The Australian Economy and

Financial Markets
Chart Pack | December 2024
In the spirit of reconciliation, the Reserve Bank of Australia
acknowledges the Traditional Custodians of Country throughout
Australia and their connections to land, sea and community.
We pay our respects to their Elders past and present and extend that
respect to all Aboriginal and Torres Strait Islander peoples today.

The data used in this publication are as at 5 December 2024, with the exception of Unit Labour Costs Growth data, which is as at 11 December 2024.

© Reserve Bank of Australia 2024

For the full copyright and disclaimer provisions that apply to this publication, see [Link]/copyright/.
The Australian Economy and Financial Markets
Contents
World Economy 1
Australian Growth 4
Australian Inflation 5
Household Sector 6
Business Sector 8
Credit and Money 11
Factors of Production and Labour Market 12
Regions and Industry 14
Government 15
Commodity Prices 16
Balance of Payments and External Position 17
Central Bank Balance Sheets and Bond Purchases 19
Interest Rates 20
Share Markets 25
Bond Issuance 26
Exchange Rates 28
Banking Indicators 30
World Economy
Major Trading Partner GDP Growth* GDP Growth – China and India
Year-ended Year-ended
% % % %

10 10 20 20

China
10 10
5 5
India
0 0
0 0

-10 -10
-5 -5
-20 -20

-10 -10
2004 2008 2012 2016 2020 2024 -30 -30
* Weighted using Australian export shares.
2008 2012 2016 2020 2024
Sources: ABS; CEIC Data; LSEG; RBA. Sources: CEIC Data; RBA.

GDP Growth – G3 Economies GDP Growth – East Asia

Year-ended Year-ended
% % % %

12 12
8 8 Indonesia
Japan
US Euro area 6 6

South Korea
0 0 0 0

Malaysia
-6 -6
-8 -8
-12 -12

-16 -16 -18 -18

2004 2008 2012 2016 2020 2024 2004 2008 2012 2016 2020 2024
Source: LSEG. Sources: CEIC Data; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 1
 W O R L D E CO N O M Y

CPI Inflation – G3 Economies CPI Inflation – China and India

Year-ended Year-ended
% % % %
India
9 9 15 15

6 6
10 10
United States
3 3
5 5

0 0
Japan* 0 0
Euro area
China
-3 -3
2008 2012 2016 2020 2024 -5 -5
* Excludes the effects of the consumption tax increase in 2014. 2004 2008 2012 2016 2020 2024
Sources: LSEG; RBA. Source: CEIC Data.

Labour Markets – G3 Economies CPI Inflation – East Asia

% Unemployment rate %
Year-ended
12 12 % %
Euro area Indonesia
8 8
US 15 15
4 4

10 10
% Wages growth* %
Year-ended
5 5
5 5

0 0
Japan 0 0
Malaysia South Korea
-5 -5
2008 2012 2016 2020 2024
* Average hourly earnings for the US; compensation per employee for -5 -5
the euro area; smoothed full-time base wages for Japan. 2004 2008 2012 2016 2020 2024
Sources: CEIC Data; LSEG; RBA. Sources: CEIC Data; LSEG; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 2
 W O R L D E CO N O M Y

China – Activity Indicators China – Residential Property Indicators*

Year-ended growth % New property prices growth** Investment growth** %
index Manufacturing PMI* Industrial production** % Official Total
55 40 20 30
Land purchases
50 20
0 0
45 0 Alternative*** Construction
and other****
40 -20
index Floor space sold Floor space started index
Dec 2019 = 100 Dec 2019 = 100
% Fixed asset investment** Real retail sales** % 135 135
40 40
90 90
20 20
45 45
0 0
-20 -20 0 0
2016 2020 2024 2016 2020 2024
-40 -40 * Seasonally adjusted by the RBA.
2014 2019 2024 2014 2019 2024 ** Year-ended.
* Diffusion index; average of the official and Caixin. *** China Index Academy.
** Seasonally adjusted by the RBA. **** Construction, installation, equipment purchases and other.
Sources: CEIC Data; Markit Economics; RBA. Sources: CEIC Data; RBA; WIND Information.

China – Total Social Financing Growth China – Gross Output of Selected Products*
Year-ended with contributions January 2006 = 100
% % index index

350 350
30 30 Electricity generation
Household loans
Steel products
Business financing* 300 300
Government bonds**
20 20 250 250
Cement
200 200
10 10 Crude steel
150 150
Plate glass

0 0 100 100
2008 2012 2016 2020 2024
* Sum of business loans, securities financing and off-balance sheet
financing. 50 50
** Net government bond issuance includes local government bond 2010 2017 2024 2010 2017 2024
issuance to pay off debt previously classified as business financing,
and uses RBA estimates prior to 2016. * Seasonally adjusted by the RBA.
Sources: CEIC Data; RBA. Sources: CEIC Data; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 3
Australian Growth
GDP Growth Contributions to GDP Growth
Year-ended
% % ppt ppt
September 2024

8 8 1.0 1.0

Year-ended
0.5 0.5
4 4
0.0 0.0

0 0
Quarterly -0.5 -0.5

-4 -4 -1.0 -1.0

GDP

Consumption

investment

investment

Non-mining

Government

Exports

Imports
investment
Dwelling

Mining
-8 -8
1994 1999 2004 2009 2014 2019 2024
Source: ABS. Sources: ABS; RBA.

