RBA Editorial Style Guide 
 
RBA Editorial Style Guide 
 
August 2023 
 
 
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RBA Editorial Style Guide 
Version Control 
Version 
2 
Date 
27 August 2023 
Document Approver 
Document Administrator 
Document Control ID 
0001 
Date Next Review Due 
August 2024 
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Contents 
1. 
Writing Style and Tone 
6 
1.1  Plain English 
6 
1.2  Inclusive language 
7 
2. 
Structure and Formatting 
8 
2.1  Abstracts and executive summaries 
9 
2.2  Headings 
9 
2.3  Bulleted lists 
10 
2.4  Capital letters 
11 
2.5  Italics 
14 
2.6  Links and email addresses 
15 
2.7  Numbers 
17 
2.8  Words and figures 
17 
2.9  Fractions and decimals 
18 
2.10 Percentages 
19 
2.11 Ranges 
19 
2.12 Degrees 
19 
2.13 Millions and billions 
21 
2.14 Dates 
22 
2.15 Centuries 
23 
2.16 Financial years 
23 
3. 
Punctuation 
25 
3.1  Full stops 
25 
3.2  Colons and semicolons 
25 
3.3  Commas 
28 
3.4  Hyphens 
32 
3.5  En dashes 
35 
3.6  Ellipses 
38 
3.7  Apostrophes 
38 
3.8  Quotation marks 
41 
4. 
Preferred Spelling 
43 
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4.1  Dictionary 
43 
5. 
Terms and Phrases 
53 
5.1   Words to watch 
53 
5.2  Tenses 
62 
6. 
Abbreviations 
63 
6.1  How to use abbreviations 
63 
6.2  Currencies 
63 
6.3  States/territories and countries 
67 
6.4  RBA departments, groups and offices 
68 
7. 
Titles, Honours and Addresses 
71 
7.1  Names and addresses 
71 
7.2  Titles and honours 
71 
8. 
References 
73 
8.1  Citations and references 
73 
8.2  Endnotes 
74 
8.3  References section checklist 
75 
8.4  Reference examples 
77 
9. 
Grammar 
82 
9.1  Nouns 
82 
9.2  Pronouns 
82 
9.3  Adjectives 
83 
9.4  Verbs 
83 
9.5  Adverbs 
84 
9.6  Split infinitives 
84 
9.7  Prepositions 
86 
9.8  Conjunctions 
87 
10. 
Macquarie Dictionary 
88 
11. 
Copyright and Disclaimer Information 
88 
11.1 Abridged copyright notices 
88 
11.2 Disclaimer notices 
89 
 
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RBA Editorial Style Guide 
 
The Editorial Style Guide aims to help you write clearly and consistently when you produce 
material for the Bank, including publications, documents and online content. 
The Style Guide complements the RBA Brand Guidelines and draws on guidance from 
the Australian Government Style Manual. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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1. 
Writing Style and Tone 
It is important to be clear, informative and engaging when writing for the Bank. Write plainly 
and keep your tone conversational – simple sentences and a clear message will help your 
reader. The plain English tips here help you to write in a consistent and appropriate style. 
 
1.1  Plain English 
Writing in plain English means being concise, unambiguous, using simple language and 
producing content that is easy for readers to navigate. Plain English helps writers 
communicate with a broad readership and has been shown to reduce reading errors. 
Remember to: 
•  Use familiar, everyday words that readers will understand. 
•  Avoid jargon, euphemisms and overly technical language – specialists benefit from plain 
English too. 
•  Keep sentences short (around 22 words). 
•  Engage with your audience by using personal pronouns such as ‘we’ and ‘you’, except in 
formal contexts. 
•  Use defined terms sparingly, including acronyms and abbreviations. 
•  Be direct and use verbs instead of constructions based on nouns derived from verbs, 
e.g. ‘apply’ not ‘make an application’. 
•  Check the readability of your article in Microsoft Word. Aim for a Flesch-Kincaid reading 
level of 10–13 (8 is generally considered a universal audience level). 
•  Use the active voice. For example: 
Active: The chairman signed the contract this morning. 
Passive: The contract was signed by the chairman this morning. 
Some words commonly used in formal documents can be replaced by simpler words for 
improved readability. 
Avoid Using 
When you could use 
albeit 
although, even though 
ameliorate 
improve, solve 
consequently 
so 
deficiency 
lack 
desist 
stop, refrain from 
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disaggregate 
separate 
due to the fact that 
because 
elucidate 
explain 
furthermore 
also 
indicate 
show, point out 
locality 
place 
necessitate 
require, compel 
notwithstanding 
yet, in spite of 
terminate 
end 
utilise 
use 
 
