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ISSN 1835-6389
Parliament of Australia Department of Parliamentary Services
The Statistics and Mapping Section produces a selection of the latest economic and social statistics in this Monthly Statistical Bulletin which is updated at the beginning of each month.
As a companion to the Bulletin, longer time series of the statistics presented in the publication are available electronically at Monthly Statistical Bulletin e-data (see Historical Data below). These time series are updated throughout each month as new figures are released, but are only available to Senators and Members through the Parliamentary Library’s intranet.
Note: Between issues, many series are updated or revised. An indication of when each series is likely to be updated is included at the foot of each page. Previous months’ publications should be discarded as they may contain statistics which are no longer the most current or which have been revised.
Feature article From time to time, feature articles are published in this bulletin. These articles explain aspects of, changes to, and developments in the various statistics that appear in this publication. An index of previous feature articles and the date they appeared is also provided.
Related publications Electronic links to publications referred to in the text are available on page 42.
Glossary Some economic and social terms may be unfamiliar to readers. Many of these terms are described in the glossary at the end of this publication.
Enquiries and comments Sue Johnson Director, Statistics and Mapping Section Telephone: (02) 6277 2480 or sue.johnson@aph.gov.au
Monthly statistical bulletin—May 2013
Statistics and Mapping Section
Historical data Long-term data series for every table which appears in this publication are available electronically to all senators and members. These series are updated as new data are released.
The long-term series, with printable tables and graphs, are contained in Excel workbooks and can be found at: http://library/Library_Services/Quicklinks/msb_edata/index.htm.
ii
Key release dates—May 2013
The following are advertised release dates for the statistics that appear in this publication. Australian Bureau of Statistics (ABS) publications are released at 11.30am (Canberra time). Copies of all ABS publications are available from the ABS website at www.abs.gov.au.
Thursday 2 ABS, Building approvals, Mar 2013, cat. no. 8731.0 Monday 6 ABS, Retail trade, Mar 2013, cat. no. 8501.0 ANZ, Job advertisements series, Apr 2013, ANZ Tuesday 7 ABS, Overseas arrivals and departures, Mar 2013, cat. no. 3401.0
ABS, International trade in goods and services, Mar 2013, cat. no. 5368.0 Thursday 9 ABS, Labour force, Australia, Apr 2013, cat. no. 6202.0 Monday 13 ABS, Housing finance Australia, Mar 2013, cat. no. 5609.0 Wednesday 15 ABS, Wage price index, Australia, Mar 2013, cat. 6345.0
ABS, Sales of new motor vehicles, Australia, Apr 2013, cat. no. 9314.0 Thursday 16 ABS, Labour force Australia - detailed electronic delivery, Apr 2013, cat. no. 62919.0.55.001 Wednesday 22 Dept. Education, Employment and Workplace Relations, Labour market
and related payments: a monthly profile, Apr 2013 Thursday 30 ABS, Building approvals, Apr 2013, cat. no. 8731.0
Feature articles index CPI measures and retail trade changes ............................................................................................... October 2009
Retail trade and bankruptcy revisions .................................................................................................... March 2009
Revisions to retail trade data ............................................................................................................... October 2008
Changes to the accuracy of labour statistics .................................................................................. September 2008
International equity market returns ........................................................................................................... July 2008
Business interest rates ........................................................................................................................ February 2008
Gross domestic product........................................................................................................................ January 2006
Bankruptcies .................................................................................................................................... December 2005
Unemployment ................................................................................................................................ November 2005
Terms of trade ...................................................................................................................................... January 2005
Exchange rates ................................................................................................................................. December 2004
Changes to housing finance series ...................................................................................................... October 2004
Changes to industrial disputes series ............................................................................................. September 2004
Motor vehicle sales ................................................................................................................................. March 2002
Changes to stock exchange indexes .......................................................................................................... May 2000
Average weekly earnings ...................................................................................................................... January 1999
Chain volume measures .................................................................................................................. December 1998
The meaning of percentage changes ................................................................................................... October 1998
Balance of payments ............................................................................................................................. August 1998
Dwelling approvals ..................................................................................................................................... July 1998
Foreign debt .............................................................................................................................................. May 1998
Population ................................................................................................................................................. April 1998
Job vacancies ................................................................................................................................... December 1997
Treasury's underlying rate of inflation ............................................................................................ November 1997
Motor vehicle registrations ........................................................................................................................ July 1997
Interest rates ............................................................................................................................................. April 1997
Stock exchange all ordinaries index ................................................................................................ September 1996
Consumer price index ............................................................................................................................ August 1996
Home loan affordability indicator ............................................................................................................. May 1996
Foreign exchange rates ........................................................................................................................... March 1996
iii
Contents Page
Historical data .................................................................................................................................................................. i
Key release dates .............................................................................................................................................................ii
Feature articles index ......................................................................................................................................................ii
Contents .......................................................................................................................................................................... iii
Labour market 1.1 Employment .............................................................................................................................................. 1
1.2 Unemployment ......................................................................................................................................... 2
1.3 Labour force .............................................................................................................................................. 3
1.4 Long-term unemployment........................................................................................................................ 4
1.5 Youth unemployment ............................................................................................................................... 5
1.6 ANZ job advertisements............................................................................................................................ 6
1.7 Industrial disputes ..................................................................................................................................... 7
1.8 Jobseekers receiving Newstart Allowance & Youth Allowance (other) .................................................. 8
Wages and prices 2.1 Average weekly ordinary time earnings ................................................................................................... 9
2.2 Male total average weekly earnings ....................................................................................................... 10
2.3 Wage price index ..................................................................................................................................... 11
2.4 Consumer price index ............................................................................................................................. 12
2.5 Implicit price deflator for non-farm GDP ............................................................................................... 13
National accounts 3.1 Gross domestic product .......................................................................................................................... 14
3.2 Non-farm gross domestic product ......................................................................................................... 15
3.3 Wages and profits share ......................................................................................................................... 16
3.4 Household debt and household saving ratios ........................................................................................ 17
3.5 Labour productivity ................................................................................................................................. 18
Business conditions 4.1 Turnover of retail establishments .......................................................................................................... 19
4.2 Motor vehicle sales ................................................................................................................................. 20
4.3 Dwelling approvals .................................................................................................................................. 21
4.4 Business investment ............................................................................................................................... 22
4.5 Bankruptcies ............................................................................................................................................ 23
Finance 5.1 Business interest rates ............................................................................................................................ 24
5.2 Housing and cash interest rates ............................................................................................................ 25
5.3 Lending for housing................................................................................................................................. 26
5.4 Home loan affordability .......................................................................................................................... 27
5.5 Stock exchange indexes .......................................................................................................................... 28
External transactions 6.1 International trade in goods and services .............................................................................................. 29
6.2 Balance on current account .................................................................................................................... 30
6.3 Terms of trade ......................................................................................................................................... 31
6.4 Exchange rates ....................................................................................................................................... 32
6.5 Foreign debt ............................................................................................................................................ 33
Demographics 7.1 Population ............................................................................................................................................... 34
7.2 Components of population change ........................................................................................................ 35
7.3 Overseas arrivals—visitors and settlers ................................................................................................. 36
7.4 Health—bulk billing and private health insurance................................................................................. 37
International comparisons 8.1 Economic growth .................................................................................................................................... 38
8.2 Consumer prices...................................................................................................................................... 39
8.3 Unemployment rates .............................................................................................................................. 40
8.4 Short-term interest rates ........................................................................................................................ 41
Related publications—links .................................................................................................................................. 42
Glossary ................................................................................................................................................................. 43
Monthly statistical bulletin
1
1.1 Employment
Month 2008-09 2009-10 2010-11 2011-12 20012-13
Number employed (a) - '000 July 10 902.2 10 952.2 11 187.8 11 394.3 11 510.0
August 10 923.7 10 932.5 11 218.7 11 392.8 11 503.0
September 10 919.1 10 962.9 11 251.1 11 416.5 11 524.0
October 10 941.6 10 975.5 11 278.9 11 417.7 11 523.6
November 10 926.5 11 003.5 11 337.1 11 423.1 11 543.9
December 10 929.0 11 040.9 11 341.7 11 392.4 11 541.8
January 10 917.5 11 081.5 11 362.1 11 454.8 11 554.9
February 10 939.3 11 084.8 11 354.8 11 431.2 11 628.9
March 10 915.6 11 091.9 11 389.3 11 483.9 11 592.7
April 10 947.5 11 115.8 11 371.2 11 495.6
May 10 928.6 11 110.9 11 361.5 11 525.1
June 10 914.1 11 167.0 11 395.6 11 495.2
Annual average 10 926.2 11 043.2 11 320.2 11 442.3
Annual change (a) - per cent
July 3.0 0.5 2.2 1.8 1.0
August 2.9 0.1 2.6 1.6 1.0
September 2.5 0.4 2.6 1.5 0.9
October 2.7 0.3 2.8 1.2 0.9
November 2.1 0.7 3.0 0.8 1.1
December 1.9 1.0 2.7 0.4 1.3
January 1.5 1.5 2.5 0.8 0.9
February 1.3 1.3 2.4 0.7 1.7
March 0.9 1.6 2.7 0.8 0.9
April 0.8 1.5 2.3 1.1
May 0.9 1.7 2.3 1.4
June 0.3 2.3 2.0 0.9
Annual average 1.7 1.1 2.5 1.1
(a) Monthly figures are seasonally adjusted. Update
Source: ABS, Labour force, Cat. no. 6202.0 9 May 2013
0
1
2
3
4
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun-13
Annual change - per cent
Key points In March 2013 there was a decrease of 36 100 employed persons, when compared with the previous month. This decrease resulted from a decrease of 28 700 part-time and 7400 full-time workers.
In the twelve months to March 2013, total employment increased 0.9 per cent. During this period the total number of employed persons increased by 36 000 full-time and 72 800 part-time workers.
What is measured Employment data are collected as part of the ABS labour force survey of people aged 15 years and over who are considered to be in the labour force. By international agreement, a person is considered employed if they are in paid work for one hour or more a week. People who were temporarily away from work at the time of the survey are still counted as employed.
Related statistics in this bulletin ï§ 1.2 Unemployment ï§ 1.3 Labour force ï§ 7.1 Population
Related publications ï§ ABS, Australian labour market statistics, Cat. no. 6105.0 ï§ Melbourne Institute, Monthly
bulletin of economic trends
Monthly statistical bulletin
2
1.2 Unemployment
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Number unemployed (a) - '000
July 487.0 668.6 630.4 617.0 636.4
August 464.1 668.8 598.8 633.2 624.3
September 494.2 664.8 602.9 628.7 667.3
October 494.0 656.0 628.1 620.5 656.3
November 512.7 649.3 614.0 631.8 641.6
December 526.6 644.3 584.7 624.2 661.5
January 568.1 619.2 605.0 614.8 663.3
February 617.5 620.9 596.9 628.6 661.0
March 665.9 631.5 590.8 626.0 686.9
April 638.3 642.6 590.5 603.1
May 671.9 608.2 595.2 626.5
June 682.9 612.5 599.9 640.9
Annual average 571.0 639.2 602.3 624.3
Unemployment rate (a) (b) - per cent
July 4.3 5.8 5.3 5.1 5.2
August 4.1 5.8 5.1 5.3 5.1
September 4.3 5.7 5.1 5.2 5.5
October 4.3 5.6 5.3 5.2 5.4
November 4.5 5.6 5.1 5.2 5.3
December 4.6 5.5 4.9 5.2 5.4
January 4.9 5.3 5.1 5.1 5.4
February 5.3 5.3 5.0 5.2 5.4
March 5.7 5.4 4.9 5.2 5.6
April 5.5 5.5 4.9 5.0
May 5.8 5.2 5.0 5.2
June 5.9 5.2 5.0 5.3
Annual average 4.9 5.5 5.1 5.2
(a) Monthly figures are seasonally adjusted. (b) Number unemployed as a proportion of the labour force. Update
Source: ABS, Labour force, Cat. no. 6202.0 9 May 2013
3.5
4.0
4.5
5.0
5.5
6.0
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Unemployment rate - per cent Key points
There were 686 900 people actively looking for work in March 2013. This represents an increase of 25 900 unemployed people on the previous month. The March 2013 unemployment rate rose 0.2 percentage points to 5.6 per cent. Over the twelve months since March 2012, the number of unemployed persons increased by 61 000.
What is measured Unemployment data are collected as part of the monthly ABS labour force survey of people aged 15 years and over. Although more technical in reality, for practical purposes a person is considered to be unemployed if they are 15 years of age or over, not employed, and are actively looking for work and are available to start work.
Related statistics in this bulletin ï§ 1.1 Employment ï§ 1.3 Labour force ï§ 1.4 Long-term unemployment ï§ 1.5 Youth unemployment ï§ 1.6 ANZ job advertisements ï§ 1.8 Jobseekers receiving Newstart
Allowance ï§ 8.3 Unemployment rates
Related publications ï§ ABS, Australian labour market statistics, Cat. no. 6105.0 ï§ Melbourne Institute, Monthly
bulletin of economic trends
Monthly statistical bulletin
3
1.3 Labour force
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Labour force (a) - '000
July 11 389.2 11 620.8 11 818.2 12 011.3 12 146.4
August 11 387.7 11 601.3 11 817.5 12 026.0 12 127.3
September 11 413.3 11 627.7 11 854.0 12 045.2 12 191.2
October 11 435.5 11 631.5 11 907.0 12 038.2 12 179.9
November 11 439.2 11 652.8 11 951.1 12 055.0 12 185.5
December 11 455.6 11 685.2 11 926.4 12 016.6 12 203.3
January 11 485.6 11 700.7 11 967.1 12 069.6 12 218.1
February 11 556.8 11 705.7 11 951.7 12 059.8 12 289.9
March 11 581.5 11 723.4 11 980.1 12 109.9 12 279.7
April 11 585.8 11 758.5 11 961.7 12 098.7
May 11 600.5 11 719.0 11 956.7 12 151.6
June 11 597.0 11 779.6 11 995.4 12 136.0
Annual average 11 494.0 11 683.8 11 923.9 12 068.2
Participation rate (a) (b) - per cent
July 65.6 65.5 65.5 65.6 65.2
August 65.5 65.3 65.4 65.6 65.0
September 65.5 65.3 65.5 65.6 65.3
October 65.5 65.3 65.8 65.5 65.1
November 65.4 65.3 65.9 65.5 65.1
December 65.4 65.4 65.7 65.2 65.1
January 65.4 65.4 65.8 65.4 65.0
February 65.7 65.3 65.7 65.2 65.3
March 65.7 65.3 65.7 65.4 65.1
April 65.6 65.4 65.5 65.2
May 65.6 65.1 65.4 65.4
June 65.5 65.4 65.6 65.3
Annual average 65.6 65.3 65.6 65.4
(a) Monthly figures are seasonally adjusted. (a) Labour force as a proportion of the civilian population aged 15 years and over. Update Source: ABS, Labour force, Cat. no. 6202.0 9 May 2013
64.5
65.0
65.5
66.0
66.5
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Participation rate - per cent Key points
The number of people in the labour force decreased in March 2013 by 10 200 compared with the previous month. In the 12 months to March 2013, the labour force expanded by 169 800 individuals - up 1.4 per cent. The expansion was due to an increase of 108 800 employed persons and 61 000 unemployed persons. The labour force participation rate decreased 0.2 percentage points to 65.1 per cent in March 2013.
What is measured Labour force data are collected as part of the ABS labour force survey of people aged 15 years and over who are considered to be in the labour force. The labour force comprises all those people who are employed at the time of survey plus all those who are unemployed. Not everyone is part of the labour force; the participation rate is the percentage of the civilian population aged 15 years and over who are in the labour market.
