernment�guaranteed
bonds.
Sources: ABS; AOF�; Bloomberg; �anga�e�s; �ri�ate �lacement�onitor; RBA; State Treasury �orporations
20162010200419981992 20220
150
300
450
600
�b
0
150
300
�50
600
�b
Total �on�go�e�nment Bonds on IssueAll currency denominations
�inancials
Non-financial
corporations
Non-residents�Asset-backedsecurities
* Australian dollar-denominated bonds only.
Sources: ABS; Bloomberg; �angaNe s; !rivate !lacement Monitor; RBA
Non-gove"nment Bond #ssu%n'eGross issuance
Australia(omestic issuers)+on.resident issuers))
20
/0
0b
20
/0
0b
2ffshore
2018201/201020062002 20220
20
/0
60
0b
0
20
/0
60
0b
* Excludes A:Is; self<securitisations.** >ffshore non<resident issuance includes Australian dollar<deno?inated
bonds only.Sources: Bloo?berg; @angaEews; Grivate Glace?ent Honitor; RBA
2016201020041998199J JQJJQ
5Q
1QQ
15Q
JQQ
RU
Q
5Q
1QQ
15Q
JQQ
RUVonWgovernment BonYs on Issue in Zustra[ia
Asset-Uacked securities*
\on-financialcorporations\on-residents
Financials
* ]^cludes ADIs_ self-securitisations.Sources: ABS; Bloo`ferg; Kangahews; Private Place`ent Monitor; RBA
Bond Issuance
C H A R T PAC K | M AY 2 0 2 2 2 6
US and Euro Area Corporate Bond Issuance*iross issujoce
qSsitztcizls{ot|}itztcizls
100
200
300
400
500
qS~b
100
200
300
400
500
qS~b
�uro jrej
201�201420102006 20220
200
400
600
�00
qS~b
0
200
400
600
�00
qS~b
* �u�e 2022 is �u�r�er��o�d��e�Sources: �e�lo�ic; RBA
Emerging Market Corporate Bond Issuance*�ross issuance
ChinaForeign currency�denominated
�ocal currency�denominated
100
200
300
�S�b
100
200
300
�S�b
�ther
201�201�20102006 20220
75
150
225
�S�b
0
75
150
225
�S�b
* March 2022 is �uarter�to�date.
Sources: Dealogic� RBA
B O N D I S S UA N C E
C H A R T PAC K | M AY 2 0 2 2 2 7
201520082001199�1987 2022�0
50
60
70
80
index
�0
50
60
70
80
index
Australian Dollar Trade-�e�ghted ��de�*
�ominal
Real
* �ay 1970 � 100 for nominal; real indexed to equate post�floata�erages; latest obser�ations for real T ¡ are estimates.
Sources: ABS; RBA; Refiniti�; �/Reuters
Official Reserve Assets*
20
40
60
80
A$b
20
40
60
80
A$b¢fficial reser£e assets
¤oreign currenc¥ li¦uidit¥§§
201¨2012200¨2002199¨ 2022©4
©2
0
2
4Aªb
©4
©2
0
2
4Aªb
RBA foreign exchange mar«et inter£ention transactions§§§
* ¬he reporting methodolog for official reser®e asset data changesin 201¯.
** Excludes net for°ard foreign currenc commitments.*** Data up to ±0 ²une 2019; a positi®e ®alue indicates a purchase of
foreign exchange, °hile a negati®e ®alue indicates a sale of foreignexchange.