1.2  Inclusive language 
If writing about specific individuals or groups, always ask for people’s preferences about 
what they want to be called or how they want to identify. It is respectful to follow their lead. 
However, if referring to general individuals or groups and you don’t know their preference, 
use the below styles. 
The Australian Government Style Manual includes valuable insight on this topic and further 
tips for using inclusive language in your writing. See Inclusive language | Style Manual. 
1.2.1 Referring to First Nations Peoples 
If a general reference, use the terms: 
•  First Nations peoples 
•  Aboriginal and/or Torres Strait Islander peoples 
•  Indigenous Australians is not the ideal term, but if it cannot be avoided then always use 
a capital ‘I’. 
1.2.2 Gender-neutral language 
 
Avoid gendered language if possible 
Examples: 
You must provide copies of the application to your referees. [Use the second-person 
pronouns (‘you’ and ‘your’) with direct tone and active voice.] 
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Candidates must provide copies of the application to their referees. [Use a plural 
pronoun. The pronoun ‘their’ relates to a plural subject ‘candidates’.] 
Every candidate must provide copies of the application to referees. [Leave the 
pronoun out altogether.] 
 
Avoid gender-specific job titles 
Examples: 
Chair not Chairman/Chairwoman 
spokesperson not spokesman/spokeswoman 
police officer not policeman 
 
Use gender-neutral pronouns where necessary 
Use the singular ‘they’ or ‘them’ instead of a singular personal pronoun (he/she, him/her). 
Also ‘themself’ or ‘themselves’ instead of himself/herself.  
This replaces past usage of the general ‘he’ or the updated ‘he/she’, or the very awkward and 
confusing switching between the two. 
Examples: 
A person should always say what they think. [Not what he/she thinks.] 
When the time comes, the CEO will bring their ideas to the table. [Not his/her ideas; 
when describing the unknown role-holder.] 
 
 
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2. 
Structure and Formatting 
Before you start writing, plan your content based on what your audience or reader needs to 
know and the platform – are you writing an article in a publication or copy for the intranet? 
Consider what information the reader needs to put your writing into context and how to 
effectively communicate your message. Produce content that is easy for your reader to scan 
by writing short paragraphs and breaking up text with headings, bulleted lists or hyperlinks to 
further information. 
 
2.1  Abstracts and executive summaries 
If you are writing a report or an article, an abstract or executive summary is an effective way 
of articulating the background, purpose, focus and conclusions of your research. It is a brief 
statement that conveys to the reader the essence of the research. 
Abstracts should be less than 150 words and the content should not be directly repeated in 
the introduction. 
Writing a concise abstract is difficult. It is often helpful to start with one central takeaway 
message – what are you saying and why? In one simply worded sentence, what is the point 
of your article? Secondly, who is the audience and why are you trying to reach them? 
Effective abstracts are clear, concise and written in plain English. For example: 
‘Over the past two decades, economic and financial developments in China have 
become more important for the Australian economy in many ways. This article 
focuses on the effect of economic data releases in China on financial markets in 
Australia, and argues that Australian financial markets, particularly the Australian 
dollar, react more strongly to news about the Chinese economy than in the past.’ 
Mathews T (2016), ‘The Effect of Chinese Macroeconomic News on Australian 
Financial Markets’, RBA Bulletin, December, pp 53–62. 
 
2.2  Headings 
Use title case (maximum capitals) for document/chapter titles and graph/table titles. Use 
sentence case for all other headings. 
To make it easier for readers to scan the document, you may want to structure your headings 
as sentences that contain your key messages.  
Articles (e.g. a, the), prepositions (e.g. by, to, in, from) and conjunctions (e.g. and, but) should 
always be lowercase. (Also see Capital letters.) 
For example:  
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International Economic Conditions (chapter title – maximum capitals) 
The COVID-19 pandemic has led governments to impose varying degrees of social 
distancing policies(first level heading – sentence case) 
 
2.3  Bulleted lists 
Each bullet point should flow logically and grammatically from the lead-in sentence. Avoid 
repeating words in the stem. You do not need to use semicolons or commas at the end of 
each bullet point, but you do need a full stop after the last point. 
For example: 
When reporting an incident, you may be asked to describe: 
•  what happened 
•  your concern 
•  any action taken. 
 