Related statistics in this bulletin ï§ 1.1 Employment ï§ 1.2 Unemployment ï§ 7.1 Population ï§ 7.2 Components of population
change
Related publications ï§ ABS, Australian labour market statistics, Cat. no. 6105.0
Monthly statistical bulletin
4
1.4 Long-term unemployment
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Long-term unemployed (a) (b) - '000 July 65.9 102.7 112.7 115.4 116.9
August 67.9 101.4 109.1 128.9 125.5
September 77.9 99.3 118.0 111.0 123.8
October 75.2 101.6 129.2 116.1 118.8
November 71.8 108.1 118.3 110.8 132.8
December 70.4 114.9 113.3 110.7 121.7
January 74.9 109.0 109.3 128.2 121.6
February 83.0 110.1 114.6 116.6 118.5
March 86.7 107.1 119.7 117.5 122.8
April 79.0 113.8 112.5 118.2
May 89.1 112.3 122.9 115.0
June 109.0 115.0 116.0 117.5
Annual average 79.5 108.1 115.9 117.1
Percentage of total unemployed (b) - per cent July 13.5 15.4 17.9 18.7 18.4
August 14.6 15.2 18.2 20.4 20.1
September 15.8 14.9 19.6 17.7 18.5
October 15.2 15.5 20.6 18.7 18.1
November 14.0 16.6 19.3 17.5 20.7
December 13.4 17.8 19.4 17.7 18.4
January 13.2 17.6 18.1 20.9 18.3
February 13.4 17.7 19.2 18.5 17.9
March 13.0 17.0 20.3 18.8 17.9
April 12.4 17.7 19.1 19.6
May 13.3 18.5 20.6 18.3
June 16.0 18.8 19.3 18.3
Annual average 13.9 16.9 19.2 18.8
(a) Unemployed for 52 weeks or more. (b) Monthly figures are seasonally adjusted. Update
Source: ABS, Labour force , Cat. no. 6291.0.55.001 16 May 2013
12
14
16
18
20
22
Jun-08 Jun-09 Jun 10 Jun 11 Jun 12 Jun 13
Percentage of total unemployed
Key points In March 2013 the proportion of all unemployed individuals who had been unemployed for a year or more was 17.9 per cent - remain unchanged compared with the previous month. When compared with the lowest and highest reported values since April 1986 - 12.4 per cent in April 2009 and 36.2 per cent in May 1993 - the march 2013 rate is 5.5 percentage points higher and 18.3 percentage points lower than these extremes. The average rate since April 1986 is 23.6 per cent, 5.7 percentage points higher than in March 2013.
In March 2013 there were 122 800 individuals who were unemployed for a year or more. Compared with the previous month there has been an increase of approximately 4300 long-term unemployed people - up 3.6 per cent. In the twelve months since March 2013, the number of long-term unemployed persons has increased by approximately 5400 persons - up 4.6 per cent.
What is measured The ABS labour force survey regularly samples Australians who are 15 years of age and older. Of these people, those who have been unemployed for 52 weeks or more are considered to be long-term unemployed. These people may experience greater difficulty in gaining employment than those who are unemployed for shorter periods and as such, have been the focus of many labour market programs over the past several decades.
Related statistics in this bulletin ï§ 1.2 Unemployment ï§ 1.3 Labour force ï§ 1.6 ANZ job advertisements
Related publication ï§ ABS, Australian labour market statistics, Cat. no. 6105.0
Monthly statistical bulletin
5
1.5 Youth unemployment
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Unemployed youth (a) (b) - '000 July 52.0 76.9 70.6 60.8 63.4
August 54.1 62.7 68.6 64.4 65.2
September 54.4 72.6 59.8 62.4 67.5
October 52.2 70.8 71.5 62.1 63.5
November 47.5 73.5 65.4 59.0 59.2
December 51.9 66.9 62.5 67.8 64.0
January 64.0 65.9 66.5 64.1 61.4
February 75.7 63.3 60.8 67.4 65.4
March 73.3 71.4 59.8 67.6 64.7
April 70.8 71.3 61.7 60.5
May 76.5 69.7 56.3 61.2
June 77.0 71.4 58.4 57.4
Annual average 62.4 69.7 63.5 62.9
Youth unemployment rate (b) (c) - per cent July 16.4 26.3 24.6 22.8 24.6
August 16.7 22.4 24.3 24.1 24.8
September 17.3 25.4 21.3 24.0 25.2
October 17.4 24.5 24.5 24.0 24.0
November 16.2 25.3 22.5 23.1 23.1
December 17.6 23.4 22.3 26.0 24.7
January 21.6 23.9 23.8 24.3 24.5
February 24.8 22.6 21.9 24.2 26.3
March 24.4 24.9 22.4 24.3 26.3
April 23.1 24.6 23.4 23.0
May 25.3 24.4 21.3 23.3
June 25.9 24.8 22.1 21.8
Annual average 20.6 24.3 22.8 23.8
(a) 15-19 year olds looking for full-time work. (b) Monthly figures are seasonally adjusted.
(c) 15-19 year olds looking for full-time work as a proportion of full-time youth labour force. Update Source: ABS, Labour force , Cat. no. 6202.0 9 May 2013
15
18
21
24
27
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Percentage of full-time youth labour force Key points
In March 2013 there were 64 700 young people actively looking for full-time work, a decrease of 700 on
the previous month. Compared with the previous month, the youth unemployment rate stayed steady at 26.3 per cent. The March 2013 youth unemployment rate equalled the highest rate in the last five years (26.3 per cent in July 2009) and is 10.1 percentage points higher than the lowest rate in the last five years (16.2 per cent in November 2008) - pre global financial crisis. Over the twelve months to March 2013, the number of young unemployed persons decreased by 2900. Over the same period there was an increase in the youth unemployment rate of 2.0 percentage points.
What is measured The ABS labour force survey regularly samples Australians who are 15 years of age and older. Youth unemployment refers to those people who are aged 15 to 19 years, unemployed and actively looking for full-time work.
Related statistics in this bulletin ï§ 1.2 Unemployment ï§ 1.4 Long-term unemployment
ï§ 1.6 ANZ job advertisements ï§ 1.8 Jobseekers receiving Newstart Allowance
Related publications ï§ ABS, Australian labour market statistics, Cat. no. 6105.0
Monthly statistical bulletin
6
1.6 ANZ job advertisements
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Advertisements (a) (b) - number
July 243 042 119 351 163 931 174 486 158 452
August 232 239 122 361 167 758 171 428 154 508
September 226 057 126 985 170 048 168 240 148 277
October 215 594 127 373 172 606 167 208 142 019
November 198 679 132 662 176 053 166 472 138 729
December 186 633 130 083 182 932 164 627 135 831
January 168 052 136 081 181 318 164 500 136 580
February 152 574 150 815 177 225 168 620 140 733
March 139 351 152 724 178 415 167 113 138 651
April 130 744 152 210 179 984 163 736
May 124 005 158 487 170 738 163 149
June 121 184 162 450 175 440 159 803
Annual average 179 203 139 203 174 420 166 698
Annual change (b) - per cent
July 7.0 -50.9 37.4 6.4 -9.2
August 1.4 -47.3 37.1 2.2 -9.9
September -1.3 -43.8 33.9 -1.1 -11.9
October -8.5 -40.9 35.5 -3.1 -15.1
November -17.3 -33.2 32.7 -5.4 -16.7
December -24.0 -30.3 40.6 -10.0 -17.5
January -34.8 -19.0 33.2 -9.3 -17.0
February -38.2 -1.2 17.5 -4.9 -16.5
March -44.3 9.6 16.8 -6.3 -17.0
April -48.8 16.4 18.2 -9.0
May -50.5 27.8 7.7 -4.4
June -50.4 34.1 8.0 -8.9
Annual average -26.0 -22.3 25.3 -4.4
(a) Average total number of newspaper and internet job advertisements per week. (b) Monthly figures have been seasonally adjusted. Update
Source: ANZ Banking Group, Job advertisements series media release 6 May 2013
110 000
130 000
150 000
170 000
190 000
210 000
230 000
250 000
270 000
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun-13
Number Key points
In March 2013, combined internet and newspaper job advertisements provided an average weekly total of 138 651 vacancies, a decrease of 1.5 per cent on the previous month and a decrease of 17.0 per cent compared with March 2012. The average weekly number of job advertisements in major metropolitan newspapers in March 2013 was 5006. This represents an increase of 1.8 per cent since February 2012 and a 32.1 per cent decrease when compared with March 2012. Internet job advertisements totalled 133 645 in March 2013, a decrease of 1.6 per cent on the previous month and a decrease of 16.3 per cent compared with March 2012. Note: ANZ job advertisements data are revised monthly and these revisions can be significant.
What is measured? The ANZ job advertisement series measures the average weekly number of job advertisements in major metropolitan newspapers and on the internet. These figures are available monthly since January 1975 for newspapers and since July 1999 for the internet.
Related statistics in this bulletin ï§ 1.1 Employment ï§ 1.2 Unemployment ï§ 1.3 Labour force ï§ 1.4 Long-term unemployment ï§ 1.8 Jobseekers receiving Newstart
Allowance
Related publications ï§ ABS, Job vacancies, Cat. no. 6354.0
Monthly statistical bulletin
7
1.7 Industrial disputes
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Working days lost - '000
September 36.2 29.1 46.6 101.3 110.0
December 31.1 44.7 27.2 54.3 25.7
March 11.6 28.8 19.7 35.8
June 47.3 24.0 66.2 101.7
Annual 126.2 126.5 159.8 293.1
Working days lost per '000 employees
September 3.8 3.1 4.7 10.1 10.8
December 3.3 4.7 2.7 5.3 2.5
March 1.2 3.0 2.0 3.5
June 5.0 2.4 6.5 9.9
Source: ABS, Industrial disputes , Cat. no. 6321.0.55.001 Update:
6 June 2013
0
2
4
6
8
10
12
Jun 08 Jun 09 Jun 10 Jun 11 Jun-12 Jun-13
Days lost per '000 employees
Key points In the December quarter 2012 there were 58 disputes, involving 27 300 employees, during which 25 700 working days were lost. This is down 84 400 days compared with the previous quarter, and was also down by 28 600 days compared with the same quarter of the year before.
What is measured Industrial disputes data are collected by the Australian Bureau of Statistics (ABS) for all disputes where ten or more working days lost. Disputes where fewer working days were lost are excluded. To be included, industrial disputes must be unauthorised stop work meetings; general strikes; sympathetic strikes; political or protest strikes; rotating or revolving strikes; unofficial strikes; or work stoppages initiated by employers. Work-to-rules, go-slows and bans such as overtime bans are excluded.
Related publications ï§ ABS, Australian labour market statistics, Cat. no. 6105.0 ï§ ABS, Employee earnings, benefits
and trade union membership, Cat. no. 6310.0
Monthly statistical bulletin
8
1.8 Jobseekers receiving allowances
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Newstart Allowance and Youth Allowance (other) recipients (a) - '000
July 293.9 427.5 338.8 314.6 339.3
August 288.0 399.6 319.6 304.0 330.8
September 283.8 387.9 310.2 299.5 330.4
October 284.6 376.0 302.9 297.8 332.9
November 288.2 366.2 298.0 296.1 335.4
December 317.4 377.9 318.5 317.2 349.8
January 351.2 389.0 336.3 335.7 404.6
February 367.9 380.2 340.8 339.5 405.7
March 370.2 364.9 324.9 332.9 385.1
April 379.1 354.6 319.7 332.4
May 391.6 346.2 317.7 330.7
June 405.5 340.8 315.6 332.0
Annual average 335.1 375.9 320.2 319.4
Annual change - per cent
July -10.3 45.5 -20.8 -7.1 7.8
August -7.9 38.7 -20.0 -4.9 8.8
September -6.3 36.7 -20.0 -3.5 10.3
October -4.2 32.1 -19.4 -1.7 11.8
November 0.6 27.1 -18.6 -0.6 13.3
December 5.1 19.1 -15.7 -0.4 10.3
January 9.1 10.8 -13.6 -0.2 20.5
February 14.6 3.3 -10.4 -0.4 19.5
March 20.5 -1.4 -11.0 2.5 15.7
April 26.4 -6.5 -9.8 4.0
May 33.6 -11.6 -8.2 4.1
June 39.5 -16.0 -7.4 5.2
Annual average 9.8 12.2 -14.8 -0.3
(a) Includes jobseekers receiving Youth Allowance (other). Source: Department of Employment and Workplace Relations, Labour market and Update related payments: a monthly profile 22 May 2013
250
300
350
400
450
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Persons '000
Key points In March 2013 there were 385 105 people receiving Newstart Allowance and Youth Allowance (other). Of these, 222 611 were long-term recipients - a decrease of 5.0 per cent on the previous month - and 162 494 were short-term recipients - a decrease of 4.5 per cent on the previous month. All jurisdictions except the Northern Territory (increased 0.7 per cent) had declines in the numbers of people receiving these benefits - the largest decrease in percentage terms was Tasmania, declining 7.2 per cent. Compared with March 2012, there were 52 172 more people receiving benefits, an increase of 15.7 per cent.
What is measured Newstart Allowance is paid to eligible unemployed people aged 21 years and over. These people need to be actively seeking and be willing to work or be actively improving their prospects of becoming employed. Youth Allowance has replaced Austudy, some categories of Newstart Allowance, Youth Training Allowance, Sickness Allowance and parts of the Family Payment. Recipients of Youth Allowance can be divided into three components— full-time students receiving youth allowance; apprentices receiving youth allowance; and other people receiving youth allowance. Those counted in these statistics are people in this final, other, category.
Related statistics in this bulletin ï§ 1.2 Unemployment ï§ 1.4 Long-term unemployment ï§ 1.5 Youth unemployment ï§ 1.6 ANZ job advertisements
Related publications ï§ ABS, Australian labour market statistics, Cat. no. 6105.0
Monthly statistical bulletin
9
2.1 Average weekly ordinary time earnings
Quarter 2007-08 2008-09 2009-10 2010-11 2011-12
AWOTE (a) - $ per week
September 1 091.80 1 143.10 1 202.80 1 257.50 1 323.70
December 1 099.40 1 159.00 1 227.90 1 276.30 1 331.10
March 1 111.80 1 174.10 1 242.30 1 289.60 1 346.30
June 1 121.40 1 189.70 1 252.00 1 306.60 1 351.20
Annual average 1 106.10 1 166.50 1 231.30 1 282.50 1 338.10
AWOTE annual change (a) - per cent
September 5.4 4.7 5.2 4.5 5.3
December 5.2 5.4 5.9 3.9 4.3
March 5.2 5.6 5.8 3.8 4.4
June 4.0 6.1 5.2 4.4 3.4
Annual average 4.9 5.5 5.6 4.2 4.3
Real AWOTE (a) (b) - $ per week
September 1 208.70 1 205.40 1 252.60 1 274.00 1 295.50
December 1 205.70 1 225.90 1 271.90 1 287.90 1 302.70
March 1 203.50 1 240.30 1 275.50 1 281.40 1 316.90
June 1 196.20 1 250.80 1 277.30 1 286.60 1 315.10
Annual average 1 203.40 1 230.60 1 269.40 1 282.50 1 307.60
Real AWOTE annual change (a) - per cent
September 3.5 -0.3 3.9 1.7 1.7
December 2.2 1.7 3.8 1.3 1.2
March 0.9 3.1 2.8 0.5 2.8
June -0.5 4.6 2.1 0.7 2.2
Annual average 1.5 2.3 3.2 1.0 2.0
(a) Quarterly figures are seasonally adjusted. (b) Expressed in average 2010-11 dollars; converted to real terms using the consumer price index. Sources: ABS, Average weekly earnings , Cat. no. 6302.0 Update
ABS, Consumer price index , Cat. no. 6401.0 15 Aug 2013
1050
1100
1150
1200
1250
1300
1350
1400
Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun-12
Dollars
AWOTE Real AWOTE (average 2010-11 dollars)
Key points
The ABS has revised the frequency of the AWOTE series from quarterly to bi-annually. Data is now only collected in the May and November quarters of each year, and as a consequence comparison statistics will be changed from a quarterly basis to a bi-annual basis.
Annual comparisons are not available for seasonally adjusted and trend data. These comparisons will again be available following the release of the next publication in August 2013.
What is measured Average weekly ordinary time earnings is a measure of before tax earnings of full-time adult employees; it excludes any overtime payments. It is calculated by dividing an estimate of gross— before deductions—weekly earnings by the number of employees. AWOTE has been measured since December 1983. AWOTE has become a standard measure for wage levels and is enshrined in some legislation as a benchmark for the calculation of some social security payments. To gauge how earnings are changing in comparison with inflation, the inflationary component is removed using the consumer price index; this leaves the real AWOTE series.
