RDP 2015-07: A Multi-sector Model of the Australian Economy Appendix B: Data Sources and Definitions

GDP (Δy^obs): Quarterly percentage change of real gross domestic product, seasonally adjusted and in chain volume terms. Source: ABS Cat No 5206.0 ‘Australian National Accounts: National Income, Expenditure and Product’.

Consumption (Δc^obs): Quarterly percentage change of real household final consumption expenditure, seasonally adjusted and in chain volume terms. Source: ABS Cat No 5206.0.

Investment (Δi^obs): Quarterly percentage change of real private gross fixed capital formation, seasonally adjusted and in chain volume terms. Source: ABS Cat No 5206.0.

Public demand (Δg^obs): Quarterly percentage change of real public demand. Public demand is calculated as the sum of government final consumption expenditure and public gross fixed capital formation, with all data seasonally adjusted and in chain volume terms. Source: ABS Cat No 5206.0.

Resource exports (Δz^{x obs}): Quarterly percentage change in resource export volumes, seasonally adjusted and in chain volume terms. Source: RBA statistical table I1 International Trade and Balance of Payments.

Non-resource exports : Quarterly percentage change in non-resource export volumes. Non-resource export volumes are calculated as the difference between total export volumes and resource export volumes, with all data in seasonally adjusted and chain volume terms. Source: RBA statistical table I1 International Trade and Balance of Payments.

Non-tradeable value added : Quarterly growth rate of value-added production in the non-tradeable sector. The non-tradeable sector consists of the electricity, gas, water & waste industry, the construction industry, the retail trade industry, the information, media & telecommunications industry, the finance & insurance industry, the real estate industry, the professional services industry, the administrative services industry, the public administration industry, the education industry, the healthcare industry, the arts & recreation industry, the other services industry and ownership of dwellings. We calculate the growth rate of this series by summing the growth rates of each industry weighted by that industry's share of non-tradeable value added. Sources: ABS Cat No 5204.0 ‘Australian System of National Accounts’ and ABS Cat No 5206.0.

Non-resource tradeable value added : Quarterly growth rate of value-added production in the non-resource tradeable sector. The non-resource tradeable sector consists of the agriculture, forestry & fishing industry, the manufacturing industry, the transport industry, the wholesale trade industry and the accomodation & food services industry. We calculate the growth rate of this series by summing the growth rates of each industry weighted by that industry's share of non-tradeable value added. Sources: ABS Cat Nos 5204.0 and 5206.0.

Resources value added : Quarterly growth rate of value-added production in the mining industry. Source: ABS Cat No 5206.0.

Inflation (π^obs): Quarterly trimmed mean inflation excluding interest and tax changes. Source: RBA statistical table G1 Consumer Price Inflation.

Non-tradeable inflation : Quarterly inflation rate of non-tradable goods and services. Source: RBA statistical table G1 Consumer Price Inflation.

Cash rate (r^obs): Quarterly average interbank overnight cash rate. Source: RBA statistical table F1.1 Interest Rates and Yields – Money Market.

Nominal exchange rate (Δs^obs): Quarterly percentage change in the average nominal exchange rate. Source: RBA statistical table F11 Exchange Rates.

Resource prices : Quarterly percentage change in the RBA non-rural commodity price index measured in Special Drawing Rights. Source: RBA statistical table I2 Commodity Prices.

Foreign GDP (y* ^obs): Quarterly percentage change of the real gross domestic product of Australia's major trading partners weighted by GDP at purchasing power parity exchange rates. Source: RBA.

Foreign inflation (π* ^obs): Quarterly average inflation rate of the G7 economies. Source: RBA.

Foreign interest rates (r* ^obs): Quarterly average policy rate of the United States, Japan and euro area (Germany before 1999). Source: RBA statistical table F13 International Official Interest Rates.