If you want to give options or alternatives, you can write ‘or’ at the end of the second last 
point. For example: 
Your options are to: 
•  pay the bill by cheque; 
•  fill in a direct debit form; or 
•  arrange a bank transfer with your local branch. 
Note that in this case each bullet point ends in a semicolon, the 'or' goes after the semicolon 
in the second last point, and there is a full stop at the end of the last bullet point. 
2.3.1 Full sentences 
For a list where the bullet points are complete sentences, put a colon after the lead-in 
sentence, initial capitals as for normal sentences and full stops at the end of each bullet 
point. For example:  
The committee came to two important conclusions: 
•  Officers from the department should investigate the feasibility of developing 
legislated guidelines for future investigations. 
•  Research should be funded in the three priority areas. 
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Bullet points consisting of full sentences can extend to a couple of paragraphs in length. This 
can mean readers lose the connecting thread. Try rewriting your content to avoid this. 
2.3.2 Sentence fragments 
Avoid including a sentence after a sentence in bulleted lists if possible – instead, consider 
putting the sentence in brackets or add an en dash. Otherwise, when a sentence follows a 
sentence fragment in a list to explain a point, do not put a full stop at the end of that 
sentence. 
Assistance is available in several forms: 
•  monetary assistance (income support and specialist disability allowances fall 
into this category) 
or 
•  monetary assistance – income support and specialist disability allowances fall 
into this category 
•  equipment or environmental modifications 
•  advisory services. 
If it is unavoidable, follow this style: 
Assistance is available in several forms: 
•  monetary assistance. Income support and specialist disability allowances fall 
into this category 
•  equipment or environmental modifications 
•  advisory services. 
 
2.4  Capital letters 
Capital letters are hard to read, particularly on screen, so try to reduce the number of 
capitalised words where you can. 
Generally, use initial capital letters for names of people and organisations, titles and ranks, 
geographical names and designations, nationalities and some regions. For example: 
Ms Susan Smith 
Prime Minister Deakin 
Reserve Bank of Australia 
Middle East 
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Chinese, Aboriginal 
Queen Victoria Building 
2.4.1 In general 
Capitalise only when the reference is specific: 
The blue mountains in the distance are not the Blue Mountains. 
Days of the week and months of the year are capitalised, but not the seasons: 
Sunday, December 
spring, summer, autumn, winter 
Capitalise salutations such as Dear Sir and Dear Prime Minister but not Yours 
faithfully and Yours sincerely. 
In phrases such as Commissioner of Taxation retain the capital when writing of him/her as 
the Commissioner. 
2.4.2 At the Bank 
References to the Reserve Bank and job titles denoting a role that can only be held by one 
person should always be capitalised: 
the Bank 
Governor 
Deputy Governor 
Secretary 
Deputy Secretary 
Plural references are not typically capitalised. Bank job titles denoting a role that can be held 
by multiple people should only be capitalised preceding the name of the person in that role: 
Assistant Governor (Economic) Luci Ellis went to the meeting. 
But: Six assistant governors were at the meeting. 
Head of Domestic Markets Marion Kohler went to the meeting. 
But: All heads of departments were at the meeting. 
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2.4.3 Bank departments 
References to the full name of a Bank department should be captalised. Plural references are 
not typically capitalised. 
Enquiries can be made to the Human Resources Department. 
The author worked in Domestic Markets and Economic Research departments. 
2.4.4 Government  
The word government should be capitalised as part of a formal title or abbreviated specific 
title, but lower case is generally appropriate elsewhere: 
The Australian Government is responsible for ... the government proposes to ... the 
government stimulus payments ... The policy will be reviewed by the Australian 
Government 
The Victorian Government ... the government 
The Australian and New Zealand governments 
The government of South Australia 
It is the function of the government to ... 
Where more than one specific government is being mentioned, a full title may need to be 
repeated if the context alone is not enough to prevent ambiguity. 
The adjective federal requires a capital only if it forms part of an official title: 
The Federal Court of Australia ... the Federal Court 
A federal government initiative 
Defence is a federal responsibility 
2.4.5 Australian Government/federal government 
When referred to alone or alongside other international governments, use ‘Australian 
Government’. 
When referring to differing levels of Australian governments in a collective or distinguishing 
sense, use ‘federal’. 
For example: 
The Australian Government has provided substantial assistance to the New Zealand 
Government on this issue. 
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The federal and state governments have implemented policies to remedy this 
oversight. 
If a fuller explanation is needed, follow this style: 
The recent fiscal responses by the Australian Government and the state and territory 
governments are also providing welcome support to the economy at a time of 
significant short-term disruption. 
Note: Do not use the phrase ‘Commonwealth government’ to mean ‘Australian Government’. 
2.4.6 References to documents 
The full title/name of a document should be in capitals. However, when repeat references 
are made without the full title, lower case should be used. This applies to policies, chapters, 
boxes, reports, guidelines etc. 
The Occupational Health and Safety Policy applies in all work settings. The policy is 
designed to keep us safe. 
Chapter 3 considers the long-term trends in inflation. The chapter also looks at the role 
of monetary policy. 
The exception is legislative Acts and Regulations, which should always be referred to with 
capital letters. 
The Reserve Bank Act 1959 includes the mandate of the RBA. The Act also prescribes 
the role of the Board. 
 