Related statistics in this bulletin ï§ 2.2 Male total average weekly earnings ï§ 2.3 Wage price index ï§ 2.4 Consumer price index ï§ 3.3 Wages and profits share
Related publications ï§ ABS, Employee earnings and hours, Cat. no. 6306.0 ï§ ABS, Employee earnings,
benefits and trade union membership, Cat. no. 6310.0 ï§ ABS, Labour price index, Cat. no. 6345.0 ï§ ABS, Australian national
accounts: national income, expenditure and product, Cat. no. 5206.0
Monthly statistical bulletin
10
2.2 Male total average weekly earnings
Quarter 2007-08 2008-09 2009-10 2010-11 2011-12
MTAWE - $ per week
September 1 050.60 1 090.90 1 141.00 1 183.40 1 244.90
December 1 051.70 1 101.10 1 162.70 1 210.90 1 255.00
March 1 067.80 1 112.20 1 178.70 1 224.10 1 284.90
June 1 069.10 1 110.30 1 183.40 1 236.50 1 285.10
Annual average 1 059.80 1 103.60 1 166.50 1 213.70 1 267.50
MTAWE annual change - per cent
September 5.5 3.8 4.6 3.7 5.2
December 4.4 4.7 5.6 4.1 3.6
March 4.6 4.2 6.0 3.9 5.0
June 3.5 3.9 6.6 4.5 3.9
Annual average 4.5 4.1 5.7 4.1 4.4
Real MTAWE (a) - $ per week
September 1 163.00 1 150.40 1 188.20 1 198.90 1 218.40
December 1 153.40 1 164.60 1 204.40 1 221.90 1 228.20
March 1 155.90 1 174.90 1 210.20 1 216.30 1 256.80
June 1 140.40 1 167.30 1 207.30 1 217.60 1 250.70
Annual average 1 115.20 1 142.50 1 172.35 1 213.70 1 226.70
Real MTAWE annual change - per cent
September 3.6 -1.1 3.3 0.9 1.6
December 1.4 1.0 3.4 1.5 0.5
March 0.3 1.7 3.0 0.5 3.3
June -1.0 2.4 3.4 0.9 2.7
Annual average 1.1 1.0 3.3 0.9 2.0
(a) Expressed in average 2010-11 dollars; converted to real terms using the consumer price index.
Sources: ABS, Average weekly earnings , Cat. no. 6302.0 ABS, Consumer price index , Cat. no. 6401.0
Update
15 August 2013
1000
1050
1100
1150
1200
1250
1300
Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun-12
Dollars
MTAWE Real MTAWE (average 2010-11 dollars)
Key points
The ABS has revised the frequency of the AWOTE series from quarterly to bi-annually. Data is now only collected in the May and November quarters of each year, and as a consequence comparison statistics will be changed from a quarterly basis to a bi-annual basis.
Annual comparisons are not available for seasonally adjusted and trend data. These comparisons will again be available following the release of the next publication in August 2013.
What is measured Male total average weekly earnings (MTAWE) is a measure of average before tax earnings of all male employees including any overtime payments. It is calculated by dividing an estimate of male gross—before deductions—weekly total earnings by the number of male employees. MTAWE, like AWOTE, is a standard measure for wage levels and is enshrined in a range of legislation. For example, MTAWE is used as a benchmark in setting. MTAWE is used to compare changes in wages over long periods; MTAWE is available from 1963. To gauge increase in earnings in comparison with inflation, the inflationary component is removed using the consumer price index; this leaves the real MTAWE series.
Related statistics in this bulletin ï§ 2.1 Average weekly ordinary time earnings ï§ 2.3 Wage price index ï§ 2.4 Consumer price index ï§ 3.3 Wages and profits share
Related publications ï§ ABS, Employee earnings and hours, Cat. no. 6306.0 ï§ ABS, Employee earnings, benefits
and trade union membership, Cat. no. 6310.0 ï§ ABS, Labour price index, Cat. no. 6345.0 ï§ ABS, Australian national accounts:
national income, expenditure and product, Cat. no. 5206.0
Monthly statistical bulletin
11
2.3 Wage price index
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Wage price index (a) (b) - index
September 98.6 101.9 105.5 109.3 113.3
December 99.7 102.6 106.6 110.4 114.2
March 100.6 103.5 107.5 111.4
June 101.4 104.4 108.5 112.5
Annual average 100.0 103.1 107.0 110.9
Quarterly change (b) - per cent
September 0.9 0.5 1.1 0.7 0.7
December 1.1 0.7 1.0 1.0 0.8
March 0.9 0.9 0.8 0.9
June 0.8 0.9 0.9 1.0
Annual change (b) - per cent
September 4.1 3.3 3.5 3.6 3.7
December 4.3 2.9 3.9 3.6 3.4
March 4.2 2.9 3.9 3.6
June 3.8 3.0 3.9 3.7
Annual average 4.0 3.1 3.8 3.6
(a) Total hourly rate of pay excluding bonuses, all sectors. Index base: 2008-09 = 100.0. (b) Quarterly figures are seasonally adjusted.
Source: ABS, Wage Price Index, Australia , Cat. no. 6345.0
Update
15 May 2013
Note: Prior to September quarter 2012, this publication was known as Labour Price Index . The catalogue number (6345.0) remains unchanged.
2.8
3.2
3.6
4.0
4.4
Jun 08 Jun 09 Jun 10 Jun 11 Jun-12 Jun-13
Annual change - per cent
Key points In the December quarter 2012, the wage price index was 114.2, up 0.8 per cent on the previous quarter and 3.4 per cent on the same quarter of the previous year.
The annual movement of the index has returned to levels similar to those seen in the early to mid 2000s, after falling to less than three per cent in 2009-10.
What is measured The wage price index is to wage costs what the consumer price index is to the costs of consumer goods and services. It is calculated by comparing the cost of wages over time for the same work level and output. This means that it excludes the effects of changes in the nature of work performed, the quantity of work performed, the characteristics of the particular occupation and the location of work. The wage price index is available from the September quarter 1997.
Related statistics in this bulletin ï§ 2.1 Average weekly ordinary time earnings ï§ 2.2 Male total average weekly
earnings ï§ 2.4 Consumer price index ï§ 3.3 Wages and profits share
Related publications ï§ ABS, Employee earnings and hours, Cat. no. 6306.0 ï§ ABS, Employee earnings, benefits
and trade union membership, Cat. no. 6310.0 ï§ ABS, Average weekly earnings, Cat. no. 6302.0 ï§ ABS, Australian national
accounts: national income, expenditure and product, Cat. no. 5206.0
Monthly statistical bulletin
12
2.4 Consumer price index
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Consumer price index (a)
September 92.7 93.8 96.5 99.8 101.8
December 92.4 94.3 96.9 99.8 102.0
March 92.5 95.2 98.3 99.9 102.4
June 92.9 95.8 99.2 100.4
Annual average 92.6 94.8 97.7 100.0
Consumer price index quarterly change - per cent
September 1.2 1.0 0.7 0.6 1.4
December -0.3 0.5 0.4 0.0 0.2
March 0.1 1.0 1.4 0.1 0.4
June 0.4 0.6 0.9 0.5
Consumer price index annual change (b) - per cent
September 5.0 1.2 2.9 3.4 2.0
December 3.7 2.1 2.8 3.0 2.2
March 2.4 2.9 3.3 1.6 2.5
June 1.4 3.1 3.5 1.2
Annual average 3.1 2.4 3.1 2.4
Underlying inflation annual change (c) - per cent
September 5.0 3.5 2.7 2.7 2.5
December 4.6 3.5 2.4 2.9 2.4
March 4.4 3.3 2.4 2.4 2.4
June 4.0 3.0 2.8 2.2
Annual average 4.5 3.3 2.5 2.5
(a) All groups, eight capital cities index. Base: 2011-12 = 100.0. (b) Referred to as the 'headline' inflation rate. (c) The average of the Reserve Bank of Australia weighted median and trimmed
mean price inflation measures. Referred to as the 'underlying' inflation rate.
Source: ABS, Consumer price index , Cat. no. 6401.0
RBA, Statistical Tables, Prices and Inflation Update
24 July 2013
0
1
2
3
4
5
6
Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun-12
Annual change - per cent
Headline rate Underlying rate
RBA Target range
Key points Consumer prices rose in the March 2013 quarter by 0.4 per cent. Over the year to the March quarter 2013, headline inflation rose 2.5 per cent. The underlying inflation rate over the same period was 2.4 per cent.
What is measured The consumer price index (CPI) measures the relative cost of a basket of goods and services bought by capital city households. The basket is regularly updated to incorporate changes in the composition of purchases and linked so a constant comparable measure of consumer price inflation is available from 1948. Changes in the CPI are called ‘headline’ inflation. The CPI forms a base for measures of price change used by the RBA, the ‘trimmed mean’ and the ‘weighted median’. These smooth the volatility of some price changes to give what are called ‘underlying’ or ‘core’ inflation measures. The RBA inflation target of 2-3 per cent is a medium-term average for ‘underlying’ inflation rather than a rate that must be held at all times.
Related statistics in this bulletin ï§ 2.3 Wage price index ï§ 2.5 Implicit price deflator for non-farm GDP ï§ 8.2 Consumer prices
Related publications ï§ ABS, Information paper: Introduction of the 16th series Australian Consumer Price Index,
Cat. no. 6470.0. ï§ ABS, A guide to the consumer price index, Cat. no. 6440.0 ï§ ABS, Consumer price index:
concepts, sources and methods, Cat. no. 6461.0 ï§ ABS, Australian national accounts: national income,
expenditure and product, Cat. no. 5206.0 ï§ Melbourne Institute, Survey of consumer inflationary expectations ï§ Melbourne Institute, Monthly
bulletin of economic trends
Monthly statistical bulletin
13
2.5 Implicit price deflator for non-farm GDP
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Index (a) (b)
September 93.8 91.8 98.7 102.3 100.7
December 95.0 93.2 99.1 101.9 100.6
March 93.9 94.9 100.5 101.0
June 91.7 97.7 101.6 101.5
Annual average 93.6 94.4 100.0 101.7
Quarterly change (b) - per cent
September 2.9 0.1 1.0 0.7 -0.8
December 1.3 1.5 0.4 -0.4 -0.1
March -1.2 1.8 1.4 -0.9
June -2.3 3.0 1.1 0.5
Annual change (b) - per cent
September 8.3 -2.1 7.5 3.6 -1.6
December 8.2 -1.9 6.3 2.8 -1.3
March 5.7 1.1 5.9 0.5
June 0.5 6.5 4.0 -0.1
Annual average 5.6 0.9 5.9 1.7
(a) Ratio of current price non-farm gross domestic product to chain volume non-farm gross domestic product. Base: 2010-11 = 100.0. (b) Quarterly figures are seasonally adjusted.
Source: ABS, Australian national accounts: National income, expenditure and product,
Cat. no. 5206.0
Update
5 June 2013
-4
-2
0
2
4
6
8
10
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun-13
Annual change - per cent
Key points The implicit price deflator for non-farm gross domestic product (GDP) fell by just 0.1 per cent in the December quarter 2012. On an annual basis, the implicit price deflator for non-farm GDP fell by 1.3 per cent in the 12 months to December 2012. Annual change was negative for the third consecutive quarter.
What is measured The implicit price deflator (IPD) for non-farm gross domestic product is used to measure price changes throughout the wider economy, much as the consumer price index measures price changes for consumer goods
and services in the capital cities. Ideally, the IDP for GDP would be used but the volatility in the farm sector—agriculture, forestry and fishing—often distorts the IPD. Therefore, even though the farm sector only accounts for around 3 per cent of GDP, it is excluded so a more stable measure of price change is achieved. The measure is called an implicit price deflator because it is calculated, or implied, from current price and chain volume measures series.
Related statistics in this bulletin ï§ 2.3 Wage price index ï§ 2.4 Consumer price index ï§ 3.1 Gross domestic product ï§ 3.2 Non-farm gross domestic
product
Related publications ï§ ABS, Labour price index, Cat. no. 6345.0 ï§ ABS, Consumer price index,
Cat. no. 6401.0
Monthly statistical bulletin
14
3.1 Gross domestic product
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Current prices (a) - $ million
September 315 486 311 493 343 732 365 876 372 468
December 316 384 318 589 348 412 367 106 374 403
March 315 580 326 064 351 681 368 566
June 308 899 337 759 359 917 372 875
Annual 1 254 293 1 292 315 1 403 889 1 474 685
Chain volume measures (a) (b) - $ million
September 335 842 339 022 348 423 358 553 369 802
December 333 442 341 794 351 339 360 659 372 005
March 336 606 343 656 349 768 365 053
June 336 624 346 067 354 358 367 414
Annual 1 342 514 1 370 539 1 403 889 1 451 679
Quarterly change (a) (c) - per cent
September 0.7 0.7 0.7 1.2 0.6
December -0.7 0.8 0.8 0.6 0.6
March 0.9 0.5 -0.4 1.2
June 0.0 0.7 1.3 0.6
Annual change (a) (c) - per cent
September 2.9 0.9 2.8 2.9 3.1
December 1.5 2.5 2.8 2.7 3.1
March 1.3 2.1 1.8 4.4
June 1.0 2.8 2.4 3.7
Annual 1.6 2.1 2.4 3.4
(a) Quarterly figures are seasonally adjusted. (b) Reference year for chain volume measures is 2009-10. (c) Chain volume measures.
Source: ABS, Australian national accounts: national income, expenditure and product , Cat. no. 5206.0 Update
5 June 2013
0
1
2
3
4
5
6
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Annual change - per cent Key points
GDP rose 0.6 per cent in the December quarter 2012. Total public gross fixed capital formation (1.1 percentage points) and Net exports (0.6 percentage points) were the largest contributors to growth. Annual GDP growth was 3.1 per cent, the same as recorded for the previous quarter.
What is measured Gross domestic product (GDP) measures the total market value of goods and services produced in Australia within a given period after deducting the cost of goods and services used up in the process of production but before deducting allowances for the consumption of fixed capital. GDP is a measure of the size of the economy and is expressed in current prices or chain volume measures (where the effects of price change are removed and is often referred to as ‘real’). Three independent measures of GDP are produced each quarter. They are a production measure, an income measure and an expenditure measure. The GDP figures shown in this table are the average of the three measures.
Related statistics in this bulletin ï§ 3.2 Non-farm gross domestic product ï§ 3.3 Wages and profits share ï§ 3.4 Household debt and household
saving ratios ï§ 3.5 Labour productivity ï§ 8.1 Economic growth
Related publications ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ Treasury, Mid-year economic and
fiscal outlook ï§ OECD, Economic outlook ï§ NAB, Australian outlook and
research ï§ Access Economics, Business outlook ï§ Melbourne Institute, Monthly
bulletin of economic trends
Monthly statistical bulletin
15
3.2 Non-farm gross domestic product
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Current prices (a) - $ million
September 308 841 305 027 336 880 358 620 365 353
December 310 006 312 290 341 534 359 577 367 115
March 309 531 320 246 344 558 361 099
June 302 936 331 838 352 409 365 348
Annual 1 229 257 1 267 812 1 375 528 1 444 908
Chain volume measures (a) (b) - $ million
September 329 225 332 111 341 436 350 712 362 676
December 326 464 335 031 344 545 352 848 364 936
March 329 789 337 482 342 770 357 361
June 330 259 339 723 346 776 359 852
Annual 1 315 738 1 344 347 1 375 528 1 420 773
Quarterly change (a) (c) - per cent
September 0.6 0.6 0.5 1.1 0.8
December -0.8 0.9 0.9 0.6 0.6
March 1.0 0.7 -0.5 1.3
June 0.1 0.7 1.2 0.7
Annual change (a) (c) - per cent
September 2.3 0.9 2.8 2.7 3.4
December 0.9 2.6 2.8 2.4 3.4
March 1.0 2.3 1.6 4.3
June 0.9 2.9 2.1 3.8
Annual 1.3 2.2 2.3 3.3
(a) Quarterly figures are seasonally adjusted. (b) Reference year for chain volume measures is 2009-10. (c) In chain volume measures.
Source: ABS, Australian national accounts: national income, expenditure and product , Cat. no. 5206.0 Update
5 June 2013
0
1
2
3
4
5
6
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Annual change - per cent
Key points Non-farm gross domestic product (GDP) rose by 0.6 per cent in the December quarter 2012, while farm GDP fell by 0.8 per cent. Annually, non-farm GDP grew by 3.4 per cent whilst farm GDP fell by 9.5 per cent, giving an overall GDP growth of 3.1 per cent.
What is measured GDP measures the total market value of goods and services produced in Australia within a given period after deducting the cost of goods and services used up in the process of production but before deducting allowances for the consumption of fixed capital. GDP is a measure of the size of the economy and is expressed in current prices or chain volume measures (where the effects of price change are removed and is often referred to as ‘real’). GDP can be split into farm GDP and non-farm GDP for analysis purposes. Farm GDP comprises about 3 per cent of the economy and can be very volatile due to the effects of weather etc., whereas non-farm GDP is often used because it is a more stable indicator.
