The Commonwealth Treasury


Economic Roundup AUTUMN 2003

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Statistical appendix

List of charts and tables

Charts

International economy

1. Selected international indicators

National accounts

2. Contributions to trend quarterly GDP growth

Tables

National accounts

1. Components of Gross Domestic Product
2. Contributions to change in Gross Domestic Product
3. Gross value-added by industry

Incomes, costs and prices

4. Real household income
5. Wages, labour costs and company income
6. Prices
7. Labour market

External sector

8. Current account
9. Australia's external liabilities
10. Australia's income flows
11. Selected economic indicators

Key to tables

n.a. not available
n.y.a. not yet available
.. change less than 0.05 per cent

Chart 1: Selected international indicators
Panel A: Short-term interest rates(a)

Chart 1:  Selected international indicators,  Panel A:  Short-term interest rates(a)

(a) Short-term interest rates are monthly averages and are defined as follows: US - 3-month certificates of deposits, Japan - 3-month certificates of deposit, Australia - 90-day bank accepted bills and Germany - 3-month FIBOR.
Source: OECD Main Economic Indicators.

Panel B: Real output(a)

Chart 1:  Selected international indicators,  Panel B:  Real output(a)

(a) Seasonally adjusted real GDP growth for each major trading partner is weighted by their respective shares of total Australian merchandise exports averaging from 1998-99 to 2000-01. Major trading partners are Japan, US, South Korea, New Zealand, China, Taiwan, Singapore, UK, Hong Kong, Indonesia, Malaysia, Italy, Thailand, Canada, Germany, the Philippines and France.

Panel C: Current account balances(a)

Chart 1:  Selected international indicators, Panel C:  Current account balances(a)

Data are seasonally adjusted.
Source: Data are from statistical agencies of respective countries, except for Germany which is from the OECD Main Economic Indicators.

Panel D: Consumer price inflation(a)

Chart 1:  Selected international indicators,  Panel D:  Consumer price inflation(a)

(a) The aggregate inflation rates are derived from the weighted average of inflation rates of individual trading partners, with the weights being their respective shares of Australian total merchandise trade from 1998-99 to 2000-01. Major trading partners are Japan, US, South Korea, New Zealand, China, Taiwan, Singapore, UK, Hong Kong, Indonesia, Malaysia, Italy, Thailand, Canada, Germany, the Philippines and France.
Source: Data for Japan, US, South Korea, New Zealand, Taiwan, Singapore, UK, Hong Kong, Indonesia. Canada and Germany are from the ABS All Groups CPI (excluding housing) measure. For the rest of Australia's MTPs (China, Malaysia, Italy, Thailand, the Philippines and France), the CPI are from each country's respective all groups CPI series which exclude the effects of mortgage interest rate changes.

Chart 2: Contributions to trend quarterly GDP growth
(Chain volume measures)

Chart 2:  Contributions to trend quarterly GDP growth (Chain volume measures)

Source: ABS Cat. No. 5206.0.

Table 1: Components of Gross Domestic Product (chain volume measures)

Table 1:  Components of Gross Domestic Product (chain volume measures)

Source: ABS Cat. No. 5206.0.

Table 2: Contributions to change in Gross Domestic Product (chain volume measures)

Table 2:  Contributions to change in Gross Domestic Product (chain volume measures)

Source: ABS Cat. No. 5206.0.

Table 3: Gross value-added by industry (chain volume measures)

Table 3:  Gross value-added by industry (chain volume measures)

Source: ABS Cat. No. 5206.0.

Table 4: Real household income(a)

Table 4:  Real household income(a)

(a) Deflated by the implicit price deflator for private final consumption expenditure.
Source: ABS Cat. Nos. 5204.0 and 5206.0.

Table 5: Wages, labour costs and company income

Table 5:  Wages, labour costs and company income

(a) All numbers derived from seasonally adjusted data.
(b) Ratio of nominal hourly labour costs (non-farm compensation of employees, plus payroll tax and fringe benefits tax less employment subsidies, per hour worked by non-farm wage and salary earners) to average hourly productivity (real gross non-farm product per hour worked by all employed persons).
(c) Nominal unit labour costs as defined in footnote (a) deflated by the derived implicit price deflator for gross non-farm product. (Base for index: 1998-99 = 100.0).
Compensation of employees as a share of total factor income.
Gross operating surplus of corporations as a share of total factor income.
Sources: ABS Cat. Nos. 5204.0, 5206.0 and 6302.0.

Table 6: Prices

Table 6:  Prices

(a) Based on the weighted average of eight capital cities consumer price index.
(b) Quarterly figures are derived from seasonally adjusted data.
Sources: ABS Cat. Nos. 6401.0 and 5206.0.

Table 7: Labour market

Table 7:  Labour market

(a) All figures refer to period averages.
Sources: ANZ Bank and ABS Cat. No. 6202.0.

Table 8: Current account

Table 8:  Current account

(a) The ratio of the implicit price deflator for exports of goods and services to the implicit price deflator for imports of goods and services, 2000-01 = 100, calculated on a National Accounts basis.
Sources: ABS Cat. Nos. 5368.0, 5302.0 and 5206.0.

Table 9: Australia's external liabilities

Table 9:  Australia's external liabilities

Source: ABS Cat. Nos. 5302.0 and 5206.0.

Table 10: Australia's income flows

Table 10:  Australia's income flows

Source: ABS Cat. No. 5302.0.

Table 11: Selected economic indicators

Table 11:  Selected economic indicators

(a) ABS National Accounts measure. All numbers derived from seasonally adjusted data.
(b) Ratio of household saving to household disposable income derived from seasonally adjusted data.
(c) Exchange rates refer to the period average.
(d) Treasury estimate using GDP deflators.
Sources: ABS Cat. Nos. 5206.0, 5302.0.