RDP 9704: Financial Aggregates as Conditioning Information for Australian Output and Inflation Appendix A: Data

Ellis W. Tallman, Naveen Chandra

July 1997

Currency (CURR)
Definition: Holdings of notes and coins by the non-bank private sector. Seasonal adjustment by the Australian Bureau of Statistics.
Source: Reserve Bank of Australia Bulletin
M1
Definition: Currency plus total current deposits with banks, excluding Commonwealth and State government deposits and interbank deposits. Seasonal adjustment by the Australian Bureau of Statistics.
Source: Reserve Bank of Australia Bulletin
M3
Definition: Currency plus bank deposits of the private non-bank sector, excluding Commonwealth and State government deposits and interbank deposits. Seasonally adjusted M3 adjusted for breaks due to the transfer of non-bank financial intermediary (NBFI) business to banks or the establishment of new banks. Seasonal adjustment by the Australian Bureau of Statistics.
Source: Reserve Bank of Australia Bulletin
Broad money (BM)
Definition: M3 plus borrowings from the private sector by NBFIs less the latter's holdings of currency and bank deposits. Borrowings by NBFIs include borrowings by permanent building societies, credit co-operatives, finance companies, authorised money market dealers, pastoral finance companies, money market corporations, general financiers and cash management trusts, less borrowings by authorised money market dealers from those non-bank intermediaries.
Source: Reserve Bank of Australia Bulletin
Credit from all financial intermediaries (CRED)
Definition: Bank lending plus lending (including bills discounted) to the private sector by non-bank financial corporations.
Source: Reserve Bank of Australia Bulletin
The 90-day bank accepted bill rate (BAB)
Definition: Three-month average of the average nominal 90-day bank accepted bill rate for the week ending last Wednesday of the month.
Source: Reserve Bank of Australia Bulletin
Real gross domestic product (GDP)
Definition: Seasonally adjusted by the Australian Bureau of Statistics. Values are constant in 1989/90 prices. Both the non-farm and farm GDP series are components of this series.
Source: Quarterly Estimates of National Income and Expenditure, ABS Cat. No. 5206.0
Consumer price index (CPI)
Definition: The underlying consumer price index.
Units 1989/90=100 (nsa)
Source: Consumer Price Index, ABS Cat. No. 6410, Table 11
Real Australian cash rate
Definition: Australian cash rate less underlying inflation over the previous 12 months.
OECD GDP
Source: Datastream, OCDGDP..D
US GDP
Source: Datastream, USGDP...D
Southern oscillation index
Definition: The Southern Oscillation Index measures the sea level barometric pressure differential between Darwin and Tahiti.
Source: Bureau of Meteorology
Unit labour costs (ULC)
Definition: RBA's measure of underlying unit labour costs per wage and salary earner.
Source: Reserve Bank of Australia, unpublished data.
Import prices
Definition: Tariff-adjusted import price index of merchandise imports, excluding exogenous imports, computers, and other lumpy import items.
Source: The constant and current price series of merchandise imports less exogenous items are taken from Balance of Payments, Australia, ABS Cat. No. 5302.0, Tables 13 and 14. The constant and current price series of computers are unpublished data provided by the Australian Bureau of Statistics. The constant and current price series of other lumpy items are unpublished data provided by the Department of Treasury. Taxes on international trade are drawn from Australian National Accounts, ABS Cat. No. 5206.0, Table 40.
Petrol prices
Definition: Automotive fuel price index.
Source: Consumer Price Index, ABS Cat. No. 6401.0, Table 7
Private final demand
Definition: Private final consumption expenditure and private gross fixed capital expenditure, excluding net second-hand purchases of gross equipment and non-dwelling construction from the public sector.
  The variable ygap is the output gap term used in the estimation of the inflation equation. ygap is the residual of the log of the private final demand regressed on a constant and trend for the period 1977:Q3–1996:Q2.
Units Private final demand is measured in $A millions, 1989/90 prices.
Source: Australian National Accounts, ABS Cat. No. 5206.0, Table 59