Mining and Non-mining Activity State Final Demand

Year-ended growth, RBA estimates
Year-ended growth
% Mining* %
Mining investment
% %
20 20 WA
Resource exports 15 15
10 10

0 0
10 10

% % 5 5
Non-mining
10 10
0 0
5 5 NSW and Vic
0 0 Rest of Australia
-5 -5
-5 -5
-10 -10 -10 -10
2004 2008 2012 2016 2020 2024
* Net of mining-related imports; components are contributions to -15 -15
year-ended mining activity growth; contribution from changes in
inventories not shown.
1999 2004 2009 2014 2019 2024
Sources: ABS; RBA. Sources: ABS; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 4
Australian Inflation
Consumer Price Inflation* Measures of Underlying Inflation*
% % Year-ended
% %

9 9 10 10
CPI excl volatile items
Year-ended
8 8
6 6
Weighted median
6 6
3 3 Trimmed mean
4 4

0 0
Quarterly 2 2
(seasonally adjusted)
-3 -3 0 0
1989 1996 2003 2010 2017 2024 1989 1996 2003 2010 2017 2024
* Excludes interest charges prior to the September quarter 1998; * Excludes interest charges prior to September 1998 and deposit & loan
adjusted for the tax changes of 1999–2000. facilities prior to September 2011; adjusted for 1999–2000 tax changes.
Sources: ABS; RBA. Sources: ABS; RBA.

Tradable and Non-tradable Inflation*

% Non-tradables** %

6 6
Year-ended
3 3

0 0
Quarterly
(seasonally adjusted)
% Tradables excl volatiles %

6 6

3 3

0 0

-3 -3
1994 1999 2004 2009 2014 2019 2024
* Adjusted for the tax changes of 1999–2000.
** Excludes interest charges and indirect deposit & loan facilities.
Sources: ABS; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 5
Household Sector
Household Income and Consumption* Consumer Sentiment*
% Real, year-ended growth % Average since 1980 = 100
Consumption index index
8 8

0 0 105 105

Disposable income
-8 -8
95 95

% Saving ratio %
85 85
16 16

8 8 75 75

0 0
65 65
-8 -8 2008 2012 2016 2020 2024
1994 2000 2006 2012 2018 2024 * Average of the ANZ-Roy Morgan and Westpac-Melbourne Institute
* consumer sentiment measure of respondents’ perceptions of their
Household sector includes unincorporated enterprises; disposable personal finances relative to the previous year; ANZ-Roy Morgan index
income is after tax and interest payments; saving ratio is net of rescaled to have the same average as the Westpac-Melbourne Institute
depreciation. index since 1996.
Sources: ABS; RBA. Sources: ANZ-Roy Morgan; RBA; Westpac and Melbourne Institute.

Private Dwelling Investment* Private Residential Building Approvals

Chain volume, quarterly Monthly
$b $b ’000 ’000

20 20
Detached houses
Total
30 30 16 16

12 12

20 20
8 8

4 4

10 10 Higher-density housing
1994 2000 2006 2012 2018 2024 0 0
* Reference year is 2022/23.
1994 2000 2006 2012 2018 2024
Source: ABS. Source: ABS.

C H A R T PA C K | D E C E M B E R 2 0 2 4 6
 H O U S E H O L D S E C TO R

Housing Prices and Household Debt* Household Wealth and Liabilities*

Ratio to household disposable income Per cent of annual household disposable income
ratio ratio % %
Housing prices Household debt

6 2.0 800 800

Net wealth

5 1.6 600 600

Dwellings

4 1.2 400 400

Financial assets
3 0.8 200 200

Liabilities
2 0.4 0 0
2004 2024 2004 2024 1999 2004 2009 2014 2019 2024
* Household disposable income is after tax, before the deduction of * Household disposable income is after tax, before the deduction of
interest payments, and includes income of unincorporated enterprises. interest payments, and includes income of unincorporated enterprises.
Sources: ABS; CoreLogic; RBA. Sources: ABS; RBA.

Housing Prices Housing Loan Commitments*

Year-ended growth, seasonally adjusted Excluding refinancing
% % $b $b
20 20
ABS*
15 15 30 30
APM***
Total
10 10
Owner-occupier
5 5 20 20
Residex*
0 0

-5 -5 10 10
CoreLogic**

-10 -10
2008 2012 2016 2020 2024 Investor
* ABS is a quarterly stratified median price index; Residex is a quarterly
0 0
repeat sales price index.
**
2004 2008 2012 2016 2020 2024
Monthly hedonic price index; non-seasonally adjusted.
*** Quarterly stratified median price index. * Seasonally adjusted.
Sources: ABS; APM; CoreLogic; RBA; Residex. Sources: ABS; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 7
Business Sector
Business Investment* Capital Expenditure – Mining and Non-mining*
Share of nominal GDP Nominal, log scale
% % $b $b
Mining Non-mining
128 128
18 18
64 64

16 16 32 32

16 16
14 14

8 8
12 12
4 4

10 10 2 2
1994 2000 2006 2012 2018 2024 96 / 97 10 / 11 24 / 25 96 / 97 10 / 11 24 / 25
* Adjusted for second-hand asset transfers between the private and * Dots are firms’ expectations for 2024/25; adjusted for historical
other sectors. differences between expected and realised spending.
Source: ABS. Sources: ABS; RBA; RBA calculations.

