Table 5: Summary statistics of stationary data
| Transformation | Mean | St. dev. | t-stat | p-value | |
| Dependent variable | |||||
| Consumption | Logged and differenced | 0.01 | 0.02 | N/A | N/A |
| Spending activity | |||||
| Retail sales | Logged and differenced | 0.00 | 0.02 | -2.07 | 0.49 |
| Credit card payments | Logged and differenced | 0.01 | 0.06 | -1.21 | 0.86 |
| Outstanding credit | Logged and differenced | 0.00 | 0.01 | -1.85 | 0.61 |
| Household finances | |||||
| Wage growth | Logged and differenced | 0.01 | 0.00 | -2.67 | 0.22 |
| Savings ratio | Differenced | -0.01 | 1.99 | -2.22 | 0.41 |
| Net worth | Logged and differenced | 0.01 | 0.02 | 1.30 | 0.99 |
| Debt to income | Logged and differenced | 0.01 | 0.01 | -2.06 | 0.50 |
| Interest payments to income | Logged and differenced | 0.00 | 0.04 | -1.41 | 0.80 |
| Consumer sentiment | Logged and differenced | 0.00 | 0.05 | N/A | N/A |
| Employment | |||||
| Unemployment | Logged and differenced | 0.00 | 0.03 | -3.53** | 0.03** |
| Underemployment | Logged and differenced | 0.00 | 0.04 | -2.38 | 0.34 |
| Hours Worked | Logged and differenced | 0.00 | 0.01 | -2.98 | 0.12 |
| Residential Property | |||||
| Private dwelling investment | Logged and differenced | 0.01 | 0.05 | -3.14* | 0.08* |
| Private dwelling approvals | Logged and differenced | 0.00 | 0.07 | N/A | N/A |
| House prices | Logged and differenced | 0.00 | 0.01 | 0.54 | 0.99 |
| Inflation and interest rates | |||||
| Consumer Price Index (CPI) | Differenced | 0.00 | 1.02 | -2.84 | 0.16 |
| Cash rate target | Logged and differenced | -0.01 | 0.11 | -3.12* | 0.09* |
| Mortgage rate | Logged and differenced | 0.00 | 0.02 | -2.23 | 0.41 |
| Credit card rate | Logged and differenced | 0.00 | 0.01 | -3.19* | 0.08* |
| Savings rate | Logged and differenced | -0.01 | 0.10 | N/A | N/A |
| Market Indicators | |||||
| Ten year yield spread | Differenced | 0.00 | 0.66 | N/A | N/A |
| Brent crude oil | Logged and differenced | 0.00 | 0.03 | N/A | N/A |
| All Ordinaries | Logged and differenced | 0.00 | 0.01 | -3.44** | 0.04** |
| Trade | |||||
| Balance of trade | Differenced | 24.58 | 1424.80 | -1.28 | 0.84 |
| Trade weighted index | Logged and differenced | 0.00 | 0.01 | N/A | N/A |
The mean and standard deviation of the transformed data series are reported in the table above as well as the t‑stat and p‑value of the Engle‑Granger cointegration tests performed with the dependent variable. N/A values are reported when the independent variable does not have a unit root and hence, cointegration tests are not appropriate.
* indicates the 10 per cent significance level
** indicates the 5 per cent significance level
*** indicates the 1 per cent significance level.
Updated