Related statistics in this bulletin ï§ 2.5 Implicit price deflator for non-farm GDP ï§ 3.1 Gross domestic product ï§ 3.3 Wages and profits share ï§ 3.4 Household debt and household
saving ratios ï§ 3.5 Labour productivity ï§ 8.1 Economic growth
Related publications ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ Treasury, Mid-year economic and
fiscal outlook ï§ OECD, Economic outlook ï§ NAB, Australian outlook and
research
Monthly statistical bulletin
16
3.3 Wages and profits share
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Wages share (a) (b) - per cent
September 52.2 53.6 52.0 51.9 54.2
December 52.4 53.0 51.8 52.6 54.8
March 52.1 53.0 52.5 53.8
June 53.0 52.1 52.1 54.1
Annual average 52.4 52.9 52.1 53.1
Profits share (a) (c) - per cent
September 30.4 27.8 28.8 29.2 27.1
December 29.9 28.3 28.8 28.6 26.3
March 30.5 28.0 27.8 27.7
June 28.9 29.3 28.4 27.2
Annual average 29.9 28.4 28.5 28.2
(a) Quarterly figures are seasonally adjusted. (b) Compensation of employees as a proportion of total factor income.
Source: ABS, Australian national accounts: national income, expenditure and product , Cat. no. 5206.0
Update
(c) Gross operating surplus of financial and non-financial corporations as a proportion of total factor income.
5 June 2013
51
52
53
54
55
26
27
28
29
30
31
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Per cent Per cent
Profit share (left axis)
Wages share (right axis)
Key points The profits share decreased by 0.8 percentage points in the December quarter 2012 while the wages share increased by 0.6 percentage points over the quarter. The wages share peaked at around 61.9 per cent in 1974-75 while the profit share bottomed at around 17.3 per cent at the same time. The wages share and the profits share of total factor income usually exhibit inverse movements and can be subject to large quarterly fluctuations.
What is measured The income measure of gross domestic product (GDP) can be broken down into total factor income plus taxes less subsidies. Total factor income is that part of the cost of producing GDP which consists of gross payments to factors of production (labour and capital). The wage share is the total value of income from labour as a percentage of total factor income. The profit share is the gross operating surplus (GOS) of corporations as a percentage of total factor income. GOS is a measure of the surplus accruing to owners of capital from processes of production.
Related statistics in this bulletin ï§ 3.1 Gross domestic product ï§ 3.2 Non-farm gross domestic product
ï§ 3.4 Household debt and household saving ratios ï§ 3.5 Labour productivity
Related publications ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ OECD, Economic outlook ï§ NAB, Australian outlook and
research ï§ Access Economics, Business outlook
Monthly statistical bulletin
17
3.4 Household debt and household saving ratios
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Household debt ratio (a) (b) - per cent
September 149.9 147.4 151.9 149.1 147.8
December 147.3 150.0 151.6 148.7
March 146.7 151.1 150.9 148.8
June 146.1 152.2 150.1 148.0
Household debt servicing ratio (a) - per cent September 13.2 9.4 11.2 11.3 10.1
December 11.0 10.0 11.5 11.1
March 9.7 10.4 11.5 10.8
June 9.0 11.1 11.5 10.4
Household saving ratio (a) - per cent
September 4.3 9.4 9.8 11.1 10.3
December 11.4 8.8 10.7 10.8 10.1
March 10.1 9.9 11.5 9.9
June 12.1 8.8 10.7 10.7
Annual average 9.6 9.2 10.7 10.6
(a) Quarterly figures are seasonally adjusted. (b) At the end of the quarter.
Sources: ABS, Australian national accounts: national income, expenditure and product , Cat. no. 5206.0 for the household saving ratio; RBA for the household debt and debt servicing ratios.
Update
5 June 2013 for saving ratio
Late June 2013 for debt ratios
144
146
148
150
152
154
156
158
160
-2
0
2
4
6
8
10
12
14
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Per cent Per cent
Household saving ratio (left axis)
Household debt servicing ratio (left axis)
Household debt ratio (right axis)
Key points The household saving ratio was fairly steady at 10.1 per cent in the December quarter 2012 (following revisions to previous quarters) and remains below the peak levels of 2008-09. The household saving ratio was often negative from 2002 to 2005, a period of dissaving by the household sector. From 2006 the ratio turned positive indicating that conditions were conducive for households to save. In the September quarter 2012 the household debt servicing ratio fell to 10.1 per cent, the lowest level for since December 2009.
What is measured The household debt ratio measures household liabilities, i.e. housing and other personal debt, as a proportion of annual household gross disposable income. The household debt servicing ratio measures interest payments on housing and other personal debt as a proportion of household gross disposable income. The household saving ratio measures household net saving as a proportion of household net disposable income. Household net disposable income is gross disposable income less consumption of fixed capital.
Related statistics in this bulletin ï§ 3.1 Gross domestic product ï§ 3.2 Non-farm gross domestic product
ï§ 3.3 Wages and profits share ï§ 5.4 Home loan affordability
Related publications ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ OECD, Economic outlook ï§ NAB, Australian outlook and
research ï§ Access Economics, Business outlook ï§ Investment and Financial Services
Association, Australia’s national savings revisited, August 2007
Monthly statistical bulletin
18
3.5 Labour productivity
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Labour productivity index (a) (b)
September 96.2 99.5 100.1 101.4 103.6
December 96.3 99.1 100.0 101.3 104.6
March 96.6 99.9 99.0 103.2
June 98.3 99.5 100.9 103.2
Annual 97.5 99.8 100.0 103.0
Quarterly change (a) - per cent
September 0.0 1.2 0.6 0.5 0.4
December 0.1 -0.4 -0.1 -0.1 1.0
March 0.3 0.8 -1.0 1.9
June 1.8 -0.4 1.9 0.0
Annual change (a) - per cent
September 0.1 3.4 0.6 1.3 2.2
December 0.8 2.9 0.9 1.3 3.3
March 0.8 3.4 -0.9 4.2
June 2.2 1.2 1.4 2.3
Annual 1.0 2.4 0.2 3.0
(a) Quarterly figures are seasonally adjusted. (b) Reference year for index is 2009-10 = 100.0.
Source: ABS, Australian national accounts: national income, expenditure and product ,
Cat. no. 5206.0
Update
5 June 2013
-2
-1
0
1
2
3
4
5
6
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Annual change - per cent
Key points Labour productivity grew by 1.0 per cent in the December quarter 2012. The annual change in labour productivity for the 12 months to December 2012 was 3.3 per cent. Over the last 20 (financial) years, labour productivity has grown at an annual average of 2.1 per cent.
What is measured Labour productivity is real output (gross domestic product chain volume measures) per hour worked in the market sector. The market sector is all industries excluding those whose outputs are not marketed. The excluded industries are property and business services; government administration and defence; education; health and community services; and personal and other services. It should be noted that the labour productivity measure reflects not only the contribution of labour to changes in production per hour worked, but also the contribution of capital and other factors (such as managerial efficiency, economies of scale, etc). National Accounts labour productivity data are available from the September quarter 1978.
Related statistics in this bulletin ï§ 3.1 Gross domestic product ï§ 3.2 Non-farm gross domestic product ï§ 3.3 Wages and profits share ï§ 3.4 Household debt and household
saving ratios
Related publications ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ Treasury, Mid-year economic and
fiscal outlook ï§ OECD, Economic outlook ï§ NAB, Australian outlook and
research
Monthly statistical bulletin
19
4.1 Turnover of retail establishments
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Value (a)(b) - $ million
July 18 676 19 593 20 333 20 667 21 410
August 18 600 19 633 20 386 20 779 21 462
September 18 517 19 645 20 391 20 846 21 553
October 18 713 19 768 20 221 20 890 21 536
November 18 760 20 126 20 333 20 941 21 510
December 19 530 19 986 20 415 20 927 21 412
January 19 487 20 080 20 425 20 999 21 666
February 19 210 19 887 20 614 20 988 21 950
March 19 701 19 978 20 477 21 184
April 19 765 20 109 20 680 21 204
May 19 941 20 151 20 583 21 317
June 19 814 20 225 20 493 21 543
Annual 230 598 239 134 245 347 253 021
Annual change (a) - per cent
July 4.0 4.9 3.8 1.6 3.6
August 2.9 5.6 3.8 1.9 3.3
September 1.5 6.1 3.8 2.2 3.4
October 2.3 5.6 2.3 3.3 3.1
November 1.9 7.3 1.0 3.0 2.7
December 5.7 2.3 2.2 2.5 2.3
January 5.7 3.0 1.7 2.8 3.2
February 4.3 3.5 3.7 1.8 4.6
March 6.6 1.4 2.5 3.5
April 6.9 1.7 2.8 2.5
May 7.6 1.1 2.1 3.6
June 7.8 2.1 1.3 5.1
Annual 4.6 3.7 2.6 3.1
(a) Monthly figures are seasonally adjusted. (b) Excludes hotels, licensed clubs, video hire outlets, hairdressing and beauty salons, motor vehicle sales, motor vechile parts and tyre retailing, fuel retailing and marine equipment retailing. Update
Source: ABS, Retail trade Australia , Cat. no. 8501.0 6 May 2013
0
1
2
3
4
5
6
7
8
9
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Annual change - per cent
Key points Seasonally adjusted retail turnover in February 2013 increased by 1.3 per cent to $21.9 billion. Comparing February 2013 with February 2012, there was an annual growth in sales of 4.6 per cent. With annual inflation at 2.2 per cent (December quarter 2012) this represents an increase in real terms of 2.3 per cent.
What is measured The ABS retail trade publication provides estimates of the turnover of Australian retail businesses. Turnover includes wholesale and retail sales, takings from repairs, meals, hiring of goods, some commissions and net takings from gaming machines. Since July 2000, turnover includes the GST. Data are derived from the Retail Business Survey (RBS), which covers around 3200 businesses per month. This includes 500 large businesses and a sample of 2700 smaller businesses. During 2008 and 2009 changes to the survey occurred, which were discussed in two MSB feature articles (October 2008 and March 2009 editions). Another revision was implemented in July 2009 which changed the Standard Industry Classifications used in the RBS, and the change is discussed in a feature article of the October 2009 edition of this bulletin. This bulletin reports the seasonally adjusted monthly results at the Australian aggregate level.
Related statistics in this bulletin ï§ 2.1 Average weekly earnings ï§ 2.4 Consumer price index ï§ 4.2 Motor vehicle sales ï§ 4.4 Business investment
Related publications ï§ Westpac - Melbourne Institute, Survey of consumer sentiment ï§ NAB, Monthly survey of business
confidence
Monthly statistical bulletin
20
4.2 Motor vehicle sales
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Number (a) (b)
July 50 603 45 801 47 630 47 350 44 481
August 47 649 45 825 47 289 47 964 47 068
September 47 235 46 712 48 107 46 623 49 865
October 46 212 47 125 47 224 48 613 48 935
November 44 465 47 218 47 605 46 048 50 219
December 45 284 46 818 50 894 45 472 50 629
January 45 020 49 033 48 095 47 339 46 798
February 43 902 49 821 47 696 47 057 46 189
March 41 412 49 474 47 537 47 823 47 698
April 42 107 54 034 47 377 46 748
May 43 688 51 038 42 820 48 453
June 45 039 50 393 45 062 47 195
Annual 542 775 582 079 566 256 567 954
Annual change (b) - per cent
July -5.8 -9.5 4.0 -0.6 -6.1
August -8.7 -3.8 3.2 1.4 -1.9
September -8.9 -1.1 3.0 -3.1 7.0
October -12.1 2.0 0.2 2.9 0.7
November -16.7 6.2 0.8 -3.3 9.1
December -16.2 3.4 8.7 -10.7 11.3
January -16.4 8.9 -1.9 -1.6 -1.1
February -16.0 13.5 -4.3 -1.3 -1.8
March -21.3 19.5 -3.9 0.6 -0.3
April -19.8 28.3 -12.3 -1.3
May -15.4 16.8 -16.1 13.2
June -12.7 11.9 -10.6 4.7
Annual -14.1 7.2 -2.7 0.3
(a) Sales of new motor cars, station wagons and people movers. (b) Monthly figures are seasonally adjusted.
Source: ABS, Sales of new motor vehicles , Cat. no. 9314.0 Update
15 May 2013
39 000
41 000
43 000
45 000
47 000
49 000
51 000
53 000
55 000
Jun 08 Jun 09 Jun 10 Jun-11 Jun-12 Jun-13
Number
Key points Passenger vehicle sales of 47 698 in March 2013 were up by 3.3 per cent over February 2013. Compared with March 2012, they were down by 0.3 per cent. Passenger vehicle sales were 50 per cent of total motor vehicle sales in the month. Sports utility vehicles were 29 per cent and other vehicles 21 per cent. In March 2013, total vehicle sales of 95 113 were down very slightly by 0.01 per cent from the previous month. Sports utility vehicles were up by 0.5 per cent and other vehicles were down by 9.1 per cent.
What is measured The ABS sales of new motor vehicles publication presents statistics for new motor vehicle sales in Australia. The data are drawn from Federal Chamber of Automotive Industries (FCAI) sales data, which are sourced through dealer network sales and direct sales by manufacturers. The data can be broken into ‘passenger’, ‘sports utility’ and ‘other’ vehicles. ‘Other’ includes commercial vehicles, trucks and buses. This bulletin report covers only the passenger vehicle sales component, in seasonally adjusted terms. Data at a state/territory level, by category, and in original, seasonally adjusted and trend terms are available from the ABS publication. This series is subject to large and irregular fluctuations and care should be taken when interpreting movements in the series.
Related statistics in this bulletin ï§ 4.1 Turnover of retail establishments
Related publications ï§ FCAI, Vehicle sales ï§ ABS, Motor vehicle census, Cat. no. 9309.0
ï§ ABS, Survey of vehicle use, Cat. no. 9208.0 ï§ Westpac - Melbourne Institute, Survey of consumer sentiment ï§ NAB, Monthly survey of business
confidence
Monthly statistical bulletin
21
4.3 Dwelling approvals
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Number (a)
July 12 962 13 029 15 156 13 083 11 135
August 12 403 12 823 14 907 14 520 12 620
September 11 559 13 893 13 488 12 096 13 772
October 11 390 13 522 15 260 11 188 12 978
November 10 428 14 917 14 209 11 956 13 454
December 10 287 15 441 15 419 11 807 13 222
January 9 743 15 590 13 821 11 785 12 963
February 10 760 15 438 12 919 11 849 13 371
March 10 756 16 884 14 164 11 890
April 11 963 16 186 13 988 10 740
May 10 854 14 782 12 613 13 943
June 11 868 14 411 12 419 14 357
Annual 135 557 176 712 168 172 149 600
Annual change (a) - per cent
July -2.0 0.5 16.3 -13.7 -14.9
August -5.0 3.4 16.3 -2.6 -13.1
September -17.0 20.2 -2.9 -10.3 13.9
October -17.5 18.7 12.9 -26.7 16.0
November -29.9 43.0 -4.7 -15.9 12.5
December -28.5 50.1 -0.1 -23.4 12.0
January -33.4 60.0 -11.3 -14.7 10.0
February -22.2 43.5 -16.3 -8.3 12.8
March -12.2 57.0 -16.1 -16.1
April -13.3 35.3 -13.6 -23.2
May -16.2 36.2 -14.7 10.5
June -11.4 21.4 -13.8 15.6
Annual -17.3 30.4 -4.8 -11.0
(a) Monthly figures are seasonally adjusted.
Source: ABS, Building approvals, Australia , Cat. no. 8731.0 Update
2 May 2013
9 000
10 000
11 000
12 000
13 000
14 000
15 000
16 000
17 000
Jun 08 Jun 09 Jun 10 Jun-11 Jun-12 Jun-13
Number
Key points Total dwelling approvals increased in the month of February 2013 by 3.1 per cent compared with January 2013. There were decreases in New South Wales and Tasmania, but increases in the other states. In annual terms, total approvals were up by 12.8 per cent on February 2012. There were decreases in Victoria, Queensland and Tasmania and increases in all other states and territories.
What is measured The ABS building approvals publication reports the number and value of dwelling units approved in Australia—where a dwelling unit is a self contained suite of rooms for residential use. The data are compiled from permits issued by various jurisdictions and show approvals for houses and other dwellings (units, flats and apartments), by sector of activity (public or private). This bulletin covers seasonally adjusted total dwelling approvals for Australia, but approvals are published to the state/territory level. This series is subject to large and irregular fluctuations and care should be taken when interpreting movements in the series.
Related statistics in this bulletin ï§ 5.2 Housing and cash interest rates ï§ 5.3 Lending for housing ï§ 5.4 Home loan affordability
Related publications ï§ ABS, Engineering construction activity, Cat. no. 8762.0 ï§ ABS, Construction work done,
Cat. no. 8755.0 ï§ ABS, Dwelling unit commencements, Cat. no. 8750.0 ï§ ABS, Building activity, Cat. no.
8752.0
The ABS has recently undertaken a major revision of Building Approvals data. All data for the period July 2001 to December 2012 has been revised.
