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All levels and growth rates are seasonally adjusted, except for those relating to the New Payments Platform and cards on issue. The data are not adjusted for the effects of breaks in the series. Historical levels and growth rates for the retail payments statistics may be revised due to the resubmission of data by some reporting institutions and the re-estimation of seasonal factors.
For further information about the Retail Payments Statistics collection, including links to relevant statistical tables, refer to Payments Data.
Economic conditions for small and medium-sized enterprises (SMEs) improved in the second half of 2020 and early 2021, although measures to contain the recent outbreaks of COVID-19 have affected firms in much of Australia. SMEs are being supported by policy measures, including a number of initiatives that continue to encourage lending to smaller firms. Nonetheless, the volume of SME lending has been little changed for some time, and access to finance continues to be a challenge for small businesses.
The Term Funding Facility (TFF) was announced by the Reserve Bank Board in March 2020 as part of a comprehensive policy package to support the Australian economy in response to the COVID-19 pandemic. The facility has provided low cost three-year funding to banks operating in Australia against high quality collateral. The TFF closed to new drawdowns at the end of June 2021, so the last of this funding will not mature until mid 2024. This article provides an overview of TFF usage by banks, considers the future refinancing task for the banking sector, and provides an assessment of the TFF with respect to its primary policy goals.
Thank you for joining us today to support the Anika Foundation. This afternoon, I would like to talk about the implications of the pandemic for the economy and for monetary policy. But before I do that, I want to acknowledge the impact of the pandemic on young people.
The past 18 months have been very difficult for young Australians. Their support networks have been disrupted, leaving many young people feeling isolated and anxious about the future. Many have also missed out on events that would normally frame their lives, such as celebrating achievements with their peers. Their education has also been disrupted and, for many, it has been harder to get that valuable support that a one-on-one connection with a teacher can provide.
So, our young people are paying a heavy price. This is evident in the increasing incidence of mental health issues and the sharp rise in calls to support services. It is important that we remember this high price when we...
Thank you for joining us today to support the Anika Foundation. This afternoon, I would like to talk about the implications of the pandemic for the economy and for monetary policy. But before I do that, I want to acknowledge the impact of the pandemic on young people.
The past 18 months have been very difficult for young Australians. Their support networks have been disrupted, leaving many young people feeling isolated and anxious about the future. Many have also missed out on events that would normally frame their lives, such as celebrating achievements with their peers. Their education has also been disrupted and, for many, it has been harder to get that valuable support that a one-on-one connection with a teacher can provide.
So, our young people are paying a heavy price. This is evident in the increasing incidence of mental health issues and the sharp rise in calls to support services. It is important that we remember this high price when we...
Luci Ellis (Assistant Governor, Economic), Christopher Kent (Assistant Governor, Financial Markets)
Anthony Dickman (Secretary), Penelope Smith (Deputy Secretary), Michele Bullock (Assistant Governor, Financial System), Alexandra Heath (Head, International Department), Bradley Jones (Head, Economic Analysis Department), Jonathan Kearns (Head, Financial Stability Department), Marion Kohler (Head, Domestic Markets Department)
Our series of Topical Talks provide opportunities for educators to enhance their understanding of economic concepts and developments in the Australian economy through hearing insights from an economist on a relevant topic. The talks are aimed at a range of educators, from secondary school to the tertiary sector.
Our series of Topical Talks provide opportunities for educators to enhance their understanding of economic concepts and developments in the Australian economy through hearing insights from an economist on a relevant topic. The talks are aimed at a range of educators, from secondary school to the tertiary sector.
All levels and growth rates are seasonally adjusted, except for those relating to cards on issue. The data are not adjusted for the effects of breaks in the series. Historical levels and growth rates for the retail payments statistics may be revised due to the resubmission of data by some reporting institutions and the re-estimation of seasonal factors.
For further information about the Retail Payments Statistics collection, including links to relevant statistical tables, refer to Payments Data.
The Statement on Monetary Policy sets out the Bank's assessment of current economic conditions, both domestic and international, along with the outlook for Australian inflation and output growth. A number of boxes on topics of special interest are also published. The Statement is issued four times a year.
Good morning. Thank you for arranging this hearing via videoconference. These hearings are an important part of the accountability process for the RBA and my colleagues and I welcome this opportunity to explain our thinking and answer your questions.
Later this morning, the RBA will be releasing our quarterly Statement on Monetary Policy. I would like to highlight 5 key themes from this report.
The first is that the Australian economy has bounced back quicker and stronger than was earlier expected.
The pre-pandemic level of GDP was regained in the March quarter, more than a year earlier than we had expected in August last year. But it is in the labour market where the recovery has been most remarkable. In June, the unemployment rate fell to 4.9 per cent, which is lower than it was before the pandemic. There has been strong growth in jobs across most parts of the economy and job vacancies have been at record highs. And in stark...
An RBA economist will discuss monetary policy and the latest conditions in the Australian economy. (Teachers to register on behalf of their classes)
Cost: Free
Duration: 60 minutes
Audience: Years 11 – 12 Economics students
The Chart Pack summarises macroeconomic and financial market trends in Australia and provides some information about developments for our main trading partners. The graphs in the Chart Pack are updated monthly. For more information about the source data for the Chart Pack graphs, see Data Availability. The Reserve Bank also publishes extensive statistical data on our website.
Browse the left-hand navigation to choose the graph subject category. You can then view or download the graphs individually.
Preliminary estimates for July indicate that the index increased by 5.5 per cent (on a monthly average basis) in SDR terms, after increasing by 6.0 per cent in June (revised). The rural, non-rural and base metals sub-indices all increased in the month. In Australian dollar terms, the index increased by 7.7 per cent in July.
Over the past year, the index has increased by 59.9 per cent in SDR terms, led by higher iron ore prices. The index has increased by 55.0 per cent in Australian dollar terms.
Consistent with previous releases, preliminary estimates for iron ore, coking coal, thermal coal and LNG export prices are being used for the most recent months, based on market information. Using spot prices for the bulk commodities, the index increased by 3.3 per cent in July in SDR terms, to be 67.4 per cent higher over the past year.
For further details regarding the construction of the index, please refer to ‘Changes to the RBA Index of Commodity...
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