2.5  Italics 
Use italics for: 
•  the titles of books 
•  newspapers 
•  journal and periodical titles 
•  plays and long poems 
•  most types of musical compositions 
•  films, videos, and television and radio programs 
•  works of art 
•  names of ships (except for prefixes such as SS or HMAS) 
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•  aircraft and other vehicles 
•  Latin words and phrases 
•  foreign words and phrases that are not yet regarded as being absorbed into English. 
For example: 
The General Theory of Employment, Interest and Money 
The Age 
Economic Record 
Reserve Bank Act 1959 
RBA Bulletin 
ex ante 
et al 
Where, however, the reference is to the title of an article/essay within a book, etc, use 
inverted commas for that title: 
His article on ‘Inflation Expectations’ in the Economic Record. 
Use italics when citing a word or words in a body of text to distinguish the word/s from the 
meaning of the rest of the sentence: 
The use of only in sentences is not straightforward 
2.5.1  Legislation 
Use italics in first instance with year included but without jurisdiction, then roman (i.e. not 
italics) without year from then on. 
For example: 
The Bank derives its functions and powers from the Reserve Bank Act 1959. Section 9 of 
the Reserve Bank Act established the Board. 
 
2.6  Links and email addresses 
Add links where they are useful to your reader, and describe the content you are linking. For 
example: 
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For further details, visit New Payments Platform Functionality and Access: 
Consultation. 
Not 
Further information on the APC is available here. 
Use the email address as the link. 
If a link activates an email program, use the email address as the link. 
Link directly to an email address rather than the staff directory. 
Example: 
Contact xxxxxxx.xxxxxx@xxx.xxx.xx 
Not 
email Belinda, Head of Social Media. 
 
 
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3. 
Numbers 
 
3.1  Words and figures 
In text use words for numbers zero to nine. Use numerals for 10+. 
Use numerals in lists, tables, mixed fractions, when a symbol of measurement is required 
or when referring to volume numbers, chapter numbers or page numbers. 
The numbers ‘0’ and ‘1’ are difficult for some readers to interpret, and can be confused with 
other numerals in some typefaces. Writing ‘zero’ and ‘one’ helps all readers to 
understand you are referring to the number. For example: 
Words: 
The Governor gave one speech last month. 
Ten committee members attended the meeting. 
Victoria typically accounts for around one-third of national construction activity. 
Numerals: 
The Governor is scheduled to speak at 11 events next month. 
Over the year to the September quarter, headline inflation was 1 per cent. 
Inflation was around 2¼ per cent. 
For details, see page 79. 
The meeting starts at 10.30 am. 
Spell out ordinals first to ninth, except when referring to editions of books. Use numerals for 
10th and above. Note that there is no superscript on st, nd, rd, th. For example: 
second not 2nd 
But 
2nd edition 
35th not 35th or thirty-fifth 
Spell out numbers when opening or closing a sentence except where other related numbers 
in the sentence are in figures. For example: 
Twenty-two people attended the meeting. 
The number of authorised banks fell from 33 to 28. 
The average number of complaints fell from 12 to 5. 
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Screen readers have trouble correctly interpreting numbers that are separated by a space. 
For this reason, for documents written after 1 September 2018 use commas, not spaces, 
between each group of three digits. 
Use 
1,000 
1,234,567 
Not 
1 000 
1 234 567 
Use a space after a numeral in the following types of expressions: 
11.30 am 
9 h 
8 mm 
50 km 
$200 million 
10 per cent 
No space is required between the figure and the symbol or letter in the following types of 
expressions: 
5c 
25% 
A$100 
 
3.2  Fractions and decimals  
3.2.1 Fractions 
Use fractions when precision is not required. Note: use numerals to write mixed 
fractions. For example: 
Inflation was around 2¼ per cent. 
Victoria typically accounts for around one-third of national construction activity. 
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3.2.2 Decimals 
Use decimal places when precision is required. For example: 
The index rose by 2.25 per cent over the past year. 
 
3.3  Percentages 
Use ‘per cent’ in text and % (symbol) in tables and graphs (although titles should use ‘per 
cent’). Always use numerals, except for zero per cent. See examples: 
The rate fell below 5 per cent 
The total increased by 112 per cent 
The aim is to reach zero per cent 
3.3.1 Percentage points 
Only 1 percentage point should be singular. A unit of measure with an absolute value of 
between zero and one is generally pronounced as if it were plural if it is a decimal (except for 
0.1 percentage point) and singular if it is a fraction. For example: 
The unemployment rate has risen by 0.4 percentage points. 
On average, labour productivity growth has been around 1½ percentage points lower. 
The carbon price is expected to add around ¼ percentage point to underlying inflation. 
 
