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Nominal cash rate is from RBA Table F1 column B. Calculate the quarterly
average cash rate from the monthly series, e.g. June quarter = average of
April, May , June. From that use your annual underlying (core) inflation
rate for the same quarter to calculate the real cash rate (hint: Fisher
equation). Start your series at December quarter 2002, with March quarter
2014 your last point.
Estimate the mean real cash rate for your period 2002-2014 and include a
line for that in your chart.
Table 1: Actual Outcomes for Economic Growth for Fiscal Years 2007-08 to
2012-13 and the Budget-time forecasts of May 2013 Real terms, %
Growth Rates/% Contribution to Growth
-0.1
6.0
2.8
-1.4
2009-10
2010-11
2011-12
2012-13
Terms of
Trade
2.0
2008-09
GDP
4.5
Net Exports
Contribution
Government
Spending
5.7
Imp[orts
Private
Spending
10.7
Exports
Business
Investment
1.8
Gross
National
Expenditure
Dwelling
Investment
4.7
Inventories
Contribution
Household
Consumption
2007-08
0.1
-0.7
0.4
0.4
0.1
-0.3
5.6
3.6
14.5
-1.7
3.7
5.7
1.6
6.0
0.5
1.1
2.6
-9.8
0.75
-0.5
-0.5
2.25
-13.25
0
0.5
0
1
3
2.75
3
-7.5
-0.75
-1.75
-0.25
1.75
0
11.5
-18.5
3.5
2.5
3
3
0.5
5
5.5
10.5
4.5
1
-4
2.75
7.75
-0.5
0.25
0.75
-1.25
2.5
-4
4.5
-6.5
6.5
4
3.5
2.75
-0.5
0
0.5
0
0
0
3
2.75
2.25
7
6.5
7
5
6
3
Sources: RBA Statistical Tables G4 and G11; and Commonwealth Budget Papers 2008-09 (May 2009) and 201314 (May 2013)
2013
Employment
growth
% change
Jun2008
Jun2009
Jun2010
Jun2011
Jun2012
Jun2013
3.1
1.2
Unemployment rate
%
Participation
rate
%
Consumer Price
Index
% change
4.2
65.6
4.0
5.7
65.1
2.5
-1.5
0.5
8.25
64.75
8.5
64.25
2013-14 Budget Forecasts (May 2013)
1.75
1.5
1.25
5.5
65
2.5
1.25
5.75
65
2.25
1.5
5.75
65
2.25
Sources: RBA Statistical Tables G1 and G7; and Commonwealth Budget Papers 2008-09 (May 2009) and 201314 (May 2013).
Table 1 Notes
Household consumption (C) - RBA Table G11 column B;
Table 2 Notes
Employment Growth - RBA Table G7 column G
Participation rate - RBA Table G7 column D
Unemployment rate - RBA Table G7 column I
Consumer Price Index (CPI) - RBA Table G1 column B