The Reserve Bank's public education program has developed a suite of resources to introduce students to the Australian economy and its participants, the circular flow model, and the business cycle. These resources support a number of commerce and economics curriculum objectives.
Thank you for inviting me back to address the National Press Club. It is an honour to be here again. At this lunch a year ago, I spoke about the year ahead. I would like to do the same again today.
Twelve months ago, I reminded you that we do not have a crystal ball that can be used to see the future with certainty. Since then, some things have turned out as expected, but there have been plenty of surprises as well. No doubt, the same will be true this year. Today, though, I would like to talk about the Reserve Bank's central scenario for the global and Australian economies and some of the factors that we will be watching over the year ahead. I would also like to touch on monetary policy.
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.
Release date: 3 February 2020
Preliminary estimates for January indicate that the index increased by 0.7 per cent (on a monthly average basis) in SDR terms, after decreasing by 1.1 per cent in December (revised). The non-rural, rural and base metals subindices all increased in the month. In Australian dollar terms, the index increased by 1.0 per cent in January.
Over the past year, the index has decreased by 3.6 per cent in SDR terms, led by lower coal, LNG and alumina prices. The index has decreased by 0.9 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 2.0 per cent in January in SDR terms, to be 3.4 per cent lower over the past year.
For further details regarding the construction of the index,...
If you have banknotes that have been damaged in the bushfires, you can submit a damaged banknote claim. The Reserve Bank will determine the value of the damaged banknotes and reimburse you the assessed amount.
There are only two things you need to do to make a claim for reimbursement:
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.
Release date: 2 January 2020
Preliminary estimates for December indicate that the index increased by 0.6 per cent (on a monthly average basis) in SDR terms, after decreasing by 3.8 per cent in November (revised). The non-rural and rural subindices increased in the month, while the base metals subindex decreased. In Australian dollar terms, the index increased by 0.1 per cent in December.
Over the past year, the index has decreased by 2.1 per cent in SDR terms, led by lower coal, LNG and alumina prices. The index has increased by 1.6 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 3.2 per cent in December in SDR terms, to be 3.9 per cent lower over the past year.
For further details regarding the...
Members noted that interest rates were very low around the world, with a number of central banks having eased monetary policy over recent months in response to downside risks to the global economy and subdued inflation. Market expectations for further policy easing by central banks had been scaled back over previous months, with concerns about the downside risks receding a little. The US Federal Reserve had indicated that any further reduction in the federal funds rate would require a material change in the economic outlook. Reflecting these developments, market pricing had pointed to a narrowing in the degree of uncertainty around the expected path for the federal funds rate. Globally, long-term government bond yields had remained at very low levels, but had risen slightly in recent months as the prospects for further easing in monetary policy had diminished.
Financing conditions for corporations remained very accommodative. Robust demand for corporate debt had seen...
Thank you to the organisers for the opportunity to present to you today.
Banks have a central role in facilitating activity in modern economies. While that role is just as important today as it was prior to the financial crisis, the nature of banking has changed. And given developments in technology, data and competition, banking will need to continue to evolve. Today, I am going to discuss these changes in banking, past and prospective.
To put these changes in context, first I want to consider the special role that banks play in the economy. I will then focus on how banks have changed in Australia since the financial crisis, and outline some of the issues facing banks today that could see banking change in the coming years (my remarks for Australia apply to all Authorised Deposit-taking Institutions, ADIs, but to fit with the international literature I will use the term ‘banks’ and also because the word banks rolls off the tongue more easily). While the...
These activities are designed for primary-aged children and run during the New South Wales school holidays. Students will receive an interactive presentation on banknote security features and get a closer look at the new Next Generation Banknotes. They will also be taken on a guided journey through the Museum and learn about the history of Australia and its historic figures.
Global activity in foreign exchange (FX) and over-the-counter (OTC) derivatives markets increased over the three years to April 2019. Continuing a trend observed over prior years, growth in turnover of foreign exchange derivatives outpaced growth in spot market activity. Trading between dealers and other financial institutions accounted for a larger share of market activity than trading between FX dealers.
The Australian dollar remained the fifth most traded currency globally, although the volume of FX trading activity in the Australian market was little changed. Over the past three years, the growth of global and Australian OTC derivatives markets has been driven by interest rate derivatives.
Revenue and profit growth have slowed in China’s corporate sector in recent years, alongside a broader moderation in China’s economic momentum. The slowdown has been most severe for labour-intensive private companies, particularly export-oriented manufacturing firms. The government has responded by announcing a range of measures aimed at easing financial conditions faced by the private sector. Earlier efforts by the Chinese authorities to reduce risks in China’s financial system appear to have been successful in stabilising leverage in the state-owned sector, but the financial position of private sector firms is more fragile, and risks remain elevated in the real estate industry.
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