3.4  Ranges 
Use full numbers in ranges, separated by an en dash. Follow the below examples of how to 
format ranges: 
1,000–2,000 not 1–2,000 
34–39 not 34–9 
1 million–2 million not 1–2 million 
10–20% not 10%–20% 
$10–$20 not $10–20 
 
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3.5  Degrees 
3.5.1 Angles 
When referring to angles, use the word ‘degree/s’, not the symbol. 
The policy was a 180-degree turn. 
3.5.2 Temperature 
Use the symbol °C when referring to degrees Celsius. Likewise, use °F if referring to degrees 
Fahrenheit. 
Global warming must be limited to a 1.5°C rise, or 2.7°F. 
 
3.6  Money 
For information on currencies, see Abbreviations.  
With money, where words rather than symbols are suitable, the following forms may be 
used: 
1,000 dollars or one thousand dollars 
3.6.1 Even dollars 
For amounts in even dollars, the following forms should be used: 
$1 or $1.00 
$1,000 or $1,000.00 
3.6.2 Cents only 
For amounts in cents only, write: 
1c 
5c 
10c 
99c 
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3.6.3 Dollars and cents 
Use the following forms for amounts in dollars and cents: 
$1.01 
$1.10 
$1,234.56 
3.6.4 Money/decimal point 
With money, the decimal point must be preceded by the $ symbol and a figure, and followed 
by at least 2 figures: 
$2.35 
$0.04 (not $.04) 
There may be more than two figures after the decimal point in statistical results or in 
exchange rates. 
 
3.7  Millions and billions 
Describe units in full for large numbers: 
$10 million 
A$ billion 
3.7.1 Millions 
In some official or legal publications all amounts, including those in even millions of dollars, 
must be expressed in full: 
$1,000,000 
$2,750,000 
$2,000,000,000 
In others, the abbreviated form, with the symbol m (without a full stop) and a space after the 
figure, is used: 
$1 m 
$2.75 m 
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$2,000 m 
In others, the word million is used (after a space): 
$1 million 
$2.75 million 
$2,000 million 
If more than three figures follow the decimal point, express the amount in full, as this is 
easier to read: 
$2,751,600 not $2.752 m or $2.7516 million 
Unless precision is essential, it may well be appropriate to round figures to the nearest 
thousand, million or billion. 
In a mathematical context, 106 may be the suitable expression for a million. 
3.7.2 Billions 
The meaning of the term billions varies between different countries. The Bank's style is to 
adopt the US usage for billion, that is, one billion = 1,000,000,000.  
 
3.8  Dates 
The Bank style for writing dates is: 
Wednesday 15 July 2020 
In the United States, 10/12/99 means October 12, 1999 not 10 December 1999; avoid writing 
the date in the American form. 
The exception is when referring to the name of an event or organisation which includes a 
date in a form inconsistent with Bank style, such as September 11, 2001. 
Months and days can be written as follows, using the first three letters of each word and no 
full stop: 
Month 
Abbreviation 
Day 
Abbreviation 
January 
Jan 
Monday 
Mon 
February 
Feb 
Tuesday 
Tue 
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March 
Mar 
Wednesday 
Wed 
April 
Apr 
Thursday 
Thu 
June 
Jun 
Friday 
Fri 
July 
Jul 
Saturday 
Sat 
August 
Aug 
Sunday 
Sun 
September 
Sep 
 
 
October 
Oct 
 
 
November 
Nov 
 
 
December  
Dec 
 
 
 
3.9  Centuries 
Use numbers with non-superscript letters; lower case 'century'. 
19th century not nineteenth century or 19th century 
Hyphenate only when used as an adjective. 
Examples: 
The game was popular in the 20th century. 
Some 19th-century practices now seem outdated. 
 
3.10  Financial years 
Financial years are written: 
1998/99 
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But 
1999/2000 and 2000/01 
Where a period/span of years is involved, write: 
1997–1999 
1999–2003 
2002–2012 
Years are separated by an en dash 2010–2011 not a hyphen 2010-2011. 
 
 
 
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4. 
Punctuation 
 
4.1  Full stops  
The full stop (also known as the full point, point, period or dot) is primarily recognised as the 
mark that ends a sentence. It should be followed by a single space only (except at the end of 
a paragraph where no space is needed after the full stop). 
Use a full stop: 
at the end of a sentence that isn't a question or exclamation 
as the decimal point in numbers and currencies (e.g. 0.8 per cent, 2.5, $1.32) 
in the abbreviations e.g. and i.e. 
to separate elements in web and email addresses 
Do not place a full stop after: 
headings, signatures or currencies 
sources in graphs, figures and tables 
captions 
symbols for units of measurements (e.g. 5 m, 10 km, 23.4 mm, 7 cm) 
expressions of time (e.g. am, pm) 
titles (e.g. Mr, Dr) 
the three point ellipsis (...), even at the end of a sentence 
shortened forms – p, pp, etc, Vol, Mon, Dec, NSW, Vic (except for e.g. and i.e.) 
 