Business Investment Components* Industry Share of Business Investment*

Share of nominal GDP % %
% %
50 50
Machinery and equipment
8 8
40 40
Financial and
insurance services Construction Mining
6 6 30 30
Other business
Retail and
services**
wholesale trade
4 4 20 20
Buildings
Agriculture Manufacturing
10 10
2 2
Engineering 0 0
93 / 94 99 / 00 05 / 06 11 / 12 17 / 18 23 / 24
0 0 * Nominal; includes second hand asset transfers.
1994 2000 2006 2012 2018 2024
** Includes: information media and telecommunications; rental, hiring and
* Adjusted for second-hand asset transfers between the private and real estate services; professional, scientific and technical services;
other sectors. administrative and support services.
Source: ABS. Source: ABS.

C H A R T PA C K | D E C E M B E R 2 0 2 4 8
 B U S I N E S S S E C TO R

Labour and Profit Share of Income* NAB Business Survey

% % ppt ppt
Including mining Excluding mining** Business conditions*
60 60 20 20

0 0
50 50
Labour
-20 -20
40 40
-40 -40
30 30
Profits ppt Business confidence* ppt
20 20
0 0
10 10
-30 -30
0 0
2004 2014 2024 2004 2014 2024 -60 -60
* Shares do not sum to 100 per cent due to the exclusion of gross mixed
income, and the gross operating surplus of public corporations, financial
corporations, general government and dwellings.
% Capacity utilisation %
** Excluding mining sector profits and mining sector labour income.
Sources: ABS; RBA. 84 84

Lending to Businesses* 80 80
Break-adjusted Average since 1989
$b $b 76 76

72 72
Large business
68 68
400 400 1994 2000 2006 2012 2018 2024
* Net balance; deviation from average since 1989.
Sources: NAB; RBA.
Medium business

200 200

Small business

0 0
2019 2020 2021 2022 2023 2024
* EFS data are based on reporting of banks and finance companies that
have $2 billion or more of business credit. Data in April 2023
break-adjusted for revised defintions of business sizes for IRB reporting
institutions.
Sources: APRA; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 9
 B U S I N E S S S E C TO R

Lending to Businesses* Business Lending Rates*

Not seasonally adjusted, break-adjusted Average interest rate on credit outstanding
$b $b % %
Small business Medium business Large business Small business Medium business Large business

600 600
6 6

Fixed-rate
400 400

Secured by
3 3
residential
200 200 property** Variable-rate

0 0 0 0
2021 2024 2021 2024 2021 2024 2021 2024 2021 2024 2021 2024
* Changes to business size definitions in April 2023 resulted in some
Secured (other) Unsecured
large business credit being reclassified as medium business credit and
Secured (residential property) Secured some medium business credit being reclassified as small business credit.
* Changes to business size definitions in April 2023 resulted in some ** Small business loans secured by residential property can have fixed
large business credit being reclassified as medium business credit and or variable interest rate terms and are included in the fixed-rate and
some medium business credit being reclassified as small business credit. variable-rate lines.
Sources: APRA; RBA. Sources: APRA; RBA.

Lending to Selected Industries Business Loan Commitments*

Small and medium-sized businesses, credit outstanding*
$b $b
Small and medium-sized businesses, excluding refinancing
Highly affected by Less affected by $b Other** Purchase of property
$b
COVID-19** COVID-19**
Working capital Construction
200 200 Plant and equipment
12 12
150 150
Rental Total
100 100 8 8
Agriculture

Other highly affected*** Other services****

50 50
Accom & food
4 4
Admin Healthcare Construction
0 0
2021 2024 2021 2024
* Changes to business size definitions in April 2023 resulted in some
large business credit being reclassified as medium business credit and 0 0
some medium business credit being reclassified as small business credit. 2019 2020 2021 2022 2023 2024
** Highly affected industries had the highest share of businesses report * Fixed-term loans; not seasonally adjusted. Changes to business size
a fall in revenue of greater than 50 per cent in a June 2020 ABS survey;
less affected industries are the top four by value of SME lending. definitions in April 2023 resulted in some large business credit being
*** Education & training; arts & recreation; information media & telecoms. reclassified as medium business credit and some medium business
credit being reclassified as small business credit.
**** Other services includes a broad range of personal services, selected
repair and maintenance activities and households employing staff. ** Wholesale finance, acquisitions and general business purposes.
Sources: APRA; RBA. Sources: ABS; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 10
Credit and Money
Credit and Broad Money Growth Credit Growth*
% %
Year-ended Owner-occupier Investor housing Business**
% % housing
Broad money
10 10

15 15

0 0
Six-month-ended
10 10 annualised

% %
Three-month rolling
Credit*
average
5 5 1.5 1.5

0.0 0.0
Monthly
0 0 -1.5 -1.5
1999 2004 2009 2014 2019 2024 2020 2024 2020 2024 2020 2024
* Excluding financial business post May 2004. Seasonally adjusted and * Seasonally adjusted and break-adjusted; including securitisation.
break-adjusted; including securitisation. ** Excluding financial businesses.
Sources: ABS; APRA; RBA. Sources: ABS; APRA; RBA.