Monthly statistical bulletin
22
4.4 Business investment
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Chain volume measures (a) (b) - $ million
September 50 798 46 289 48 464 60 574 68 074
December 50 197 48 657 50 497 59 510 64 362
March 49 226 46 606 52 892 63 822
June 48 673 47 614 53 664 66 851
Annual 198 894 189 166 205 517 250 764
Annual change (b) - per cent
September 8.4 -8.9 4.7 25.0 12.4
December 6.5 -3.1 3.8 17.8 8.2
March 0.5 -5.3 13.5 20.7
June -3.5 -2.2 12.7 24.6
Annual 2.8 -4.9 8.6 22.0
(a) Reference year for chain volume measures is 2010-11. (b) Quarterly figures are seasonally adjusted.
Source: ABS, Australian national accounts: national income, expenditure and product , Cat. no. 5206.0
Update 5 June 2013
40 000
43 000
46 000
49 000
52 000
55 000
58 000
61 000
64 000
67 000
70 000
Jun 08 Jun 09 Jun-10 Jun-11 Jun-12 Jun-13
$ million
Key points Real business investment decreased by 5.5 per cent to $64.4 billion (2010-11 dollars) in the December quarter 2012, and was 8.2 per cent above December 2011. This is the first quarterly decrease in business investment since the December quarter 2011. Overall, business investment has increased since March 2010 at an average rate of 3.0 per cent per quarter, and is now 26.7 per cent greater than the peak experienced in September 2008 — before the start of the global financial crisis. The quarterly decrease in business investment in December 2012 partly reflects a fall in ‘total non-dwelling construction’ which fell 8.9 per cent, due to the sale of a second hand asset to the public sector. This sale is reflected in the rise in Total Public gross fixed capital formation (up 24.6 per cent).
What is measured Business investment is a component of the wider ABS System of National Accounts statistics. The business investment component measures private gross fixed capital formation in non-dwelling construction, machinery and equipment, livestock and intangible fixed assets by private businesses. This bulletin report covers seasonally adjusted, chain volume measures, private business new capital formation. The ABS also publishes original and trend data for this series.
Related statistics in this bulletin ï§ 1.1 Employment ï§ 3.1 Gross domestic product ï§ 3.3 Wages and profits share ï§ 5.1 Business interest rates ï§ 5.5 Stock exchange indexes
Related publications ï§ NAB, Monthly survey of business confidence ï§ Melbourne Institute, Monthly
bulletin of economic trends
Monthly statistical bulletin
23
4.5 Bankruptcies
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Personal bankrupts - Number (a)
September 5 669 6 326 4 941 4 503 4 281
December 5 728 5 637 4 515 4 496 4 097
March 6 309 5 475 4 380 4 366 3 884
June 6 003 5 664 4 499 4 205
Annual 23 709 23 102 18 335 17 570
Business bankrupts - Number (a)
September 1 088 1 111 1 501 1 400 1 683
December 981 1 273 1 508 1 291 1 383
March 935 1 263 1 231 1 414 1 086
June 1 124 1 354 1 345 1 379
Annual 4 128 5 001 5 585 5 484
Total bankrupts (a)
September 6 757 7 437 6 442 5 903 5 964
December 6 709 6 910 6 023 5 787 5 480
March 7 244 6 738 5 611 5 780 4 970
June 7 127 7 018 5 844 5 584
Annual 27 837 28 103 23 920 23 054
Annual change in total bankrupts - per cent
September 5.8 10.1 -13.4 -8.4 1.0
December 6.2 3.0 -12.8 -3.9 -5.3
March 14.4 -7.0 -16.7 3.0 -14.0
June 0.4 -1.5 -16.7 -4.4
Annual 6.5 1.0 -14.9 -3.6
(a) The quarterly figures are preliminary only and may not sum to the annual totals. When an annual total is verified any subsequent revisions are not made to the quarterly figures. Update Source: Insolvency and Trustee Service Australia 9 July 2013
4 500
5 000
5 500
6 000
6 500
7 000
7 500
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Number of total bankrupts Key points
In the March quarter 2013, there were 4 970 bankrupts which was a 9.3 per cent decrease compared with the December 2012 quarter, and a 14.0 per cent decrease on the March quarter 2012.
All states and territories recorded an annual decrease in the number of quarterly bankrupts, except for the Australian Capital Territory which recorded a small increase.
Total bankrupts in the quarter comprised 3 884 personal bankrupts (78.1 per cent), and 1 086 business-related bankrupts (21.9 per cent).
In addition to bankruptcy applications, 2 376 people entered into debt agreements and 72 people entered into a personal insolvency agreement. This gave a total insolvency activity of 7 418 for the quarter, down 11.2 per cent on the March quarter 2012.
What is measured Insolvency and Trustee Services Australia (ITSA) is the Australian Government agency responsible for the insolvency system. Every quarter ITSA publishes results of their activities under the Bankruptcy Act 1966. ITSA publish preliminary figures in their reports and verified annual figures in their annual report. The data are categorised into state and territory results for bankruptcies (Part IV and XI of The Act), debt agreements (Part IX of The Act) and personal insolvency agreements (Part X of The Act). This bulletin report covers the data for personal, business—where bankruptcy is directly related to a business interest, and total bankrupts.
From January 2013, the ITSA commenced reporting the number of individual debtors (bankrupts) as opposed to the number of
administrations (bankruptcies), with data backdated to 2003.
Related statistics in this bulletin ï§ 3.4 Household debt and household saving ratios ï§ 5.2 Housing and cash interest rates ï§ 5.4 Home loan affordability
Related publications ï§ Alan Payne, ‘State economic and social indicators’, Research paper, Parliamentary Library
Monthly statistical bulletin
24
5.1 Business interest rates
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Large business interest rate (a) (b) - per cent
September 8.10 5.45 6.40 6.45 5.65
December 6.30 6.00 6.65 6.25 5.25
March 5.35 6.20 6.60 6.20
June 5.35 6.40 6.55 5.70
Annual average 6.28 6.01 6.55 6.15
Small business interest rate (a) (c) - per cent
September 10.10 7.10 8.25 8.50 7.70
December 8.40 7.70 8.60 8.15 7.20
March 7.20 8.05 8.55 8.20
June 7.15 8.25 8.55 7.75
Annual average 8.21 7.78 8.49 8.15
(a) The data are weighted average rates, which are calculated from outstanding credit facilities held by businesses at different interest rates with different maturities. (b) A large business loan is defined as being $2 million or more. (c) A small business loan is defined as being less than $2 million.
Source: RBA website statistical table F5
Update
2 May 2013
5.0
6.0
7.0
8.0
9.0
10.0
11.0
Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun 12
Per cent
Small business rate
Large business rate
Key points The average interest rate on outstanding debts of large businesses dropped to 5.25 per cent in the December quarter 2012. This rate was 1.00 of a percentage point lower than the same period last year. The small business average interest rate dropped to 7.20 per cent in the December quarter 2012. This rate was 0.95 of a percentage point lower than a year ago. The 1.95 percentage point difference between the average large and small business interest rates is 0.39 of a percentage point higher than the long-term (since 1993) average difference between these rates.
What is measured The Reserve Bank of Australia publishes a range of interest rates in its monthly Bulletin. The rates are indicative of the rates paid in different sectors of the economy. The large business interest rate is the weighted average rate of interest being paid on business loans of $2 million or more. The small business interest rate is the weighted average rate of interest being paid on business loans less than $2 million. The weighted average process generates interest rates that are not reflective of new lending interest rates because the calculation includes all previous loans issued that are still outstanding. The measure is a more accurate reflection of the debt servicing costs experienced, on average, by businesses.
Related statistics in this bulletin ï§ 2.4 Consumer price index ï§ 3.1 Gross domestic product ï§ 3.3 Wages and profits share ï§ 4.4 Business investment
Related publications ï§ RBA, Bulletin ï§ RBA, ‘Domestic financial markets and conditions’, Statement on
monetary policy ï§ Melbourne Institute, Monthly bulletin of economic trends
Monthly statistical bulletin
25
5.2 Housing and cash interest rates
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Banks' housing interest rate - per cent
July 9.60 5.80 7.40 7.80 6.85
August 9.60 5.80 7.40 7.80 6.85
September 9.35 5.80 7.40 7.80 6.85
October 8.35 6.05 7.40 7.80 6.65
November 7.75 6.30 7.80 7.55 6.65
December 6.85 6.65 7.80 7.30 6.45
January 6.85 6.65 7.80 7.30 6.45
February 5.85 6.65 7.80 7.40 6.45
March 5.85 6.90 7.80 7.40 6.45
April 5.75 7.15 7.80 7.40
May 5.75 7.40 7.80 7.05
June 5.80 7.40 7.80 6.85
Cash market interest rate - per cent
July 7.25 3.00 4.50 4.75 3.50
August 7.25 3.00 4.50 4.75 3.50
September 7.02 3.00 4.50 4.75 3.50
October 6.18 3.21 4.50 4.75 3.27
November 5.33 3.48 4.73 4.51 3.25
December 4.35 3.74 4.75 4.30 3.03
January 4.25 3.75 4.75 4.25 3.00
February 3.35 3.75 4.75 4.25 3.00
March 3.25 3.98 4.75 4.25 3.00
April 3.06 4.22 4.75 4.25
May 3.00 4.48 4.75 3.77
June 3.00 4.50 4.75 3.54
Source: RBA website, statistical tables F1 and F5
Update
2 May 2013 for housing rate
1 May 2013 for cash rate
2
3
4
5
6
7
8
9
10
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Per cent
Banks' housing rate Cash market rate
Key points
The average home loan standard variable interest rate remained at 6.45 per cent in March 2013, the lowest rate since November 2009. In March 2013 the average margin between the cash and home loan rates was 3.45 percentage points, the same as for February 2013. On 2nd April 2013, the RBA announced it would leave the target cash rate at 3.0 per cent.
What is measured The Reserve Bank of Australia (RBA) publishes a range of interest rate statistics in its monthly Bulletin publication. The publication includes interest rates for personal lending and business lending rates for certain styles of loan products. This bulletin report includes the RBA measure for the banks’ standard variable home loan mortgage rate, which represents the average rate from large lenders on new loans. The cash rate published by the RBA is determined by the target set by the Reserve Bank Board at its monthly meeting. The cash rate is the rate paid by banks on overnight loans. These figures are an average for the month.
Related statistics in this bulletin ï§ 2.4 Consumer price index ï§ 3.4 Household debt and household saving ratios
ï§ 5.1 Business interest rates ï§ 5.4 Home loan affordability ï§ 8.4 Short-term interest rates
Related publications ï§ RBA, Bulletin ï§ RBA, Financial stability review ï§ RBA, Statement on monetary
policy ï§ Melbourne Institute, Monthly bulletin of economic trends
Monthly statistical bulletin
26
5.3 Lending for housing
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Value (a) - $ million
July 18 840 22 731 19 876 20 041 20 175
August 18 018 22 621 19 586 20 242 20 399
September 17 995 23 231 19 625 19 960 21 256
October 18 728 22 813 20 003 19 719 21 579
November 18 767 22 080 19 875 19 985 21 467
December 19 639 21 217 20 430 21 053 21 035
January 20 631 20 624 19 388 20 365 21 525
February 20 879 20 252 19 057 20 075 21 826
March 22 535 20 102 18 954 20 050
April 23 279 19 950 19 419 20 264
May 22 907 20 281 19 843 20 153
June 23 291 19 869 19 790 20 519
Annual 245 581 256 109 236 307 242 668
Annual change (a) - per cent
July -18.1 20.7 -12.6 0.8 0.7
August -22.2 25.5 -13.4 3.4 0.8
September -21.0 29.1 -15.5 1.7 6.5
October -17.7 21.8 -12.3 -1.4 9.4
November -18.1 17.7 -10.0 0.6 7.4
December -13.3 8.0 -3.7 3.0 -0.1
January -12.2 0.0 -6.0 5.0 5.7
February -6.2 -3.0 -5.9 5.3 8.7
March 8.6 -10.8 -5.7 5.8
April 18.2 -14.3 -2.7 4.4
May 23.3 -11.5 -2.2 1.6
June 26.4 -14.7 -0.4 3.7
Annual -5.4 4.3 -7.7 2.7
(a) Monthly figures are seasonally adjusted.
Source: ABS, Housing finance , Cat. no. 5609.0
Update 13 May 2013
17 000
19 000
21 000
23 000
25 000
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
$ million
Key points In February 2013, total lending for housing increased by 1.4 per cent when compared with the previous month, and was up 8.7 per cent over the year. Owner occupied finance, in monthly terms, increased 1.2 per cent in February 2013, while investment lending increased 1.8 per cent. Owner occupied finance in January 2013 was 63.9 per cent of total lending and continued to be below the long-run average of 72.4 per cent.
What is measured The ABS housing finance publication measures the number and value of finance commitments made by Australian lenders for housing purposes. The lending figures relate to persons looking to buy or build homes to live in (owner occupiers), as well as those seeking to buy or build homes for investment purposes. The data include finance preapprovals—where an application is made but a property may not have been identified for purchase—which are often a leading indicator of housing activity. This bulletin report covers seasonally adjusted total dwelling finance commitments, which includes new and established dwellings for owner occupation and investment purposes.
Related statistics in this bulletin ï§ 3.4 Household debt and household saving ratios ï§ 4.3 Dwelling approvals ï§ 5.2 Housing and cash interest rates ï§ 5.4 Home loan affordability
Related publications ï§ ABS, Lending finance, Cat. no. 5671.0 ï§ RBA, Bulletin ï§ RBA, ‘Loan approvals,
repayments and housing credit growth’, Bulletin, July 2007.
Monthly statistical bulletin
27
5.4 Home loan affordability
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Average size of new home loan (a) - $
September 276 516 292 795 326 733 323 572 320 501
December 284 007 308 764 329 159 317 048 325 954
March 282 341 316 134 323 183 311 415
June 289 340 325 553 328 979 321 133
Annual average 283 583 309 111 327 143 318 376
Average monthly repayment on new home loans - $
September 2 226 1 747 2 205 2 258 2 176
December 1 854 1 961 2 272 2 227 2 131
March 1 678 2 020 2 240 2 196
June 1 715 2 175 2 290 2 155
Annual average 1 868 1 975 2 252 2 209
Loan repayments as a proportion of family income - per cent
September 40.7 29.5 35.5 34.4 31.8
December 32.5 32.4 36.0 33.5 30.4
March 29.1 33.0 35.0 32.7
June 29.4 35.2 35.4 31.9
Annual average 32.8 32.6 35.5 33.1
(a) Excludes alterations and additions and refinancing.
Sources: Real Estate Institute of Australia and Adelaide Bank ABS, Housing Finance , Cat. no. 5609.0
Update 13 May 2013 for lending 5 June 2013 for affordability
28
30
32
34
36
38
40
42
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun-13
Loan repayments as a percentage of family income
Key points In the December quarter 2012, median family incomes rose by 2.2 per cent and average loan repayments fell by 2.1 per cent. Combined, these movements reduced the proportion of family income dedicated to servicing an average mortgage to 30.4 per cent—this is 3.0 percentage points higher than the long-term average of 27.4 per cent. The size of an average home loan in the month of January 2013 was $330 077, a decrease of 0.7 per cent compared with the month of December 2012. The monthly average home loan size increased in annual terms by 4.3 per cent, meaning an average borrower was servicing $13 638 more in borrowings than a year ago.
What is measured The ABS housing finance publication measures the number and value of finance commitments made by Australian lenders for housing. The lending figures are for people buying or building homes to live in (owner occupiers), as well as those seeking to buy or build homes for investment purposes. The average mortgage in this bulletin is calculated by dividing the value of loans issued, by the number of loans issued, as reported by the ABS. The REIA/Adelaide Bank housing affordability report provides data on home loan repayments compared to incomes. The report covers average loan sizes, repayments, interest rates and affordability ratios. This bulletin shows the monthly repayment and proportions data from that report.