4.2  Colons and semicolons 
The colon and semicolon are used within sentences to bring varying levels of emphasis, to 
signify connectedness and to make meaning clear. 
4.2.1 Colons 
The colon indicates a pause or degree of separation longer than a semicolon but shorter than 
a full stop. It is a mark for showing that specific details are about to follow and can be used to 
introduce additional explanatory information, a bulleted/numbered list, block quotations, 
examples and questions. 
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Other functions of the colon are to link a title with its subtitle or a heading with its 
subheading (as in book titles, report titles, newspaper headlines), to introduce formal 
statements, transcripts and dialogue, and to indicate ratios. 
Use a colon when introducing direct speech, statements, questions, quotations or block 
quotations: 
In his address, the Governor said: ‘Inflation will fall’. 
The question is: how is the economy going to accommodate that sort of investment 
boom? 
Following a clause which is complete in itself, and which explains or enlarges: 
There was only one word for it: catastrophic. 
To separate a clause that introduces a run-in list, often preceded by the following or as 
follows: 
Three portfolios were represented: finance, health and defence. 
The map shows the following information: geographic features, population distribution and 
environmental restraints. 
After expressions like, for example, such as, that is, namely, and so on, when these words or 
expressions introduce a vertical list set off from the text: 
You will be required to visit cities such as: 
•  London 
•  New York 
•  Basel 
•  Tokyo. 
Where each listed item consists of one word or a short phrase, a semicolon should not be 
used after the listed item. See also: Bulleted lists.  
To indicate a ratio: 
The map is in a ratio of 1:100 000. 
To introduce the subtitles of books, articles in periodicals, and so on: 
Ageing Retirement and Savings: A General Equilibrium Analysis 
Box A: The Impact of the Recent Floods on the Australian Economy 
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A capital letter does not follow a colon in general text except where the word following the 
colon is a proper noun; however, a capital letter does follow a colon for subtitles, 
subheadings and articles in periodicals. 
To separate hours and minutes: 
1:30 pm 
Not: 1.30 pm 
Do not use a colon: 
If a list or series of items – often prefaced by such expressions as including, such as 
and namely. 
We discussed her favourite painters, namely Nolan, Rees and Monet. 
4.2.2  Semicolons 
The semicolon creates a stronger break than a comma but a weaker break than a full stop. It 
is used to mark the boundary between two clauses that could be treated as separate 
sentences but are set together as one. Usually the second clause is strongly related or has a 
close logical link to the first. It is also used to separate a series of phrases or clauses that also 
contain commas. 
Use a semicolon: 
To connect grammatically incomplete sentences that are closely related but not joined by a 
conjunction, and where the clauses are parallel in structure or of a similar length and weight: 
It was the best of times; it was the worst of times. 
The left-hand side of the flag is red; the right-hand side is blue. 
To separate two clauses that could stand separately as sentences but which are so closely 
dependent on one another that a full stop after the first would make too sharp a break: 
Our service is good; we never keep you waiting. 
To separate parts of a sentence that require a stronger break than a comma but are too 
closely related to be broken into a sentence: 
The past is a different country; they do things differently there. 
 