Monetary Aggregates Growth Credit Growth by Sector*

Year-ended Year-ended
% % % %

Business**
20 20 20 20
M3
15 15 10 10
Housing

10 10
0 0

5 5
-10 -10
Currency
Personal
0 0
-20 -20
2008 2012 2016 2020 2024
-5 -5 * Seasonally adjusted and break-adjusted; including securitisation.
1999 2004 2009 2014 2019 2024 ** Excluding financial businesses.
Sources: ABS; APRA; RBA. Sources: ABS; APRA; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 11
Factors of Production and Labour Market
Factors of Production Wage Price Index Growth*
Annual growth % %
% Net capital stock* %

5 5 4 4

3 3
3 3
Year-ended
% Working-age population %
2 2
2 2
Quarterly
1 1
1 1

0 0 0 0
87 / 88 96 / 97 05 / 06 14 / 15 23 / 24 1999 2004 2009 2014 2019 2024
* Excluding livestock & orchards, dwellings and ownership transfer costs. * Total pay excluding bonuses.
Sources: ABS; RBA. Source: ABS.

Capital Ratios* Unit Labour Costs Growth

1979/80 = 100 Non-farm, year-ended
index index % %
Unit labour costs
15 15
200 200 10 10
Capital–labour ratio
5 5
175 175
0 0
-5 -5
150 150
% Average earnings per hour %
125 125 10 10
Capital–output ratio 5 5
100 100
0 0
Labour productivity per hour
75 75 -5 -5
87 / 88 96 / 97 05 / 06 14 / 15 23 / 24
*
-10 -10
Capital stock excludes livestock & orchards, dwellings and ownership
transfer costs.
1999 2004 2009 2014 2019 2024
Sources: ABS; RBA. Sources: ABS; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 12
 FA C TO R S O F P R O D U C T I O N A N D L A B O U R M A R K E T

Employment and Participation Rates Employment and Hours Worked*

% % 2008 average = 100
index index

130 130
65 65
Participation rate
120 120
Employment
60 60 110 110

Total hours worked

100 100

55 55 Average hours worked

Employment-to-population ratio 90 90

80 80
50 50 2008 2012 2016 2020 2024
1976 1988 2000 2012 2024 * Seasonally adjusted.
Source: ABS. Sources: ABS; RBA.

Labour Underutilisation Rates Job Vacancies and Advertisements

Heads-based Per cent of labour force
% % % %

18 18 3 3

Underutilisation rate* Advertisements

(JSA)
Vacancies*
(ABS survey)
12 12
2 2

Unemployment rate
6 6
1 1

Underemployment rate**
0 0
1968 1982 1996 2010 2024 0 0
* Sum of the unemployment and underemployment rates.
2008 2012 2016 2020 2024
** Employed people who want, and are available, to work more hours. * This survey was suspended between May 2008 and November 2009.
Source: ABS. Sources: ABS; Jobs and Skills Australia (JSA); RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 13
Regions and Industry
State Share of Output State Unemployment Rates
Nominal Trend
% % % %
New South Wales South Australia
35 35 8 8

30 30 Tasmania
7 7
Victoria Victoria
25 25
6 6
20 20
Queensland 5 5
15 15
Western Australia
4 4
10 10 New South Wales
South Australia Western Australia
Queensland
5 5 3 3
Tasmania
0 0 2 2
93 / 94 99 / 00 05 / 06 11 / 12 17 / 18 23 / 24 2010 2017 2024 2010 2017 2024
Source: ABS. Source: ABS.

Industry Share of Output* Employment Growth by Industry*

% % Cumulative change since March 2013
Other business services** ’000 ’000

Manufacturing Business services

14 14 1,500 750
Retail and wholesale Public
trade administration
1,000 500
10 10 Household
Financial and insurance services services
500 250
Construction Other**
Construction
6 6
Mining 0 0
Retail and Mining
wholesale trade Manufacturing
Agriculture
2 2 -500 -250
2014 2019 2024 2014 2019 2024
93 / 94 99 / 00 05 / 06 11 / 12 17 / 18 23 / 24
* The trend series have been suspended from June 2020 until more
* Nominal gross value added. certainty emerges in the underlying trend in labour market activity over
** Includes: information media and telecommunications; rental, hiring and the COVID-19 period.
real estate services; professional, scientific and technical services; ** Includes agriculture, forestry & fishing; transport, postal & warehousing;
administrative and support services. and electricity, gas, water & waste services.
Source: ABS. Source: ABS.

C H A R T PA C K | D E C E M B E R 2 0 2 4 14
Government
Australian Government Budget Balance* State Budget Balances*
Per cent of nominal GDP Per cent of nominal GDP
% % % %

1.0 1.0
2 2
0.5 0.5
0 0
0.0 0.0

-2 -2 -0.5 -0.5

-1.0 -1.0
-4 -4
-1.5 -1.5
-6 -6
-2.0 -2.0

-8 -8 -2.5 -2.5
87 / 88 97 / 98 07 / 08 17 / 18 27 / 28 82 / 83 90 / 91 98 / 99 06 / 07 14 / 15 22 / 23
* Underlying cash balance; 2024/25 Budget. * Underlying cash balance.
Source: Australian Treasury. Source: ABS.