Source: RBA
20152008200119941987 202250
100
150
200
yen
0.40
0.80
1.20
1.60
³S$,euro
A´µtral¶an Dollar
·en ¸er A$¹LºS»
¹¼ºS»³S$ ¸er A$¹¼ºS»
Euro ¸er A$½
* E¾¿ Àer A$ until 31 ÁeceÂÃer 1ÄÄÅÆSource: BlooÂÃerg
201420061998199Ç198È ÈÇÈÈ5Ç
9Ç
13Ç
1ÉÇ
È1Ç
È5Ç
yen
1.8Ç
1.ÊÇ
1.ËÇ
1.ÈÇ
1.ÇÇ
Ç.8Ç
USÌÍS ÎoÏÏar
ÑÒÓSÔÖen per USÌ
USÌ per euro*ÑRÓS, inverted scaleÔ
* US× per ØCU until 31 DeceÙber 1998.Sources: BlooÙberg; Øurostat
Exchange Rates
C H A R T PAC K | M AY 2 0 2 2 2 8
201Ú20142010200Û2002 202240
Û0
Ú0
100
120
140
indeÜ
40
Û0
Ú0
100
120
140
indeÜ
SelecÝed Þßiaà Cáââeàcieß agaiàßÝ Ýhe US Dollar31 ãanuary 2000 ä 100
åndia
æçailand
Soutç èorea
Malaysia
Singapore
åndonesia
Source: Bloomberg
2017201220072002 202280
90
100
110
120
index
80
90
100
110
120
index
éê ëoìinal Tradeíîeighted Indices1999–2020 average = 100
US dollar
Euro
Japanese yen
Sources: BIS; Bloomberg; Board of Governors of the Federal Reserve
System
20182014201020062002 202260
70
80
90
100
110
120
130
index
ï.5
ï.0
ð.5
ð.0
7.5
7.0
6.5
6.0
yuanChinese Renminbi
(RñSò monthly aóerageò inóerted scale)
(ôñSò 2010 aóerage õ 100)
öominal effecti÷e exchange rate*
øuan per ùSú
* Monthly aûerage nominal rate calculated using BIS üüR ýeights.
Sources: BIS; Refinitû
E XC H A N G E R AT E S
C H A R T PAC K | M AY 2 0 2 2 2 9
Australian Bank ProfitsNet profit after tax Bad and doubtful debts charge
Major banks
6
12
$b Major banks
0
6
$b
Other Australian-owned
banks
1.1
2.2
$b Other Australian-owned
banks
0.0
1.1
$b
Foreign-owned banks
20142007 2021-1.5
0.0
1.5
$b Foreign-owned banks
20142007 2021-1.5
0.0
1.5
$b
Sources: APRA; RBA
2015200þ20031þþÿ1þþ1 2021-10
0
10
20
%
-10
0
10
20
%
Australian Bank Profitability*Return on shareholdersÕ equity after tax and minority interests
Majors
Other Australian-owned banks
* Fiscal years from 2003 on�ards; prior data are as reported in banks�financial statements
Sources: �PR�; Banks� annual reports; RB�
20172013200920052001 20211.5
2.0
2.5
3.0
%
1.5
2.0
2.5
3.0
%
Ma�or Banks� Net Interest Margin*Domestic, half-yearly
* �ata for a given period relate to ban�s� public profit reports releasedin that half; �FRS basis from 2006 AGAA prior; e�cludes St GeorgeBan� and Ban�west prior to the first half of 2009.
Sources: Ban�s� financial reports; RBA
Banking Indicators
C H A R T PAC K | M AY 2 0 2 2 3 0
201620112006200119961991 20210
2
4
6
%
0
2
4
6
%
Banks’ Non-performing AssetsConsolidated global operations, share of on-balance sheet assets
Total*
Impaired
* Includes assets 90+ days past due that are well secured
Source: APRA
Banks’ Non-performing AssetsDomestic boo�s
Share of all assets*
20142007 20210
1
2
3
%
Total
Share of assets by type**
20142007 20210
1
2
3
%
Business*(56%)
(3%)
Housing(41%)
Personal
* Includes lending to financial businesses, bills, short-term and long-term
debt securities and other non-household loans
** Each category’s share of total domestic lending at March 2021 is shown
in parentheses; shares may not add up to 100 due to rounding
Sources: APRA; RBA
Ca ital Ratios*Consolidated global operations of locally incorporated ADIs
Banks
20061993 20190
5
10
15
20
%
Total
Tier 1
Tier 2
CET1
Credit unions and
building societies
20061993 20190
5
10
15
20
%
* Per cent of risk-weighted assets; break in March 2008 due to the
introduction of Basel II for most ADIs; break in March 2013 due to the
introduction of Basel III for all ADIs
Source: APRA
2018201420102006 20220
10
20
30
40
50
60
%
0
10
20
30
40
50
60
%
�unding Com�osition of �an�s in Australia*
Share of total funding
�omestic deposits
Securitisation
Long-term debt
Equity
Short-term debt**
T��***
* Adjusted for movements in foreign exchange rates; tenor of de�t isestimated on a residual maturity �asis.
** �ncludes deposits and intragroup funding from non-residents.*** �erm �unding �acility.Sources: ABS; APRA; Bloom�erg; RBA; Refinitiv; Standard & Poor�s
B A N K I N G I N D I C ATO R S
C H A R T PAC K | M AY 2 0 2 2 3 1