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4.3  Commas 
A comma marks the smallest break in the continuity of a sentence and is used to mark 
divisions of thought or pauses within sentences. 
Commas separate information (words, phrases and clauses) into readable units and have a 
vital role in longer sentences. They give emphasis, meaning and clarity to sentences and are 
an essential aid to the reader. 
4.3.1 Use a comma(s): 
To eliminate ambiguity: 
Unclear: While we were walking in the park exploding fireworks were illuminating the 
north side of the harbour. 
Clear: While we were walking in the park, exploding fireworks were illuminating the 
north side of the harbour. 
To separate items in a simple series or list within a sentence: 
The details required are name, date of birth, address and telephone number. 
In general, commas should not be used before the final and when listing a number of things 
(e.g. fuel, food and housing). However, when listing long clauses or clauses that contain and, 
sometimes a comma is needed between the last two items in a list to ensure clarity (e.g. fuel, 
fruit and vegetables, and housing). 
They should seek the support of landholders, philanthropists, government, and 
community and industry groups. 
To mark off two or more adjectives that qualify the same noun if the effect of their use is 
cumulative or if each adjective qualifies the noun separately: 
She was a quiet, gentle, compassionate woman. 
If the first adjective qualifies the second adjective when used in conjunction with their noun, 
no comma is needed: 
There was a distinguished foreign visitor in the House. 
Not: There was a distinguished, foreign visitor in the House. 
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Between clauses equal in weight and linked by coordinate conjunctions such 
as and, but, yet and or, particularly when the subject of each clause is different: 
I liked that movie, but the others did not like it very much. 
Australia has one of the world's safest food-supply systems, yet the reported 
incidence of food-borne illness in this country has increased in recent years. 
If the relative clause is non-defining – that is, it adds a new point to the main clause that is 
not essential to the sense of the sentence – use commas to set off the non-defining clause: 
She bought the jewellery, which pleased her. 
John Smith, who will be 65 next year, has been with the department for 30 years. 
If the relative clause defines – that is, it contains information which is an essential part of the 
meaning of the sentence, no comma is needed: 
She bought the jewellery that pleased her. 
The John Smith who joined the department last week is no relation to the John Smith 
who will be 65 next year. 
After an introductory adjectival clause or phrase to separate it from its subject: 
Late and flustered, he attracted considerable attention as he bustled into the room. 
After an introductory adverbial clause to separate it from the main clause: 
After the proposal had been discussed at length in Cabinet, a press release was issued. 
After an introductory adverbial phrase; however, sometimes these types of clause and 
phrases are not marked off with a comma, especially if they are short and there is no 
possibility of ambiguity. Whether or not to use the comma will be influenced by such things 
as nuance, clarity, length of the phrase and other punctuation in the sentence: 
In this context you may not want a comma. 
On the other hand, you may be inclined to use one in this sentence. 
If so, you have made an informed choice. 
So you have made an informed choice. 
In the evening, paper lanterns lit the courtyard. 
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Where an introductory clause or phrase contains numerals and is immediately followed by 
other numerals: 
In 1993, 1,990 cases came to our attention. 
But 
In 1993 we handled 1,990 cases. 
When clauses introduced by as, with or while express time if ambiguity might result: 
While we were walking in the park fireworks were exploding over the harbour. 
But 
While we were walking in the park, exploding fireworks were illuminating the north 
side of the harbour. 
When clauses introduced by as, with or while express cause or condition: 
As you have been acting in the position, you might as well put in an application. 
To mark off adverbs, adverb phrases and adverb clauses in the middle of a sentence (making 
sure to use them in pairs – one at the beginning and one at the end): 
It was, in my opinion, a success. 
But, if it is not true, we will find another option. 
We tried hard and, as everyone knows, we made a success of it. 
I went to a shop where, fortunately, I was able to find the item I wanted. 
To enclose information that is parenthetical: 
In the meantime, despite the continuing discussions, disaster was becoming inevitable. 
Take care not to misplace the commas around parenthetic expressions – if the parenthetical 
information is removed, the sentence must still make sense: 
We arrived at the gallery mid-morning and, because it had not yet opened, spent the 
next hour in a nearby bookshop. 
Not: We arrived at the gallery mid-morning, and because it had not yet opened, spent 
the next hour in a nearby bookshop. 
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After expressions such as however, furthermore, for example, for instance, on the other 
hand, in contrast when they introduce a statement, enclose them in commas when they 
appear elsewhere in the statement: 
For example, single-income families would be adversely affected by such requirements. 
Hugh, on the other hand, knew nothing about it. 
A comma or commas need not always be used after or around such words and phrases 
as therefore, meanwhile and no doubt – often it's simply a matter of rhythm or emphasis: 
Both sides of the question were therefore discussed. 
No doubt there are two sides to the question. 
There are, no doubt, two sides to the question. 
To set off an appositional expression if it is non-defining (i.e. the meaning is still basically 
intact when the expression is omitted): 
This will exacerbate, not resolve, the problem. 
Dyspepsia, or indigestion, is a frequent problem. 
Do not use commas with appositional expressions if they are defining (i.e. they are essential 
to the meaning of the statement): 
My colleague John Smith will attend in my place. 
In the above example, the absence of commas before and after the person's name shows 
that the writer has more than one colleague. If commas were inserted around the person's 
name it would mean that the writer has only one colleague. 
To mark off the names or titles of persons addressed: 
I wish to inform you, sir, that I will be absent from the chamber. 
Your ruling, Mr Speaker, is acceptable to me. 
Well done, Louise. 
The Prime Minister, John Curtin, responded immediately. 
The Reserve Bank Governor, Philip Lowe, said today. 
In contrast, commas are not used when the title is performing the function of an adjective. 
Prime Minister John Curtin proved an able war leader. 
Reserve Bank Governor Philip Lowe said today. 
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To indicate the omission of one or more words common to two parts of a sentence: 
In 2000 there were seven cases; in 1999, five; and in 1998, four. 
In 2000 there were 142 cases; in 1999, 127; and in 1998, 121. 
4.3.2 Do not use a comma(s) 
Before a conjunction if the clauses are short and closely related and no ambiguity arises: 
It began to snow and I became very cold. 
I saw the football game and I enjoyed it. 
If the second phrase after a conjunction has no stated subject: 
She fell over and hit her head. 
His manner was polite but not condescending. 
Between a subject and its verb (a common error when the subject is especially long): 
Pensioners whose hearing aids require battery types not normally in stock will have 
to buy their batteries from commercial outlets. 
Not: Pensioners whose hearing aids require battery types not normally in stock, will 
have to buy their batteries from commercial outlets. 
To enclose too or also unless they qualify a sentence or statement as a whole: 
While full credit must be given to the staff, the office system too/also played a part. 
Full account must be taken, too/also, of the size of the vote. 
Do not use only one comma when there should be a pair: 
The conference was held in Strahan, Tasmania, during March. 
Not: The conference was held in Strahan, Tasmania during March. 
The meeting will be held on Monday, 5 September, in the Henry Lawson Room. 
Not: The meeting will be held on Monday, 5 September in the Henry Lawson Room. 
 