Public Construction Work Done Taxation Revenue Growth

Per cent of nominal GDP Nominal, year-ended with contributions
% % % Total Corporate income tax* Other %
Total Household income tax GST
20 20

3 3 15 15

10 10

2 2
5 5

Engineering
0 0
1 1
-5 -5
Building
-10 -10
0 0 2004 2008 2012 2016 2020 2024
1994 2000 2006 2012 2018 2024 * Only includes taxation of resident corporations.
Source: ABS. Source: ABS.

C H A R T PA C K | D E C E M B E R 2 0 2 4 15
Commodity Prices
RBA Index of Commodity Prices Oil and LNG Prices
SDR, 2022/23 average = 100, log scale Monthly
index index US$/b US$/
105 105 MMBtu
90 90
250 50
75 75

60 60 200 40

45 45
150 30
Brent oil
(LHS) Japan and Korea LNG spot
(RHS)
30 30 100 20

50 10

15 15 0 0
1989 1996 2003 2010 2017 2024 2012 2015 2018 2021 2024
Source: RBA. Sources: Bloomberg; LSEG; RBA.

Bulk Commodity Prices Terms of Trade*

Free on board basis 2022/23 average = 100, log scale
US$/t Iron ore Thermal coal Coking coal US$/t index index
(LHS) (LHS) (RHS)
100 100

375 750 80 80
Average
Australian
60 60
export price
250 500

Spot price* 40 40

125 250

0 0
2016 2024 2016 2024 2016 2024 20 20
*
1964 1984 2004 2024
Iron ore 62% Fe fines index; Newcastle thermal coal and premium
hard coking coal. * Annual data are used prior to 1960.
Sources: ABS; Bloomberg; McCloskey by OPIS; RBA. Sources: ABS; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 16
Balance of Payments and External Position
Export Volumes Resource Exports*
Log scale, quarterly Log scale, quarterly
$b $b Mt Mt

Resources LNG
Services 200 12
64 16
Rural
Iron ore

Manufacturing 100 6
32 8

Coal
50 3
2010 2017 2024 2010 2017 2024
16 4 * Seasonally adjusted by the RBA.
2000 2012 2024 2000 2012 2024
Sources: ABS; Department of Industry, Science, Energy and Resources;
Sources: ABS; RBA. RBA.

Import Volumes Exports by Destination

Log scale, quarterly Annual, share of total values
$b $b % %

Intermediate
32 32
Services 30 30
China

16 16
Capital
Consumption 20 20
Japan
8 8
US
10 10
EU-27* South Korea
4 4
India UK
0 0
2 2 2003 2008 2013 2018 2023
2004 2014 2024 2004 2014 2024 * The series has been revised to exclude the UK.
Source: ABS. Sources: ABS; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 17
 B A L A N C E O F PAY M E N T S A N D E X T E R N A L P O S I T I O N

Current Account Balance Net Capital Inflow*

Per cent of nominal GDP Per cent of nominal GDP
% % % %
Debt
8 8
6 6
Trade balance 6 6
Total
3 3 4 4
Net income balance

2 2
0 0
0 0
-3 -3 Equity
-2 -2

-6 -6 -4 -4
Current account balance
-6 -6
-9 -9 2004 2009 2014 2019 2024
1994 2000 2006 2012 2018 2024 * Latest year includes data for the year to date.
Source: ABS. Source: ABS.

Net Foreign Liabilities External Position*

By type, per cent of nominal GDP Composition after hedging, quarterly
% % $b $b
Gross foreign liabilities Gross foreign assets
Total
60 60 5,000 5,000
Foreign currency
45 45 Australian dollar
Long-term debt* 4,000 4,000
30 30
Short - term debt * 3,000 3,000
15 15

0 0 2,000 2,000
Equity
-15 -15 1,000 1,000

-30 -30
2004 2009 2014 2019 2024 0 0
*
2010 2017 2024 2010 2017 2024
Short-term includes debt with residual maturity of one year or less;
long-term includes all other debt. * Hedge ratios inferred from ABS Foreign Currency Exposure surveys.
Source: ABS. Sources: ABS; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 18
Central Bank Balance Sheets and Bond Purchases
RBA Assets RBA Liabilities
$b $b $b $b
Financial year Weekly Financial year Weekly
600 600 600 600

500 500 500 500

400 400 400 400

300 300 300 300

200 200 200 200

100 100 100 100

0 0 0 0

-100 -100 -100 -100

15/16 18/19 21/22 M J S D M J S D 15/16 18/19 21/22 M J S D M J S D
2023 2024 2023 2024
Open repo & other assets Domestic bonds Capital & Reserve Bank Reserve Fund Government & other deposits
OMO repo Gold & foreign exchange Banknotes Other liabilities
Term Funding Facility Exchange Settlement balances
Source: RBA. Source: RBA.