Related statistics in this bulletin ï§ 2.1 Average weekly earnings ï§ 3.4 Household debt and household saving ratios
ï§ 5.2 Housing and cash interest rates ï§ 5.3 Lending for housing
Related publications ï§ ABS, Lending finance, Cat. no. 5671.0 ï§ REIA and Adelaide Bank, Housing
affordability report ï§ Housing Industry Association- Commonwealth Bank, Housing
affordability index report
Monthly statistical bulletin
28
5.5 Stock exchange indexes
Month 2008-09 2009-10 2010-11 2011-12 2012-13
All ordinaries index (a)
July 5 052.6 4 249.5 4 507.4 4 500.5 4 289.4
August 5 215.5 4 484.1 4 438.8 4 369.9 4 339.0
September 4 631.3 4 739.3 4 636.9 4 070.7 4 406.3
October 3 982.7 4 646.9 4 733.4 4 360.5 4 535.4
November 3 672.7 4 715.5 4 676.4 4 184.7 4 518.0
December 3 659.3 4 882.7 4 846.9 4 111.0 4 664.6
January 3 478.1 4 596.9 4 850.0 4 325.7 4 901.0
February 3 296.9 4 651.1 4 923.6 4 388.1 5 120.4
March 3 532.3 4 893.1 4 928.6 4 420.0 4 979.9
April 3 744.7 4 833.9 4 899.0 4 467.2
May 3 813.3 4 453.6 4 788.9 4 133.7
June 3 947.8 4 324.8 4 659.8 4 135.5
S&P/ASX 200 index (b)
July 4 977.4 4 244.0 4 493.5 4 424.6 4 269.1
August 5 135.6 4 479.1 4 404.2 4 296.5 4 316.1
September 4 600.5 4 743.6 4 582.9 4 008.6 4 387.0
October 4 018.0 4 643.2 4 661.6 4 298.1 4 517.0
November 3 742.5 4 701.4 4 584.4 4 119.8 4 506.0
December 3 722.3 4 870.6 4 745.2 4 056.6 4 648.9
January 3 540.7 4 569.6 4 753.9 4 262.7 4 878.8
February 3 344.5 4 637.7 4 831.7 4 298.5 5 104.1
March 3 582.1 4 875.5 4 837.9 4 335.2 4 966.5
April 3 780.5 4 807.4 4 823.2 4 396.6
May 3 818.1 4 429.7 4 708.3 4 076.3
June 3 954.9 4 301.5 4 608.0 4 094.6
(a) Index at the end of the month. Base: December 1979 = 500.0. (In March 2000 the all ordinaries index was at 3 133.3, and this was the base used for the S&P/ASX200 index.) (b) Index at the end of the month. Base: March 2000 = 3 133.3.
Source: Australian Financial Review
Update
1 May 2013
3 000
3 500
4 000
4 500
5 000
5 500
6 000
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
All ordinaries index
Key points At the end of March 2013, the All Ordinaries index was down by 2.7 per cent compared with the end of the previous month, and up 12.7 per cent on the same time the year before. The S&P/ASX200 was also down by 2.7 per on the previous month, but up 14.6 per cent on the same time the year before. Compared with the peak in October 2007, the All Ordinaries was still down 26.5 per cent, and the S&P/ ASX200 was down by 26.5 per cent in March 2013.
What is measured The purpose of these measures is to provide a broad picture of the performance of the Australian corporate sector. The corporate sector is characterised by larger business capable of listing on the Australian Stock Exchange (ASX). The All Ordinaries index is calculated from a weighted average of the largest 500 companies, by market valuation, listed on the ASX. The S&P/ASX 200 index is drawn from the same market as the All Ordinaries, but is a weighted average of the 100 most capitalised businesses, decided by the S&P Australian Index Committee, and the next 100 highest stocks by market capitalisation. This series is available from March 2000. The All Ordinaries is typically the benchmark for the performance of ‘the share market’, whereas the S&P/ASX 200 is indicative of the performance of investment grade, highly liquid, shares on the ASX.
Related statistics in this bulletin ï§ 3.1 Gross domestic product ï§ 3.4 Household debt and household saving ratios
ï§ 4.4 Business investment ï§ 5.1 Business interest rates
Related publications ï§ Australian Securities Exchange, S&P/ASX index overviews
Monthly statistical bulletin
29
6.1 International trade in goods and services
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Exports of goods and services (a) - $ million
July 22 862 19 310 24 997 26 093 25 128
August 24 184 18 931 24 294 28 002 24 162
September 25 302 19 989 24 042 27 278 23 741
October 27 530 19 496 24 397 26 979 24 213
November 26 518 19 205 24 390 27 090 24 623
December 24 298 19 937 24 408 27 140 25 092
January 23 660 20 748 23 772 25 028 24 831
February 24 909 20 829 23 428 24 707 25 642
March 24 426 21 105 25 698 25 172
April 21 003 23 299 25 451 25 751
May 19 616 24 585 26 355 26 273
June 19 527 25 918 25 676 25 925
Annual 283 898 253 136 297 322 316 004
Imports of goods and services (a) - $ million
July 23 929 20 522 23 235 24 949 26 685
August 23 958 20 129 22 555 25 385 26 161
September 25 255 21 436 22 315 25 372 25 846
October 24 988 21 078 21 978 25 853 26 170
November 25 629 20 748 22 456 26 021 26 957
December 24 678 21 483 22 655 25 933 25 735
January 22 927 21 373 22 561 26 776 26 046
February 22 337 21 710 23 462 25 074 25 820
March 22 215 22 277 23 439 26 221
April 21 056 22 046 23 578 26 486
May 20 188 23 093 24 019 27 044
June 20 320 23 239 23 875 26 793
Annual 277 758 258 898 276 014 312 182
(a) Balance of payments definition. Monthly figures are seasonally adjusted. Source: ABS, International trade in goods and services , Cat. no. 5368.0 Update 7 May 2013
16 000
18 000
20 000
22 000
24 000
26 000
28 000
30 000
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
$ million
Exports Imports
Key points In February 2013, seasonally adjusted exports increased 3.3 per cent while imports decreased 0.9 per cent when compared with the previous month. The balance on goods and services in February 2013 was a surplus of $1.0 billion. Compared with February 2012, seasonally adjusted exports and imports increased 3.8 per cent and 3.0 per cent respectively. The balance on goods and services over this time period was a deficit of $15.4 billion.
What is measured International merchandise trade statistics measure Australia’s exports and imports of goods and services on a recorded trade basis. Adjustments for coverage, timing and valuation are applied to recorded trade data to convert them to a balance of payments basis. These are the data reported in this bulletin. Goods include all movable goods (merchandise) which change ownership between Australian residents and non-residents whether or not they actually cross customs frontier. The services component covers services rendered by Australian residents to non-residents and by non-residents to residents (eg travel, transportation, insurance). The ABS publishes these statistics in original, seasonally adjusted and trend terms.
Related statistics in this bulletin ï§ 3.1 Gross domestic product ï§ 6.2 Balance on current account ï§ 6.3 Terms of trade ï§ 6.4 Exchange rates
Related publications ï§ ABS, Australian national accounts: national income, expenditure and product, Cat. no.
5206.0 ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ OECD, Economic outlook ï§ NAB, Australian outlook and
research ï§ Melbourne Institute, Monthly bulletin of economic trends
Monthly statistical bulletin
30
6.2 Balance on current account
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Value (a) - $ million
September -11 816 -15 344 -8 426 -6 599 -15 048
December -7 627 -19 036 -8 759 -9 082 -14 678
March -4 423 -16 500 -9 746 -13 485
June -14 303 -6 540 -7 355 -11 218
Proportion of gross domestic product (a) - per cent
September -3.7 -4.9 -2.5 -1.8 -4.0
December -2.4 -6.0 -2.5 -2.5 -3.9
March -1.4 -5.1 -2.8 -3.7
June -4.6 -1.9 -2.0 -3.0
Value - 12 months ending quarter shown - $ million
September -66 378 -42 822 -50 001 -32 810 -48 301
December -54 629 -54 181 -39 839 -32 409 -54 425
March -40 811 -65 665 -33 369 -36 688
June -38 678 -57 298 -33 820 -40 194
Proportion of gross domestic product - 12 months ending quarter shown - per cent
September -5.5 -3.4 -3.8 -2.3 -3.3
December -4.4 -4.3 -2.9 -2.2 -3.7
March -3.3 -5.2 -2.4 -2.5
June -3.1 -4.4 -2.4 -2.7
(a) Seasonally adjusted. Sources: ABS, Balance of payments and international investment position , Cat. no. 5302.0 ABS, Australian national accounts: national income, expenditure and product , Cat. no. 5206.0
Update
4 June 2013 Balance of Payments Balance o 5 June 2013 National Accounts National Acc
-22 000
-18 000
-14 000
-10 000
-6 000
-2 000
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Quarterly value - $ million
Key points The current account deficit decreased to $14.7 billion in the December quarter 2012—a decrease of $370 million over the quarter. The quarterly (since December 2011) current account deficit decreased to 3.9 per cent (down 0.1 percentage points) of gross domestic product (GDP) while the annual current account deficit increased to 3.7 per cent (up 0.4 percentage points) of GDP.
What is measured The Australian current account, part of the ABS balance of payments statistics, measures receipts and payments between Australia and the rest of the world as a result of transactions in goods, services, income and transfers. The goods and services components are exports and imports; the income is earnings from factors of production, i.e. compensation of employees and investment income; and transfers are where there is no resulting exchange, e.g. gifts, taxes and grants. The difference between the receipts and payments gives the current account balance. When receipts are less than payments—the usual Australian position—then there is a negative balance on current account or a deficit. A positive balance is a surplus.
Related statistics in this bulletin ï§ 6.1 International trade in goods and services ï§ 6.3 Terms of trade ï§ 6.4 Exchange rates ï§ 6.5 Foreign debt
Related publications ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ Treasury, Mid-year economic and
fiscal outlook ï§ OECD, Economic outlook
Monthly statistical bulletin
31
6.3 Terms of trade
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Implicit price deflator for exports of goods and services (a) (b) - index
September 102.4 80.8 97.5 106.0 91.6
December 112.9 80.2 95.8 103.8 89.5
March 102.6 83.7 101.3 97.2
June 85.3 96.4 105.1 98.7
Annual average 100.8 85.4 100.0 101.5
Implicit price deflator for imports of goods and services (a) (b) - index
September 110.8 106.5 102.7 99.5 100.4
December 124.4 101.5 98.7 101.9 100.9
March 121.3 101.4 99.5 100.2
June 110.0 102.7 99.4 102.4
Annual average 116.7 102.9 100.0 101.1
Terms of trade (a) (b) (c) - index
September 92.4 75.9 94.9 106.4 91.2
December 90.8 79.0 97.1 101.9 88.8
March 84.5 82.5 101.8 97.0
June 77.5 93.9 105.7 96.3
Annual average 86.4 83.0 100.0 100.4
(a) Quarterly figures are seasonally adjusted.
(c) Index of the ratio of the implicit price deflator for exports of goods and services to the implicit price deflator for imports of goods and services Source: ABS, Balance of payments and international investment position , Cat. no. 5302.0
Update
4 June 2013
(b) Base: 2010-11 = 100.0.
70
75
80
85
90
95
100
105
110
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Terms of trade - index
Key points The terms of trade fell 2.6 per cent in the December quarter 2012. The implicit price deflator (IPD) for exports fell 2.3 per cent while the implicit price deflator for imports increased 0.5 per cent in the December quarter 2012. The current quarter represents the fifth consecutive fall in the quarterly terms of trade, falling 16.5 per cent since September 2011. The terms of trade index can fluctuate widely over time with the component IPDs having different trends.
What is measured The terms of trade index is calculated by dividing the IPD for exports of goods and services by the IPD for imports of goods and services, with the result being multiplied by 100. An IPD is calculated by dividing a current price series by the corresponding chain volume measures series. A rise in the terms of trade index implies a country can purchase more imports from the same amount of exports.
Related statistics in this bulletin ï§ 6.1 International trade in goods and services ï§ 6.2 Balance on current account ï§ 6.4 Exchange rates ï§ 6.5 Foreign debt
Related publications ï§ ABS, Australian national accounts: national income, expenditure and product, Cat. no.
5206.0 ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ OECD, Economic outlook ï§ NAB, Australian outlook and
research ï§ Access Economics, Business outlook
Monthly statistical bulletin
32
6.4 Exchange rates
Month 2008-09 2009-10 2010-11 2011-12 2012-13
United States dollar (a) - cents
July 94.34 82.81 89.86 109.54 105.26
August 86.39 83.93 89.18 106.91 103.10
September 79.96 88.01 96.67 97.81 104.64
October 66.80 91.61 97.61 105.09 103.78
November 65.72 91.78 96.18 100.21 104.31
December 69.28 89.69 101.63 101.56 103.84
January 64.38 89.09 99.24 106.37 103.94
February 64.54 88.99 101.63 108.16 102.75
March 68.73 91.59 103.34 104.02 104.26
April 72.65 93.00 109.00 104.53 103.68
May 79.12 84.90 107.09 97.27
June 81.14 85.23 107.39 101.91
Trade weighted index (b) - index
July 72.2 65.7 69.4 78.4 78.9
August 67.7 66.3 69.0 76.5 77.0
September 63.4 68.2 72.9 72.4 76.9
October 54.7 70.7 72.7 76.9 76.5
November 54.6 69.9 73.0 74.6 77.2
December 55.6 69.7 75.8 75.8 77.1
January 53.2 69.2 74.0 77.9 77.7
February 54.8 69.5 75.5 79.2 77.4
March 57.4 71.7 76.3 76.9 79.1
April 59.7 72.5 78.9 77.0 78.4
May 63.3 67.5 77.8 73.6
June 64.7 67.3 77.8 76.5
(a) US cents per A$. Rate at end of month. (b) At end of month. Base: May 1970 = 100.0. Source: RBA, Daily statistical release
Update 3 June 2013
50 55
60 65
70 75
80 85
90 95
100 105
110
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
US cents/Index
US cents per $Aus
Trade weighted index
Key points At the close of April 2013 trading, the Australian dollar was trading 0.6 per cent lower against the US dollar compared to the close at the end of the previous month. The trade weighted index was down 0.9 per cent to 78.4. During the month of April, the Australian dollar stayed above parity with the US dollar, trading in a range between 102.36 and 105.53 US cents, based on the daily close exchange rates.
What is measured The exchange rate, also known as the foreign exchange rate, is the price of one currency expressed in terms of another currency. Any exchange rate can be quoted two ways, e.g. Australian dollars per one US dollar or US dollars per one Australian dollar. The convention for the Australian dollar is that it is quoted as the foreign currency price per Australian dollar. The trade weighted index (TWI) is the weighted average value of the Australian dollar in terms of the currencies of Australia’s 22 main trading partners. The base value was set at 100 in May 1970.
Related statistics in this bulletin ï§ 6.1 International trade in goods and services ï§ 6.2 Current account balance ï§ 6.3 Terms of trade ï§ 6.5 Foreign debt
Related publications ï§ ABS, Australian national accounts: national income, expenditure and product, Cat. no.
5206.0 ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ OECD, Economic outlook ï§ NAB, Australian outlook and
research ï§ Access Economics, Business outlook ï§ Melbourne Institute, Monthly
bulletin of economic trends
Monthly statistical bulletin
33
6.5 Foreign debt
Quarter (a) 2008-09 2009-10 2010-11 2011-12 2012-13
Gross foreign debt, public sector - $ million
September 112 137 141 088 206 301 267 722 306 859
December 152 167 153 009 211 912 286 510 303 560
March 128 762 170 906 226 255 296 706
June 118 674 196 648 233 006 306 457
Gross foreign debt, private sector - $ million
September 1 088 005 1 064 946 1 073 722 1 132 628 1 117 880
December 1 123 149 1 085 287 1 038 788 1 074 847 1 138 363
March 1 107 651 1 075 387 1 052 563 1 078 227
June 1 082 080 1 106 450 1 066 154 1 111 585
Gross foreign debt, total - $ million
September 1 200 142 1 206 034 1 280 023 1 400 350 1 424 739
December 1 275 317 1 238 296 1 250 700 1 361 357 1 441 923
March 1 236 413 1 246 293 1 278 817 1 374 933
June 1 200 755 1 303 098 1 299 160 1 418 042
Net foreign debt - $ million
September 648 639 618 761 668 427 731 303 747 470
December 687 159 652 317 640 550 722 987 759 825
March 659 311 662 213 670 283 730 725
June 619 672 678 130 677 871 751 021
Net foreign debt - percentage of gross domestic product (b)
September 53.7 49.5 50.4 51.3 50.5
December 55.7 52.1 47.2 50.0 51.1
March 52.8 52.4 48.5 50.0
June 49.4 52.5 48.3 50.9
(a) At end of period. (b) Net foreign debt at the end of the period as a proportion of gross domestic product for four quarters up to that period. Sources: ABS, Balance of payments and international investment position , Cat. no. 5302.0 Update ABS, Australian national accounts: national income, expenditure and product , 4 June 2013 Balance of Payments Balance of Pa Cat. no. 5206.0 5 June 2013 National Accounts National Accou
47
49
51
53
55
57
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Net foreign debt - percentage of GDP
Key points In the December quarter 2012 net foreign debt, inclusive of the public and private sectors, increased to $759.8 million or 51.1 per cent of gross domestic product (GDP). Since September 1988 net foreign debt has been as low as 30.0 per cent of GDP recorded in December 1988, and as high as 55.7 per cent of GDP in December 2008. Currently net foreign debt is 4.6 percentage points lower than the high in December 2008. Gross foreign debt is now $1.4 trillion (96.9 per cent of GDP), of which the private sector owes $1.1 trillion (79 per cent of the total gross debt). Commensurate with this, the public sector owes $0.3 trillion (21 per cent of the total gross debt).
