• The Index of Commodity Prices for July 2020 has been released – Link
    RBA Tue 04 Aug 2020 06:31

    Preliminary estimates for July indicate that the index increased by 0.9 per cent (on a monthly average basis) in SDR terms, after decreasing by 0.2 per cent in June (revised). The non-rural and base metals sub-indices increased in the month, while the rural sub-index decreased. In Australian dollar terms, the index decreased by 0.2 per cent in July.

    Over the past year, the index has decreased by 12 per cent in SDR terms, led by lower coal, iron ore, LNG and oil prices. The index has decreased by 12.1 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 0.6 per cent in July in SDR terms, to be 13.9 per cent lower over the past year.

    For further...

  • At its meeting today, the Board decided to maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points - Link
    RBA Tue 04 Aug 2020 04:31
  • We have released the Financial Aggregates for June 2020 - Link
    RBA Fri 31 Jul 2020 01:31
  • Understanding charts is an important everday skill, particularly for Maths, Science and Economics students. Learn more about Reading and Interpreting Charts in two new videos - Link @EcoBusNSW @VCTAnet https://t.co/IVun9t0Geq
    RBA Thu 30 Jul 2020 05:00

    Economics is a social science and I think that it's easy to forget that economics is about people. Philosophy comes into it. Social sciences come into it, health comes into it, a lot of psychology.

    I chose to study economics 'cause I realised it was a really powerful tool, for being part of a conversation. Most people that get into economics, they can see how exciting it is, and how useful it is for a whole range of jobs. You can use this problem solving, analytical tool set for everything.

    I love that economics just touches on every facet of daily life and I think that's because every sort of large or significant public policy decision that impacts us today, was originally informed by some sort of economic theory.

    I truly believe that economics is a way and a construct in which we can talk about deeply human problems and the things which matter to all of us.

    If you don't understand economics, you're really locking yourself out of the this whole...

  • We have released the Financial Aggregates for June 2020 - Link
    RBA Thu 30 Jul 2020 01:30
  • Today the @absstats released data on inflation. Learn more about how the CPI is calculated in our Explainer – Link https://t.co/Vagahy5KnG
    RBA Wed 29 Jul 2020 01:44

    Inflation is an increase in the level of prices of the goods and services that households buy. It is measured as the rate of change of those prices. Typically, prices rise over time, but prices can also fall (a situation called deflation).

    The most well-known indicator of inflation is the Consumer Price Index (CPI), which measures the percentage change in the price of a basket of goods and services consumed by households.

    In Australia, the CPI is calculated by the Australian Bureau of Statistics (ABS) and published once a quarter. To calculate the CPI, the ABS collects prices for thousands of items, which are grouped into 87 categories (or expenditure classes) and 11 groups. Every quarter, the ABS calculates the price changes of each item from the previous quarter and aggregates them to work out the inflation rate for the entire CPI basket.

  • Registrations for our Explore Economics webinar for high school students, teachers and careers advisors are closing soon! - Link @CEAV_echo @CAANSWACT @EcoBusNSW @VCTAnet https://t.co/2MN1qzyCRF
    RBA Tue 28 Jul 2020 05:49

    Economists at the RBA share insights on why they chose to study economics, their career path and their role. This event supports careers education and is primarily aimed at high school students, undergraduate students, teachers and careers advisors.

    Date: Friday, 31 July 2020 Time: 4.00 pm – 5.00 pm AEST Cost: Free

    Express Interest

  • Speech by Christopher Kent, Assistant Governor (Financial Markets) - The Reserve Bank's Operations: Liquidity, Market Function and Funding - at the KangaNews webinar - Link
    RBA Mon 27 Jul 2020 00:02

    In the early stages of the pandemic, there was extreme uncertainty about how much economic activity would decline and how long the economic disruption would last. It was also uncertain how much support would be provided by monetary and fiscal authorities. And so, as the virus spread around the world through early March, extreme uncertainty and the prospect of a sizeable decline in economic activity was reflected in financial markets globally. In particular, there was a sharp rise in the volatility of asset prices, a decline in the prices of risky assets, and before too long, dislocation in a number of key financial markets (Graph 1). Most notable were the problems affecting government bond markets, which are critical to the pricing and operation of financial markets more broadly. Australia was no exception.

  • We have released a series of videos to aid high school students with remote learning. They bring to life key economic concepts and issues - Link @EcoBusNSW @VCTAnet https://t.co/FVeOv8gheE
    RBA Thu 23 Jul 2020 21:50

    Economics is a social science and I think that it's easy to forget that economics is about people. Philosophy comes into it. Social sciences come into it, health comes into it, a lot of psychology.

    I chose to study economics 'cause I realised it was a really powerful tool, for being part of a conversation. Most people that get into economics, they can see how exciting it is, and how useful it is for a whole range of jobs. You can use this problem solving, analytical tool set for everything.

    I love that economics just touches on every facet of daily life and I think that's because every sort of large or significant public policy decision that impacts us today, was originally informed by some sort of economic theory.

    I truly believe that economics is a way and a construct in which we can talk about deeply human problems and the things which matter to all of us.

    If you don't understand economics, you're really locking yourself out of the this whole...

  • Our collection of Explainers cover a broad range of economic concepts and issues - Link @EcoBusNSW @VCTAnet https://t.co/AkiM1i9Ev1
    RBA Thu 23 Jul 2020 05:14
     

    Describes how changes made by the Reserve Bank to the cash rate – the ‘instrument’ of monetary policy – flow through to economic activity and inflation.