Central Bank Total Assets Central Bank Government Bond Holdings

Per cent of eligible stock outstanding*
Per cent of GDP % %
% %
Japan
50 50
150 30 Sweden
Australia UK
40 40
Japan
125 25 Euro area**
30 30
Sweden US NZ
100 20 20 20
Canada
Australia
75 15 10 10
NZ
Euro area Canada
UK 0 0
50 10 2020 2024 2020 2024
* Data include nominal and inflation-linked bonds issued by central
governments that are eligible for purchase in the secondary market
25 5 under central banks’ government bond purchase programs (for
Australia, this is nominal Australian Government Securities only); data
US for euro area also include eligible bonds issued by local and regional
governments.
0 0 ** Holdings data for euro area only include bonds held as part of asset
2020 2024 2020 2024 purchase programs; holdings data for other central banks also include
bonds held for operational or liquidity purposes.
Sources: Central banks; LSEG; RBA. Sources: Central banks; debt management offices; LSEG; RBA.

C H A R T PA C K | D E C E M B E R 2 0 2 4 19
Interest Rates
Australian Cash Rate Target Policy Interest Rates
% % % %

7 7 5 5
US
6 6 4 4

5 5 3 3
Euro area*
4 4 2 2

3 3 1 1

2 2
0 0
Japan
1 1
-1 -1
2008 2012 2016 2020 2024
0 0 * Main refinancing rate until the introduction of 3-year LTROs in
1994 1999 2004 2009 2014 2019 2024 December 2011; deposit facility rate thereafter.
Source: RBA. Source: Central banks.

Australian Cash Rate and 90-day Bill Yield Policy Interest Rates – Selected
% %
Advanced Economies
% %
8 8
Cash rate NZ
target 8 8
6 6
90-day bill yield

4 4 6 UK 6

2 2
4 4
Real cash rate*
0 0 Canada
2 2
Sweden
-2 -2
0 0
-4 -4
1994 1999 2004 2009 2014 2019 2024 Switzerland
* Calculated using average of year-ended weighted median inflation -2 -2
and year-ended trimmed mean inflation. 2008 2012 2016 2020 2024
Sources: ABS; AFMA; ASX; RBA. Source: Central banks.

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 I N T E R E S T R AT E S

Monetary Policy – China 10-year Australian Government Bond Yield

% % % %
Interest rates Reserve requirement ratios
7 7
8 20
Seven-day repo Large 6 6
(month average) institutions
6 15 5 5
One-year
Medium
benchmark lending
institutions 4 4
4 10
One-year MLF*
Small 3 3
institutions
2 5 2 2
One-year
benchmark deposit 1 1
0 0
2014 2019 2024 2014 2019 2024 0 0
* Medium term lending facility.
2004 2009 2014 2019 2024
Sources: CEIC Data; RBA. Sources: Bloomberg; RBA.

Policy Interest Rates – Emerging Markets 10-year Government Bond Yields

% % % %
Indonesia*
India Malaysia 6 6
8 20
US
Russia* 5 5
China
6 15
4 4
Philippines Brazil
3 3
4 10 Germany
2 2
2 5
1 1
Thailand South Mexico Japan
South Korea Africa 0 0
0 0
2012 2018 2024 2012 2018 2024
* Breaks in series indicate changes in the official policy rates for Russia
-1 -1
(September 2013) and Indonesia (August 2016).
2004 2009 2014 2019 2024
Source: Central banks. Sources: CEIC Data; LSEG.

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 I N T E R E S T R AT E S

Spread between Australian 10-year Bond Australian Non-financial Corporate Bond Yields
Yield and the Cash Rate Target Three-year target
% %
ppt ppt
BBB

4 4 9 9

2 2 6 6

0 0 3 3

-2 -2 0 0
1994 2000 2006 2012 2018 2024 2008 2012 2016 2020 2024
Source: RBA. Sources: Bloomberg; RBA.

Differential between Australian and Australian Non-financial Corporate Bond Spreads

US 10-year Government Bond Yields Spread to government yields; Three-year target
bps bps bps bps

300 300 800 800

200 200 600 600

BBB

100 100 400 400

0 0 200 200
A

-100 -100 0 0
1994 2000 2006 2012 2018 2024 2008 2012 2016 2020 2024
Sources: Bloomberg; LSEG; RBA. Sources: Bloomberg; RBA.

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 I N T E R E S T R AT E S

US Corporate Bond Yields Chinese Corporate Bond Yields

% % Five-year maturity
% %

10 10
BBB corporates* 8 8
8 8 Low-rated*

6 6 6 6
AA corporates*

4 4
4 4
High-rated**
2 2
Five-year swap
2 2
0 0 2012 2016 2020 2024
2008 2012 2016 2020 2024 * Based on AA- domestically rated bond.
* Includes financials and non-financials. ** Based on AAA domestically rated bond.
Sources: ICE Data is used with permission; LSEG. Source: CEIC Data.

US Corporate Bond Spreads

To US government bonds
bps bps

600 600
BBB corporates*

400 400
AA corporates*

200 200

0 0
Five-year swap**

-200 -200
2008 2012 2016 2020 2024
* Includes financials and non-financials.
** Series break from June 2023; thereafter 5-year swap calculation based
on new data due to the cessation of US dollar LIBOR.
Sources: Bloomberg; ICE Data is used with permission.