What is measured Gross foreign debt measures all non-equity financial claims by non-residents on residents of Australia. The major component of gross foreign debt is the amount of borrowings from non-residents by residents of Australia. Net foreign debt is gross foreign debt less non-equity assets, such as foreign reserves held by the Reserve Bank, and lending by residents of Australia to non-residents. Net and gross foreign debt are measured at the end of each quarter.
Related statistics in this bulletin ï§ 6.1 International trade in goods and services ï§ 6.2 Balance on current account ï§ 6.3 Terms of trade ï§ 6.4 Exchange rates
Related publications ï§ RBA, Bulletin ï§ Treasury, Budget papers ï§ OECD, Economic outlook ï§ NAB, Australian outlook and
research ï§ Access Economics, Business outlook
Monthly statistical bulletin
34
7.1 Population
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Estimated resident population (a) - '000
September 21 617.6 22 051.0 22 128.6 22 403.0 22 785.5
December 21 730.6 22 131.2 22 182.8 22 485.3
March 21 859.3 22 234.0 22 265.2 22 596.5
June 21 951.7 22 065.3 22 323.9 22 683.6
Annual change - '000
September 447.8 433.3 265.4 274.4 382.5
December 467.3 400.6 254.1 302.6
March 462.0 374.6 250.6 331.2
June 453.2 286.5 258.6 359.6
Annual change - per cent
September 1.85 1.74 1.21 1.24 1.71
December 1.93 1.58 1.16 1.36
March 1.89 1.44 1.14 1.49
June 1.84 1.32 1.17 1.61
(a) At the end of the quarter.
Source: ABS, Australian demographic statistics , Cat. no. 3101.0
Update
20 June 2013
1.0 1.1
1.2 1.3
1.4 1.5
1.6 1.7
1.8 1.9
2.0 2.1
2.2 2.3
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12
Annual change - per cent Key points
The estimated resident population (ERP) of Australia at 30 September 2012 was 22 785 464 persons, an increase of 382 500 since September 2011. The annual population growth rate was 1.71 per cent, still under the 1.93 per cent as at December 2008. All states and territories experienced positive population growth over the 12 months ending 30 September 2012. Western Australia recorded the largest increase—3.4 per cent—and Tasmania the smallest—with 0.1 per cent.
What is measured? Known as the estimated resident population (ERP), the estimates include births, deaths and overseas and interstate migration for each of the states and territories plus external territories of Australia. When ERP data are first released they are preliminary estimates. As further data on overseas arrivals and departures become available the estimates are revised—this usually happens after a year. Revised population data become final only after each Census. The ABS also publishes data by age groups, major population regions and experimental estimates and projections of the Aboriginal and Torres Strait Islander population. Projection estimates are also available for resident populations, number of households and average household size.
Related statistics in this bulletin ï§ 7.2 Components of population change ï§ 7.3 Overseas arrivals—visitors and
settlers
Related publications ï§ ABS, Australian historical population statistics, Cat. no. 3105.0.65.001
ï§ ABS, Population projections, Cat. no. 3222.0 ï§ ABS, Population by age and sex, Regions of Australia, Cat. no.
3235.0
Monthly statistical bulletin
35
7.2 Components of population change
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
Births - '000
September 75.5 74.7 76.0 74.9 80.7
December 74.5 73.6 70.5 71.5
March 73.2 73.7 76.1 74.8
June 73.9 69.2 74.2 76.6
Annual 294.5 295.9 296.8 297.8
Deaths - '000
September 40.5 38.0 39.7 40.6 43.1
December 34.6 35.0 35.3 35.1
March 33.1 32.7 35.9 34.7
June 35.5 35.8 35.4 36.1
Annual 143.7 141.5 146.3 146.5
Natural increase - '000
September 35.0 36.7 36.4 34.4 37.5
December 39.9 38.6 35.2 36.4
March 40.1 41.0 40.2 40.1
June 38.4 33.5 38.8 40.4
Annual 153.4 149.8 150.6 151.3
Net overseas migration (a) - '000
September 84.1 62.5 42.5 44.7 64.3
December 73.0 41.7 34.5 46.0
March 88.7 59.9 57.8 71.0
June 54.0 32.0 35.5 46.7
Annual 299.8 196.1 170.3 208.4
(a) From September 2006 the ABS introduced an improved methodology for estimating net
overseas migration. These data are not comparable with earlier data.
Update
Source: ABS, Australian demographic statistics , Cat. no. 3101.0 20 June 2013
10
20
30
40
50
60
70
80
90
100
Jun 07 Jun 08 Jun 09 Jun-10 Jun-11 Jun-12
Persons '000
Number of births Natural increase Net overseas migration
Key points Births for the year ended 30 September 2012 (303 600) were 2.7 per cent (7900 births) higher than those for the year ending 30 September 2011. Australia's net overseas migration (NOM) for the year ending 30 September 2012 was 228 000. This was 32.2 per cent higher than the NOM estimate for the same period ending September 2011 (55 500). The contribution to population growth for the year ending 30 September 2012 was higher for net overseas migration (60 per cent) than for natural increase (40 per cent).
What is measured? The latest several quarters of data are preliminary and accumulations or lags in the reporting process mean they can be an underestimate or an overestimate of the true number. Natural increase is calculated by subtracting the estimated number of deaths from births. Net overseas migration is the difference between permanent and long-term arrivals, and permanent and long-term departures. The ABS has developed an improved methodology for calculating net overseas migration from September quarter 2006 onwards. The methodology better captures the change in the characteristics of international travellers (e.g. the increasing numbers of overseas students and temporary long-term business migrants) but makes the data inconsistent with earlier figures.
Related statistics in this bulletin ï§ 7.1 Population ï§ 7.3 Overseas arrivals—visitors and settlers
Related publications ï§ ABS, Migration, Cat. no. 3412.0 ï§ ABS, Births, Cat. no. 3301.0 ï§ ABS, Deaths, Cat. no. 3302.0 ï§ Department of Immigration and
Citizenship (DIAC), Population flows ï§ DIAC, Immigration update
Monthly statistical bulletin
36
7.3 Overseas arrivals—visitors and settlers
Month 2008-09 2009-10 2010-11 2011-12 2012-13
Visitors (a) (b) - '000
July 507.5 445.9 491.5 492.0 496.6
August 458.2 460.4 500.3 498.3 515.7
September 445.0 473.3 502.1 476.2 520.9
October 449.0 481.7 493.5 502.0 523.1
November 448.8 466.7 498.2 499.3 526.8
December 460.9 481.2 498.1 494.9 537.4
January 447.7 478.0 501.0 498.9 524.3
February 472.8 486.1 491.3 505.6 520.6
March 468.2 488.7 476.6 509.0
April 485.0 471.0 489.8 507.0
May 468.2 479.1 493.6 498.7
June 448.8 497.9 475.2 510.7
Annual 5 560.1 5 710.0 5 911.2 5 992.6 4 165.4
Settlers (c) - '000
July 11.5 11.2 9.7 11.5 11.7
August 15.5 13.3 11.6 12.9 13.2
September 13.9 12.6 10.8 12.7 12.5
October 13.7 11.6 9.4 12.4 11.9
November 14.0 11.6 9.4 12.9 11.6
December 13.2 11.9 10.0 13.9 12.9
January 14.2 11.5 10.5 14.2 12.4
February 14.0 12.3 10.5 14.4 12.7
March 13.7 12.9 11.6 14.7
April 12.1 10.8 11.2 13.3
May 11.4 10.5 11.0 12.7
June 11.0 10.5 11.7 13.5
Annual 158.0 158.9 158.9 158.9 158.9
(a) Monthly figures are seasonally adjusted. (b) Visitors are overseas visitors whose intended stay in Australia is less than 12 months.
Source: ABS, Overseas arrivals and departures , Cat. no. 3401.0 7 May 2013
(c) Settlers are travellers who hold migrant visas, New Zealand citizens who indicate an intention to settle, and those who are otherwise eligible to settle. Update
9
10
11
12
13
14
15
16
Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun 12
Settlers '000
Key points There were 520 000 short-term visitor movements to Australia in February 2013, an increase of 3.0 per cent compared with February 2012. In February 2013 there were 12 680 permanent (settler) arrivals to Australia, a decrease of 12.2 per cent compared with February 2012. People born in New Zealand accounted for the largest proportion of settlers in February 2013 (20.6 per cent), followed by people born in China (13.2 per cent), India (11.4 per cent) and the UK (5.9 per cent).
What is measured? The statistics in these tables, published by the Australian Bureau of Statistics (ABS), relate to the number of movements of visitors and settlers rather than the number of visitors and settlers (i.e. multiple movements of individual persons during a given period are each counted separately). Settlers’ data cover persons whose purpose on arriving in Australia is to permanently settle. Those people who apply for and are granted residency from within Australia (onshore grants) are not included. Complete immigration data can be sourced from the Department of Immigration and Citizenship (DIAC). Data on persons departing Australia as well as a range of other characteristics of travellers, such as age, sex and country of birth, are also available from the ABS, DIAC and Tourism Research Australia.
Related statistics in this bulletin ï§ 7.1 Population ï§ 7.2 Components of population change
Related publications ï§ ABS, Australian demographic statistics, Cat. no. 3101.0 ï§ ABS, Migration, Cat. no. 3412.0 ï§ Department of Immigration and
Citizenship (DIAC), Population flows ï§ DIAC, Immigration update ï§ Tourism Research Australia, International visitor survey
Monthly statistical bulletin
37
7.4 Health—bulk billing and private health insurance
Quarter 2008-09 2009-10 2010-11 2011-12 2012-13
General practice bulk billing rate - per cent (a)
September 79.4 79.5 80.5 81.4 82.0
December 79.8 81.0 80.5 81.7 82.3
March 80.6 80.9 81.2 81.5
June 80.9 81.5 82.0 82.3
Annual 79.2 79.6 80.2 81.7
Private health insurance hospital coverage rate - per cent
September 44.7 44.9 44.8 46.2 46.9
December 44.7 45.0 44.9 46.3 46.9
March 44.7 45.0 45.7 46.3
June 44.8 45.2 45.9 46.7
(a) Out of hospital services only
Sources: Department of Health and Ageing, Medicare statistics online
Private Health Insurance Administration Council, Membership statistics online
Update
Early June 2013 for bulk billing rates
Mid June 2013 for health insurance data
42
43
44
45
46
47
77
78
79
80
81
82
83
Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun 12
Per cent Per cent
GP bulk billing rate (left axis) PHI hospital coverage (right axis)
Key points In the December quarter 2012, 82.3 per cent of GP attendances were bulk billed, an increase from 81.7 per cent for the same period in 2011. The rate was also equal to the highest rate of bulk billing since its introduction in 1984. In the December quarter 2012, 46.9 per cent of Australians (10 710 319 persons) had hospital cover private health insurance. This is an increase of 0.4 percentage points when compared with the September quarter 2012, and a 2.9 per cent increase compared with the December quarter 2011 (an extra 306 639 insured people). The total number of people with hospital cover passed the 10 million mark in the September quarter 2010.
What is measured The general practice (GP) bulk billing rate is the percentage of all non-referred GP attendances (excluding practice nurse items) that are bulk billed. Bulk billing is a payment option under Medicare where the health service provider is paid 85 per cent of the scheduled fee directly by the government. The patient does not incur any out-of-pocket payment for a bulk billed service. A range of other Medicare data are available online from the Department of Health and Ageing, such as bulk billing rates for other medical services and the average patient contribution per service. The private health insurance hospital coverage rate is the proportion of the population who have hospital cover private health insurance. People with hospital cover are eligible for the Private Health Insurance Rebate (also known as the Federal Government 30 per cent Rebate) and do not have to pay the Medicare Levy Surcharge (payable by people earning above a certain income who do not have hospital cover). Other data available include the amount of benefits paid; state level data are also available.
Related publications ï§ Private Health Insurance Administration Council, Operations of the private health insurers:
annual report
Monthly statistical bulletin
38
8.1 Economic growth
S
Quarters (a) (b)
Annual average (c) (d) 2012
Country 2009 2010 2011 2012 Jun Sep Dec Mar
Australia 1.5 2.6 2.4 3.6 3.7 3.1 3.1
Canada -2.8 3.2 2.6 1.8 2.7 1.5 1.1
China 9.2 10.5 9.3 7.6 7.4 7.9 7.7
France -3.1 1.7 1.7 0.0 0.1 0.1 -0.3
Germany -5.1 4.2 3.0 0.7 1.0 0.9 0.4
Indonesia 4.6 6.3 6.5 6.2 6.4 6.2 6.1
Italy -5.5 1.7 0.4 -2.4 -2.6 -2.6 -2.8
Japan -5.5 4.7 -0.6 2.0 4.0 0.4 0.4
Korea (South) 0.3 6.3 3.7 2.0 2.3 1.5 1.4
Malaysia -1.5 7.2 5.1 5.6 5.6 5.3 6.4
New Zealand 0.3 0.9 1.3 3.0 2.9 2.4 3.3
Philippines 1.1 7.6 3.9 6.6 6.0 7.2 6.8
Singapore -1.0 14.8 4.9 2.2 0.1 1.5
Thailand -2.3 7.8 0.1 6.4 4.5 3.1 18.9
United Kingdom -4.0 1.8 1.0 0.3 0.0 0.4 0.2
United States -3.1 2.4 1.8 2.2 2.1 2.6 1.7
OECD average -3.6 3.0 1.9 1.4 1.6 1.2 0.8
G7 average -3.9 2.8 1.5 1.4 1.7 1.4 0.8
EU (15) average (e) -1.0 2.1 1.4 2.5 -0.8 -0.6 -0.7
(b) Seasonally adjusted, except for China.
(c) Percentage change in gross domestic product at constant prices over previous year.
(d) Years shown are calendar years.
Sources: Datastream
Update
Late May 2013
(e) Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and United Kingdom
(a) Percentage change in gross domestic product at constant prices over
corresponding quarter in previous year.
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Per cent
Australia
OECD
EU (15)
Key points The overall outlook for the world economy is not great. Through 2012 every economic region was either slowing down, or in recession. However, there are some marked differences between the major economic regions. The Euro-zone is in the worst shape. Weighed down by debt woes many Euro-zone countries are now in recession. In Britain the economy, although not in recession, has flat-lined for much of 2012. The US seems set for a modest, but febrile, recovery. Its own debt problems won’t go away, but it seems to be in a better position than Europe. The emerging Asian economies, such as China, are still growing, but at a much slower pace than in the past. At 3.1 per cent Australia is one of the fastest growing developed economies. However, slowing growth in China and a heightened sense of economic uncertainty is starting to have an impact on the local economy.
What is measured Economic growth is measured using estimates of the gross domestic product (GDP) of an economy. GDP is equal to an economy’s total output of goods and services less inputs, used in the production of those goods services, but before allowing for depreciation. GDP statistics are published in current prices and constant prices, i.e. adjusted for the effects of inflation. It is the GDP at constant prices data that are used to show economic growth. This is also known as real growth. The data shown here are from estimates of GDP compiled following international standards.
Monthly statistical bulletin
39
8.2 Consumer prices
Months (a)
Annual average (a) (b) 2013
Country 2009 2010 2011 2012 Dec Jan Feb Mar
Australia (c) 1.8 2.9 3.4 1.8 2.2 2.5
Canada 0.3 1.8 2.9 1.5 0.8 0.5 1.2 1.0
China -0.7 3.3 5.4 2.7 2.5 2.0 3.2 2.1
France 0.1 1.5 2.1 2.0 1.3 1.2 1.1 1.0
Germany 0.3 1.1 2.1 2.0 2.0 1.7 1.6 1.4
Indonesia 4.8 5.1 5.4 4.3 4.3 4.6 5.3 5.9
Italy 0.8 1.5 2.7 3.0 2.3 2.2 1.9 1.6
Japan -1.4 -0.7 -0.3 0.0 -0.1 -0.3 -0.6
Korea (South) 2.8 3.0 4.0 2.2 1.4 1.5 1.4 1.3
Malaysia 0.6 1.7 3.2 1.7 1.3 1.3 1.5
New Zealand (c) 2.1 2.3 4.4 0.7 0.9 0.9
Philippines 4.1 3.9 4.7 3.2 2.9 3.0 3.4 3.2
Singapore 0.6 2.8 5.3 4.5 4.4 3.6 5.0
Thailand -0.9 3.3 3.8 3.0 3.6 3.4 3.2 2.7
United Kingdom 2.2 3.3 4.5 2.8 2.7 2.7 2.8 2.8
United States -0.4 1.6 3.2 2.1 1.7 1.6 2.0 1.5
OECD average 0.5 1.8 2.9 2.2 1.9 1.7 1.8 1.6
G7 average -0.1 1.4 2.6 1.9 1.6 1.4 1.6 1.2
Euro-zone average 0.3 1.6 2.7 2.5 2.2 2.0 1.9 1.7
(a) Percentage change in consumer price indexes over previous year. (b) Years shown are calendar years. (c) Data only available quarterly.