    Download 109KB

  • Expressions of interest for our Explore Economics webinar for high school students and careers educators are now open - Link @CEAV_echo @CAANSWACT @EcoBusNSW @VCTAnet https://t.co/Xf9UNqyREY
    RBA Wed 22 Jul 2020 05:08

    Economists at the RBA share insights on why they chose to study economics, their career path and their role. This event supports careers education and is primarily aimed at high school students and their careers educators.

    Date: Friday, 31 July 2020 Time: 4.00 pm – 5.00 pm AEST Cost: Free

    Express Interest

  • RBA Research Discussion Paper: The Determinants of Mortgage Defaults in Australia – Evidence for the Double-trigger Hypothesis - Link
    RBA Wed 22 Jul 2020 01:33
  • Speech by Philip Lowe, Governor – the Labour Market and Public-sector Balance Sheets – at the Anika Foundation Luncheon - Link
    RBA Tue 21 Jul 2020 03:02

    I would like to thank you for your support of the Anika Foundation. The pandemic that we are all living through is traumatic for our entire community. Young people are no exception, with many anxious about their future job prospects and suffering from a loss of social connectivity. This means that the work of the Foundation is as important as ever. Thank you for your support.

    In this year's Anika Foundation talk, I would like to discuss two topics.

    The first is the impact of the pandemic on Australia's labour market. And the second is the important role that public sector balance sheets are playing in softening the economic downturn and in building the bridge to the recovery.

  • Live audio of Governor Philip Lowe's speech at the Anika Foundation Luncheon starts in 15 minutes - Link https://t.co/hV4YXBppCR
    RBA Tue 21 Jul 2020 02:17
  • We have released the minutes of the July 2020 Monetary Policy Meeting of the Reserve Bank Board - Link
    RBA Tue 21 Jul 2020 01:32

    Members commenced their discussion of the global economy by noting that, after a severe contraction in activity, conditions had started to improve following the easing of restrictions imposed in response to the COVID-19 pandemic. However, the number of new COVID-19 cases was rising rapidly in some countries, notably the United States and some emerging market economies. Restrictions had been eased in some countries despite new COVID-19 cases increasing or remaining at high levels. Given these developments, risks to the outlook for the world economy had increased recently despite the economic data having been on an improving path over the preceding couple of months as restrictions had been eased. Members noted that the sustainability of the economic recovery would depend in large part on health outcomes and ongoing policy support.

    GDP for the March quarter had contracted sharply in a number of countries. The severity of the contraction reflected the timing...

  • Tune into live audio of Governor Philip Lowe's speech at the Anika Foundation Luncheon tomorrow at 12.30 PM AEST - Link https://t.co/fElU3DOuHl
    RBA Mon 20 Jul 2020 06:11
  • We have released a new Explainer on Banks' Funding Costs and Lending Rates - Link https://t.co/bKQ2aDAN7t
    RBA Thu 09 Jul 2020 05:21

    Banks' funding costs and lending rates are an important part of the transmission of monetary policy to economic activity and ultimately inflation (see Explainer: The Transmission of Monetary Policy). The interest rates that banks charge borrowers and pay to savers influence the decisions of businesses and households about how much they want to borrow or save. To fully understand the transmission of monetary policy, it is important to understand what banks' funding costs and lending rates are, and what influences them.

  • We have released a snapshot of the Composition of the Australian Economy - Link https://t.co/rpC1KuEB3q
    RBA Thu 09 Jul 2020 02:35
  • We have released a snapshot of Key Economic Indicators - Link https://t.co/R87HM7KDVd
    RBA Thu 09 Jul 2020 02:05
  • The July 2020 issue of the Chart Pack has been released – Link https://t.co/UcjyCQQIop
    RBA Wed 08 Jul 2020 01:34

    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.

  • At its meeting today, the Board decided to maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points - Link
    RBA Tue 07 Jul 2020 04:34
  • We have released our Retail Payment Statistics for May – Link
    RBA Tue 07 Jul 2020 02:08

    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.

  • ?? Beware of scam callers claiming to be from a government agency, asking you to confirm your details or pay a sum of money - Link https://t.co/iL7I7lIpM7
    RBA Thu 02 Jul 2020 02:04

    The Reserve Bank of Australia is warning the public to be aware of unsolicited e-mails and phone calls purportedly from the Reserve Bank.

    The Reserve Bank is aware of an increased number of scams using details of the Bank. Scammers often use details of the Bank to make their scams seem more realistic, including the names of senior staff, contact information and the Reserve Bank logo.

    In establishing whether you might be the subject of a scam, it is important to remember that, unsolicited:

  • Speech by Guy Debelle, Deputy Governor – The Reserve Bank's policy actions and balance sheet – at the Economic Society of Australia webinar - Link
    RBA Tue 30 Jun 2020 02:33

    Australia is experiencing an historic event. It is first and foremost a health event. Thankfully, thus far the health outcomes in Australia have been better than feared. The health decisions taken by the government and the public in response to the virus have been the primary shaper of the economic and financial landscape that the Reserve Bank has been operating in.

    The virus has had a large economic and financial impact. The decline in output in the second quarter in Australia and around the world has been extraordinary, as significant parts of the economy were shut down. The decline in output is much larger and much more widespread globally than we saw in 2008. Accompanying this, there has been a large decline in hours worked. Unemployment has risen sharply, although the extent of the rise in the unemployment rates has varied around the world depending on the nature of the support provided by governments (as well as some definitional differences). In...

  • Live audio of Deputy Governor Guy Debelle's speech at the Economic Society of Australia webinar starts in 15 minutes - Link https://t.co/entxKRKC9G
    RBA Tue 30 Jun 2020 02:18
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