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 I N T E R E S T R AT E S

Average Housing Interest Rates Fixed Housing Interest Rates

% %
Variable-rate loans Fixed-rate loans* Three-year maturity
% %

8 8 12 12

Reference 10 10
New loans***
rates**
6 6
8 8
Outstanding Advertised*
loans*** 6 6
4 4

4 4
Swap rate
2 2 2 2
2016 2020 2024 2016 2020 2024
* Weighted average interest rate across all fixed-rate periods.
** 0 0
Major banks’ standard reference rates for owner-occupier variable-rate
loans.
1994 1999 2004 2009 2014 2019 2024
*** Series break in July 2019; thereafter, data based on EFS collection. * Available to owner-occupiers.
Sources: APRA; banks’ websites; CANSTAR; RBA; Securitisation System. Sources: Banks’ websites; CANSTAR; LSEG; RBA.

Housing Interest Rates* Australian Business Lending Rates*

Outstanding loans Average interest rate on credit outstanding
% % % %
Owner-occupier Investor Small loans

7 7 8 8

Small business
(EFS)
6 6 6 6
Large loans
Interest-only
5 5 4 4

Medium business
4 4 2
(EFS)
2
Large business
(EFS)
3 3
0 0
1999 2004 2009 2014 2019 2024
Principal-and-interest
* Small loans are loans less than $2 million; large loans are loans $2
2 2 million or more; new series from July 2019 are from the Economic and
2016 2020 2024 2016 2020 2024 Financial Statistics (EFS) collection (see Statistical Table F7). Changes
* to business size definitions in April 2023 resulted in some large business
Average of variable-rate securitised loans to 2019; thereafter, average credit being reclassified as medium business credit and some medium
of fixed and variable-rate loans, based on EFS data. business credit being reclassified as small business credit.
Sources: APRA; RBA; Securitisation System. Sources: APRA; RBA.

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Share Markets
Share Price Accumulation Indices Advanced Economies’ Share Price Indices
Log scale, end December 1994 = 100 Log scale, end December 1994 = 100
index index index index

1,500 1,500 800 800

600 600
900 900
ASX 200 400 400
600 600 US Euro area

S&P 500 200 200

300 300
UK
100 100
MSCI world
Japan
100 100
80 80 40 40
1999 2004 2009 2014 2019 2024 1999 2004 2009 2014 2019 2024
Sources: Bloomberg; RBA. Sources: Bloomberg; RBA.

Emerging Markets’ Share Price Indices*

Log scale, end December 1994 = 100
index index
1,500 1,500
Emerging Europe
1,000 1,000

500 500

China
200 200

World Latin America

100 100

Emerging Asia

40 40
1999 2004 2009 2014 2019 2024
* MSCI indices; Shanghai Composite Index for China.
Sources: Bloomberg; MSCI; RBA.

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Bond Issuance
Bonds on Issue in Australia Total Non-government Bonds on Issue
$b $b All currency denominations
$b $b
800 800
Australian government* 600 600

600 600 Financials

Non-government** 450 450
400 400
Non-financial
300 300
corporations
200 200
State governments
150 150
0 0
1994 2000 2006 2012 2018 2024 Asset-backed
Non-residents*
* Excludes bonds purchased by the Australian Government. securities
0 0
** Excludes ADIs’ self-securitisations, includes government-guaranteed 1994 2000 2006 2012 2018 2024
bonds.
* Australian dollar-denominated bonds only.
Sources: ABS; AOFM; Bloomberg; KangaNews; Private Placement Monitor;
RBA; State Treasury Corporations. Sources: ABS; Bloomberg; KangaNews; Private Placement Monitor; RBA.

Non-government Bond Issuance Non-government Bonds on Issue in Australia

Gross issuance $b $b
$b $b
Domestic issuers* Australia
Non-resident issuers**
60 60 250 250

30 30 200 200
Financials
$b $b 150 150
Offshore

60 60 Asset-backed securities*
100 100

30 30
50 50
Non-financial
0 0 Non-residents corporations
2004 2009 2014 2019 2024
0 0
* Excludes ADIs’ self-securitisations. 1994 2000 2006 2012 2018 2024
** Offshore non-resident issuance includes Australian dollar-denominated
bonds only. * Excludes ADIs’ self-securitisations.
Sources: Bloomberg; KangaNews; Private Placement Monitor; RBA. Sources: ABS; Bloomberg; KangaNews; Private Placement Monitor; RBA.

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 B O N D I S S UA N C E

US and Euro Area Corporate Bond Issuance* Emerging Market Corporate Bond Issuance*
Gross issuance Gross issuance
US$b US$b US$b US$b
Financials US China
Non-financials
600 600 450 450

400 400 300 300

200 200 150 150

US$b US$b US$b US$b

Euro area Other
Foreign currency-denominated
900 900 225 225
Local currency-denominated

600 600 150 150

300 300 75 75

0 0 0 0
2008 2012 2016 2020 2024 2008 2012 2016 2020 2024
* Most recent data is quarter-to-date. * Most recent data is quarter-to-date.
Sources: Dealogic; RBA. Sources: Dealogic; RBA.