Sources: Datastream ABS, Consumer price index , cat. no. 6401.0 Statistics New Zealand
Update
Late May 2013
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Per cent
Australia
O.E.C.D.
Euro-zone
Key points The global economic downturn in 2009 brought about a dramatic fall in consumer prices. Economic recovery in 2010 and 2011 then started to push prices up again. However, the economic recovery that began in 2010 has faltered in many countries, including China, leading to a fall in consumer prices. At 2.5 per cent Australia’s inflation rate is at the higher end of the scale when compared with other developed economies. This is probably a reflection of the stronger Australian economy.
What is measured A consumer price index (CPI) is used to measure price inflation for households. The goods and services purchased by households are combined into a basket that reflects their consumption patterns. From time to time the basket will be reviewed to take into account changes in consumption patterns. The data in this bulletin report show the changes in the overall prices of baskets of goods and services in the various countries. Most countries conduct surveys on a monthly basis, however, Australia and New Zealand conduct quarterly surveys.
Related statistics in this bulletin ï§ 2.4 Consumer price index ï§ 8.1 Economic growth ï§ 8.3 Unemployment rates ï§ 8.4 Short term interest rates
Related publications ï§ OECD, Economic outlook ï§ IMF, International financial statistics
Monthly statistical bulletin
40
8.3 Unemployment rates
Months (a)
Annual average (a) (b) 2013
Country 2009 2010 2011 2012 Dec Jan Feb Mar
Australia 5.6 5.2 5.1 5.2 5.4 5.4 5.4
Canada 8.3 8.0 7.5 7.2 7.1 7.0 7.0 7.2
France 9.5 9.7 9.6 10.6 10.7 10.8
Germany 7.8 7.1 6.0 5.5 5.4 5.4 5.4
Italy 7.8 8.4 8.4 10.7 11.2 11.7 11.6
Japan 5.1 5.1 4.6 4.4 4.3 4.2 4.3
New Zealand (c) 6.1 6.5 6.5 6.9 6.9
United Kingdom 7.6 7.8 8.0 7.9 7.7
United States 9.3 9.6 9.0 8.1 7.8 7.9 7.7 7.6
OECD average 8.1 8.3 8.0 8.0 8.0 8.1 8.0
G7 average 8.0 8.2 7.7 7.4 7.3 7.4 7.3
Euro-zone average 9.6 10.1 10.1 11.4 11.8 12.0 12.0
(a) Unemployment as a percentage of labour force. (b) Years shown are calendar years. (c) Data only available quarterly. (d) monthly data seasonally adjusted Note: Unemployment rates shown above have been adjusted as necessary by the OECD to conform to international definitions and to ensure consistency over time. Sources: Datastream
Update
Late May 2013
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Per cent
Australia
O.E.C.D.
Euro-zone
Key points In 2009 many countries in the developed world experienced a severe economic down-turn resulting in a dramatic increase in the unemployment rate. The Australian economy fared much better and as a result had one of the lowest unemployment rates in the developed world. The sovereign debt crisis in the Euro-zone has pushed many economies in Europe into another recession. As a result unemployment rates remain at a high level. These events are having some effect on the Australian economy. However, at 5.4 per cent in February, the unemployment rate in Australia was still relatively low when compared with Europe and North America.
What is measured The unemployment rate records the number of persons aged 15 and over who are not employed and who have been actively looking for work as a proportion of the labour force. The labour force consists of those persons in employment and those persons who are unemployed. The data are drawn from monthly labour force surveys in all the countries presented, except for New Zealand, where the survey is conducted on a quarterly basis. For comparative purposes the OECD standardises national data using international conventions.
Related statistics in this bulletin ï§ 1.3 Labour Force ï§ 8.1 Economic growth ï§ 8.2 Consumer prices ï§ 8.4 Short-term interest rates
Related publications ï§ OECD, Economic outlook ï§ OECD, Main economic indicators ï§ IMF, International financial
statistics
Monthly statistical bulletin
41
8.4 Short-term interest rates
Months (c)
2013
Country 2009 2010 2011 2012 Jan Feb Mar Apr
Australia 4.8 4.1 5.0 4.7 3.2 3.2 3.2 3.2
Canada 0.9 0.2 1.0 0.8 1.0 1.0 1.0 1.0
China 1.8 1.9 4.6 6.0 4.2 4.0 4.2 4.1
France 2.9 0.7 1.0 1.3 0.2 0.2 0.2 0.2
Germany 2.9 0.7 1.0 1.3 0.2 0.2 0.2 0.2
Indonesia 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2
Italy 2.9 0.7 1.0 1.3 0.2 0.2 0.2 0.2
Japan 0.7 0.5 0.3 0.3 0.3 0.3 0.3 0.2
Korea 3.9 2.9 2.8 3.6 2.9 2.8 2.8 2.8
Malaysia 3.4 2.1 3.0 3.2 3.2 3.2 3.2 3.2
New Zealand 5.7 3.0 3.3 2.9 2.8 2.8
Philippines 6.1 3.9 0.8 1.6 0.1 0.1 0.1 0.0
Singapore 0.6 0.4 0.3 0.3 0.3 0.3 0.3 0.3
Thailand 2.9 1.4 2.2 3.3 2.9 2.9 2.9 2.9
United Kingdom 2.6 0.7 0.8 1.1 0.5 0.5 0.5 0.5
United States 1.3 0.2 0.3 0.5 0.2 0.2 0.2 0.2
Euro-zone 1.8 0.4 0.6 0.2 0.0 0.0 0.0 0.0
(a) 3 month interbank percentage interest rate (b) Years shown are calendar years. (c) Monthly average
Source: Datastream
Update
1 June 2013
Annual average (a) (b)
0.0
1.0
2.0
3.0
4.0
5.0
Jun 09 Jun 10 Jun 11 Jun 12 Jun 13
Per cent
Australia
USA
Euro-zone
Key points The Global Financial Crisis resulted in a precipitous fall in interest rates. The parlous state of the world’s major developed economies through 2009 and 2010 kept rates at low levels. The economic outlook seemed brighter at the beginning of 2011 and central bankers began to consider raising rates. However, the Euro-zone financial crisis has resulted in a return to pessimism and rates are now more likely to fall. Australia’s stronger economy has meant higher rates locally. However, the RBA cut the overnight money market rate by 25 basis points in November and December 2011, 50 in May 2012 and 25 again in June, October and December 2012. If the international conditions deteriorate the RBA may consider cutting this rate again which will flow on to other market rates in Australia.
What is measured The interest rates shown in this table are the 3 month inter-bank lending rates. That is the rates at which banks borrow from each other. The movements in these short-term rates are useful indicators of the future directions that banks may take in setting interest rates on loans to their business and household customers.
Related statistics in this bulletin ï§ 5.1 Business interest rates ï§ 5.2 Housing and cash interest rates ï§ 6.4 Exchange rates ï§ 8.2 Consumer prices
Related publications ï§ OECD, Economic outlook ï§ OECD, Main economic indicators ï§ IMF, International financial
statistics
Monthly statistical bulletin
42
Related publications—links
Links to the electronic version of related publications referred to in the bulletin are listed below:
ABS, Retail Trade, Australia, Cat. No. 8501.0
ABS, Australian labour market statistics, Cat. no. 6105.0
Melbourne Institute, Monthly bulletin of economic trends
ABS, Job vacancies, Cat. no. 6354.0
ABS, Employee earnings, benefits and trade union membership, Cat. no. 6310.0
ABS, Employee earnings and hours, Cat. no. 6306.0
ABS, Labour price index, Cat. no. 6345.0
ABS, Australian national accounts: national income, expenditure and product, Cat. no. 5206.0
ABS, Average weekly earnings, Cat. no. 6302.0
Melbourne Institute, Survey of consumer inflationary expectations
ABS, A guide to the consumer price index, Cat. no. 6440.0
ABS, Consumer price index: concepts, sources and methods, Cat. no. 6461.0
ABS, Consumer price index, Cat. no. 6401.0
RBA, Bulletin
Treasury, Budget papers
Treasury, Mid-year economic and fiscal outlook 2011-12
OECD, Economic outlook
NAB, Australian outlook and research
Deloitte Access Economics, Business outlook
Investment and Financial Services Association, Australia’s national savings revisited, August 2007
Westpac - Melbourne Institute, Survey of consumer sentiment
NAB, Monthly business survey
FCAI, Vehicle sales
ABS, Motor vehicle census, Cat. no. 9309.0
ABS, Survey of motor vehicle use, Cat. no. 9208.0
ABS, Engineering construction activity, Cat. no. 8762.0
ABS, Construction work done, Cat. no. 8755.0
ABS, Dwelling unit commencements, Cat. no. 8750.0
ABS, Building activity, Cat. no. 8752.0
Tony Kryger, ‘State economic and social indicators’, Research paper, no. 14, Parliamentary Library, 2007-08
RBA, ‘Domestic financial markets and conditions’, Statement on monetary policy
Adrian Makeham-Kirchner, ‘Home loan interest rates and repayments’, Background note, Parliamentary Library, 2007-08
RBA, Financial stability review
RBA, Statement on monetary policy
ABS, Lending finance, Cat. no. 5671.0
ABS, Assets and liabilities of Australian securitisers, Cat. no. 5232.0.55.001
RBA, ‘Loan approvals, repayments and housing credit growth’, Bulletin, July 2007
REIA and Deposit Power, Housing affordability report
HIA - Commonwealth Bank, Affordability report
Australian Securities Exchange, S&P/ASX index overviews
ABS, Australian historical population statistics, Cat. no. 3105.0.65.001
ABS, Population projections, Cat. no. 3222.0
ABS, Population by Age by Sex, Regions of Australia, Cat. no. 3235.0
ABS, Migration, Cat. no. 3412.0
ABS, Births, Cat. no. 3301.0
ABS, Deaths, Cat. no. 3302.0
Department of Immigration and Citizenship (DIAC), Population flows
DIAC, Immigration update
ABS, Australian demographic statistics, Cat. no. 3101.0
Tourism Research Australia, International visitor survey
Private Health Insurance Administration Council, Operations of the private health insurers: annual report
IMF, International financial statistics
IMF, World economic outlook
OECD, Main economic indicators
Monthly statistical bulletin
43
Glossary
average weekly earnings. Average gross (before tax) earnings of employees.
average weekly ordinary time earnings. Weekly earnings attributed to award, standard or agreed hours of work.
balance on current account. The difference between receipts and payments as the result of transactions in goods, services, income and current transfers between Australia and the rest of the world. A current account deficit means that total payments exceed total receipts, while a current account surplus means the reverse.
bankruptcies. Bankruptcies and Administration Orders under Parts IV and XI of the Bankruptcy Act.
business investment. Private gross fixed capital formation for machinery and equipment; non-dwelling construction; livestock; and intangible fixed assets.
cash market rate (interbank overnight). Weighted average of the interest rates at which banks have borrowed and lent exchange settlement funds during the day.
consumer price index. A measure of change in the price of a basket of goods and services from a base period. Changes in the consumer price index are the most commonly used measure of inflation.
employed persons. Persons aged 15 and over who, during a period of one week, worked for one hour or more for pay or worked for one hour or more without pay in a family business or on a family farm.
general practice bulk billing rate. The percentage of general practitioner attendances (excluding practice nurse) that are bulk billed.
gross domestic product. The total market value of goods and services produced after deducting the cost of goods and services used up in the process of production but before deducting for depreciation.
gross domestic product—chain volume measures. Also known as real GDP, this is a measure used to indicate change in the actual quantity of goods and services produced. Economic growth is defined as a situation in which real GDP is rising.
gross foreign debt. All non-equity financial claims by non-residents on residents of Australia. The major component of gross foreign debt is the amount of borrowings from non-residents by residents of Australia.
household debt ratio. The amount of household debt at the end of a quarter expressed as a proportion of annual household gross disposable income. Household debt is the sum of housing and other personal debt, including securitised debt. Debt excludes debt owed by unincorporated enterprises.
household debt servicing ratio. Interest payments on housing and other personal debt expressed as a proportion of household gross disposable income.
household gross disposable income. The amount of income that households have available for spending after deducting any taxes paid, interest payments and transfers overseas.
household net disposable income. Household gross disposable income less depreciation of household capital assets.
household saving ratio. The ratio of household income saved to household net disposable income.
housing loan interest rate. The variable rate quoted by banks for loans to owner-occupiers.
implicit price deflator for non-farm gross domestic product. A measure of price change that is derived (hence the term implicit) by dividing gross non-farm product at current prices by gross non-farm product at chain volume measures.
labour force. The employed plus the unemployed.
labour force participation rate. The number of persons in the labour force expressed as a percentage of the civilian population aged 15 years and over.
labour productivity. Gross domestic product (chain volume measures) per hour worked in the market sector.
long-term unemployed. Persons unemployed for a period of 52 weeks or more.
male total average weekly earnings. Weekly ordinary time earnings plus weekly overtime earnings of all male employees. This measure of earnings is used in the process of benchmarking age pensions.
market sector. All industries excluding those (five) industries whose outputs are not marketed. These excluded industries are: property and business services; government administration and defence; education; health and community services; and personal and other services.
Monthly statistical bulletin
44
natural increase. Excess of live births over deaths.
net foreign debt. Gross foreign debt less non-equity assets such as foreign reserves held by the Reserve Bank of Australia and lending by residents of Australia to non-residents.
net overseas migration. Net permanent and long-term overseas migration plus an adjustment for the net effect of ‘category jumping’.
non-farm gross domestic product. Gross domestic product less that part which derives from agricultural production and services to agriculture.
overseas visitors. Visitors from overseas who intend to stay in Australia for less than 12 months.
private health insurance hospital coverage rate. The percentage of the total population that has private health insurance hospital coverage.
profits share. Gross operating surplus (the excess of gross output over costs incurred in producing that output) of all financial and non-financial corporate trading enterprises as a percentage of total factor income.
real average weekly earnings. Average weekly earnings adjusted for inflation as measured by the consumer price index.
seasonally adjusted estimates. Estimates in which the element of variability due to seasonal influences has been removed. Seasonal influences are those recur regularly each a year.
settlers. Travellers who hold migrant visas, New Zealand citizens who indicate an intention to settle and those who are otherwise eligible to settle.
terms of trade. The relationship between the prices of exports and the prices of imports. The usual method of calculating the terms of trade is to divide the implicit price deflator for exports by the implicit price deflator for imports.
total factor income. Gross domestic product at market prices less the difference between taxes and subsidies, or the sum of compensation of employees, gross operating surplus and gross mixed income.
trade weighted index. A measure of the value of the Australian dollar against a basket of the foreign currencies of Australia’s major trading partners.
trimmed mean. Measures a weighted average of the middle 70 per cent of quarterly price changes in CPI classes reported by the ABS. In effect the 90 CPI classes which make up the CPI are ranked in terms of their quarterly percentage changes and the classes which account for the top and bottom 15 per cent of the distribution are excluded, or ‘trimmed’. This is one method of statistical manipulation of the consumer price survey results to exclude extreme price fluctuations from the CPI survey, in order to determine a trend rate of inflation.
turnover. Includes retail sales; wholesale sales; takings from repairs, meals and hiring of goods; commissions from agency activity; and net takings from gaming machines. From July 2000, turnover includes the Goods and Services Tax.
unemployed persons. Persons aged 15 and over who, during a period of one week, were not employed but had actively looked for work in the previous four weeks and were available to start work.
unemployment rate. The number of unemployed persons expressed as a percentage of the labour force.
wage price index. A measure of change in the price of labour (i.e. wages, salaries and overtime) unaffected by changes in the quality or quantity of work performed.
wages share. Compensation of employees (the total value of income from labour) as a percentage of total factor income.
weighted median. Measures the price change that is the median, or midpoint, price change of the distribution of price changes within the CPI survey. That is, all but the middle observation from the 90 classes within the CPI are excluded. This is one method of statistical manipulation of the consumer price survey results to exclude an array of volatile price fluctuations in order to determine a trend rate of inflation.
youth unemployment. Number of 15-19 year olds looking for full-time work.
youth unemployment rate. Number of 15-19 year olds looking for full-time work expressed as a percentage of the full-time labour force in the same age group.
Monthly statistical bulletin
45
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