average weekly earnings. Average gross (before tax) earnings of employees. Average weekly earning statistics do not relate to average award rates or to the earnings of the 'average' person.

balance on current account. The difference between receipts and payments as the result of transactions in goods, services, income and current transfers between Australia and the rest of the world. A current account deficit means that total payments exceed total receipts, while a current account surplus means the reverse.

banks' housing loan interest rate. Standard variable rate for housing loans by large banks.

banks' prime interest rate. Predominant or representative indicator rate on variable rate business loans, i.e. overdrafts and fully drawn loans, of major banks.

banks' real prime interest rate. Banks prime rate discounted for inflation.

business investment. Private gross fixed capital formation (i.e. expenditure by private firms on additions to durable goods less net sales of similar secondhand goods) on other buildings and structures and machinery and equipment.

cash market rate (11.00 am call). Interest rates paid by short-term money market dealers on unsecured overnight loans. Previously known as the unofficial 11.00 am call rate.

consumer price index. An index which measures changes in the price of a basket of goods and services from a base period. Changes in the Consumer Price Index are the most commonly used measure of inflation.

employed persons. Persons aged 15 and over who, during a period of one week, worked for one hour or more for pay or worked for one hour or more without pay in a family business or on a family farm.

gross domestic product. The total market value of goods and services produced after deducting the cost of goods and services used up in theprocess of production (intermediate consumption) but before deducting consumption of fixed capital (depreciation).

gross domestic product-chain volume measure. Also known as real GDP, this is a measure used to indicate change in the actual quantity of goods and services produced. Economic growth is defined as a situation in which real GDP is rising.

gross foreign debt. All non-equity claims by non-residents on residents of Australia. The major component of gross foreign debt is the amount of borrowings from non-residents by residents of Australia.

gross non-farm product. Gross domestic product less that part which derives from agricultural production and services to agriculture.

home loan affordability indicator. The home loan affordability indicator measures the relationship between median weekly family income and average monthly home repayments on new loans.

household saving ratio. Household saving (household disposable income less household expenditure on goods and services not used for further production) as a percentage of household disposable income (household income less taxes, fees, fines, etc).

implicit price deflator for gross non-farm product. A measure of price change that is derived (hence the term implicit) by dividing gross non-farm product at current prices by gross non-farm product at constant prices.

labour force. The employed plus the unemployed.

labour force participation rate. The number of persons in the labour force expressed as a percentage of the civilian population aged 15 years and over.

long-term unemployed. Persons unemployed for a period of 52 weeks or more.

mean population. Weighted average population number.

net foreign debt. Gross foreign debt less non-equity assets such as foreign reserves held by the Reserve Bank and lending by residents of Australia to non-residents.

profits share. Gross operating surplus (the excess of gross output over costs incurred in producing that output) of private corporate trading enterprises as a percentage of gross domestic product at factor cost (gross domestic product less indirect taxes and subsidies).

seasonally adjusted estimates. Estimates in which the element of variability due to seasonal influences has been removed. Seasonal influences are those which recur regularly once or more a year.

short term arrivals. Overseas visitors who intend to stay in Australia for less than 12 months.

terms of trade. The relationship between the prices of exports and the prices of imports. The usual method of calculating the terms of trade is by dividing the implicit price deflator for exports by the implicit price deflator for imports.

trade weighted index. A measure of the value of the Australian dollar against a basket of foreign currencies of major trading partners.

Treasury underlying rate. A measure of the inflationary pressures affecting the economy. Calculated from the Consumer Price Index by excluding those items whose prices are subject to high volatility, seasonality or policy decisions.

unemployed persons. Persons aged 15 and over who, during a period of one week, were not employed but had actively looked for work in the previous four weeks and were available to start work.

unemployment rate. The number of unemployed persons expressed as a percentage of the labour force.