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Exchange Rates
Australian Dollar Trade-weighted Index* Official Reserve Assets*
A$b A$b
index index Official reserve assets
80 80

80 80 60 60

Real
40 40
70 70
20 20
Foreign currency liquidity**

A$b A$b
60 60
4 4
2 2
RBA foreign exchange market intervention transactions***
Nominal 0 0
50 50 -2 -2
-4 -4
1999 2004 2009 2014 2019 2024
* The reporting methodology for official reserve asset data changes
40 40 in 2015.
1989 1996 2003 2010 2017 2024 ** Excludes net forward foreign currency commitments.
* *** Data up to 30 June 2024; a positive value indicates a purchase of
May 1970 = 100 for nominal; real indexed to equate post-float averages;
foreign exchange, while a negative value indicates a sale of foreign
latest observations for real TWI are estimates. exchange.
Sources: ABS; LSEG; RBA; WM/Reuters. Source: RBA.

Australian Dollar US Dollar

yen US$, yen US$
euro

250 0.80
US$ per euro*
200 1.60 (RHS, inverted scale)
Yen per A$ 210 1.00
(LHS)

150 Euro per A$* 1.20 170 1.20

(RHS)
US$ per A$
(RHS)
130 1.40
100 0.80
90 1.60
Yen per US$
(LHS)
50 0.40 50 1.80
1989 1996 2003 2010 2017 2024 1989 1996 2003 2010 2017 2024
* ECU per A$ until 31 December 1998. * US$ per ECU until 31 December 1998.
Source: Bloomberg. Sources: Bloomberg; Eurostat.

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 E XC H A N G E R AT E S

Selected Asian Currencies against the US Dollar G3 Nominal Trade-weighted Indices

31 January 2000 = 100 1999–2020 average = 100
index index index index
Japanese yen
Singapore
140 140 120 120
US dollar
South Korea
120 120 110 110

Malaysia Thailand
100 100
100 100

90 90
80 80
India Euro
80 80
60 60
Indonesia
70 70
40 40 1999 2004 2009 2014 2019 2024
2004 2009 2014 2019 2024
Sources: BIS; Bloomberg; Board of Governors of the Federal Reserve
Source: Bloomberg. System.

Chinese Renminbi
index Yuan per US$ yuan
(RHS, monthly average, inverted scale)
130 6.0

120 6.5

110 7.0

100 7.5

90 8.0

80 8.5
Nominal effective exchange rate*
(LHS, 2020 average = 100)
70 9.0

60 9.5
2004 2009 2014 2019 2024
* Monthly average nominal rate calculated using BIS EER weights.
Sources: BIS; LSEG.

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Banking Indicators
Australian Bank Profitability* Australian Bank Profits
Return on shareholders’ equity after tax and minority interests Net profit after tax Bad and doubtful debts charge
% % $b Major banks Major banks $b

Majors 16 6
20 20

8 0

10 10

$b Other Australian-owned Other Australian-owned $b

Other Australian-owned banks banks banks
0 0
3.0 1.1

-10 -10 1.5 0.0

1989 1996 2003 2010 2017 2024
* Fiscal years from 2003 onwards; prior data are as reported in banks’
financial statements
$b Foreign-owned banks Foreign-owned banks $b
Sources: APRA; Banks’ annual reports; RBA.

1.5 1.5
Net Interest Margin – Major Banks*
Domestic, half-yearly
% %
0.0 0.0

3.0 3.0 -1.5 -1.5

2006 2015 2024 2006 2015 2024
Sources: APRA; RBA.

2.5 2.5

2.0 2.0

1.5 1.5
2003 2008 2013 2018 2023
* Data for a given period relate to banks’ public profit reports released
in that half; IFRS basis from 2006, AGAAP prior; excludes St George
Bank and Bankwest prior to the first half of 2009.
Sources: Banks’ financial reports; RBA.

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 B A N K I N G I N D I C ATO R S

Banks’ Non-performing Loans Banks’ Non-performing Assets

Domestic books
Consolidated global operations, share of loans and advances
% %
% % Share of all assets* Share of assets by type**

2.5 2.5 3 3
Business*
(34%)

2.0 2.0 2
Personal
2
(3%)
Total

1.5 1.5 1 1

Housing
(63%)
1.0 1.0
0 0
2006 2015 2024 2006 2015 2024
* Includes lending to financial businesses, bills, short-term and long-term
debt securities and other non-household loans
0.5 0.5 ** Each category’s share of total domestic lending at December 2022 is
2004 2008 2012 2016 2020 2024 shown in parentheses; shares may not add up to 100 due to rounding
Source: APRA. Sources: APRA; RBA.

Capital Ratios* Funding Composition of Banks in Australia*

Consolidated global operations of locally incorporated ADIs Share of total funding; debt is on a residual maturity basis
% % % %
Banks Credit unions and
building societies
60 60
20 20
Domestic deposits
50 50

15 15 40 40
Total Short-term debt**
30 30
10 10
Tier 1
20 20
CET1 Long-term debt
5 5 Equity
10 10
Tier 2 Securitisation TFF***
0 0 0 0
1992 2007 2022 1992 2007 2022 2008 2012 2016 2020 2024
* Adjusted for movements in foreign exchange rates.
* Per cent of risk-weighted assets; break in March 2008 due to the
** Includes deposits and intragroup funding from non-residents.
introduction of Basel II for most ADIs; break in March 2013 due to the
introduction of Basel III for all ADIs. *** Term Funding Facility.
Source: APRA. Sources: ABS; APRA; Bloomberg; LSEG; RBA.

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