4.4  Hyphens 
Hyphens link and separate the components of words. Its principal function is to reduce the 
chances of ambiguity. There are no simple, clear-cut rules to the use of hyphens. 
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Following are some guidelines, but also see Preferred Spelling for Bank style. If there is no 
listing for a specific word or compound, check the Macquarie Dictionary. 
4.4.1 Use a hyphen 
To connect words that have a syntactic link: 
The 23-level job classification (where the reference is to the 23 levels of jobs, rather 
than 23 jobs). 
To link compounds and phrases used attributively: 
'cost-of-living adjustments', but 'adjusted for cost of living' 
'end-December data', but 'data at end December' 
'foreign currency-denominated debt', but 'debt denominated in foreign currencies' 
'low-inflation countries', but 'countries with low inflation' 
'variable-rate housing loans', but 'housing loans with variable rates' 
To link the second element of a compound word beginning with a capital letter: 
post-Keynesian economics 
To combine an adjective or adverb with a past participle (except where the past participle is 
preceded by an adverb ending in -ly): 
open-ended question 
much-needed shift 
newly built dwellings 
wholly owned subsidiary 
To combine an adverb and an adjective where the adverb is monosyllabic: 
a well-capitalised bank 
a non-critical activity 
To combine a noun with a present participle: 
interest-bearing deposits 
decision-making power 
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For constructions with numbers and fractions: 
a 10-foot pole 
a four-period model 
a 12-month period 
a one-third share 
For adjectival compounds constructed with better-, lesser-, half-, quasi-, cross-, all-, self-: 
lesser-known names 
better-than-expected economic data 
half-year earnings 
quasi-controlled experiment 
all-powerful market forces 
self-sustaining cycle 
To distinguish the separate meanings of root words with the same prefix: 
re-form (form again), but reform (remove abuses) 
re-cover (cover again), but recover (regain) 
4.4.2  Do not use a hyphen 
For compound adjectives containing capital letters, italics, items in quotation marks or 
numbers: 
High Court ruling 
noblesse oblige attitude 
‘do or die’ approach 
Year 10 students 
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For compound adjectives that are institutionalised concepts: 
goods and services tax 
value added tax 
public sector growth 
private sector wealth 
equal opportunity employer 
first home buyer 
4.4.3 Hyphens in timeframes 
For qualified timeframes, hyphenate when used as an adjective but not when used as a noun. 
The exception is ‘mid-’, which should always be hyphenated.  
Examples: 
Economic conditions improved in late 2020 and early 2021. 
Late-2021 conditions were not as strong. 
It was her mid-morning coffee break. 
The mid-1960s was a turbulent time. 
 
4.5  En dashes 
4.5.1 En and em dash rules 
There are two main type of dashes, or rules: 
The em rule (—), which is the length of a capital M. 
The en rule (–), which is roughly half the length of the em rule and the length of a 
lower case n in whichever typeface/font is being used. 
Em and en rules each have their own functions: 
Em rules are used to separate a string of words. 
En rules are used to link words or numbers. 
 
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4.5.2 Spaced en rule 
In Bank publications, the spaced en rule takes the place of an em rule. 
Use a spaced en rule to mark off or set apart a parenthetic expression within a sentence: 
National policies may change the decision-making environment – water licensing 
reform is an example – or provide guidance on suitable areas for government 
investment. 
One pair of spaced en rules is enough for any sentence. 
Use: 
In place of a colon or semicolon to introduce an amplification or explanation, particularly 
before a summarising comment that matches the first part of the sentence: 
This is because the effects can occur some time or distances away – for example, 
vegetation clearing can result in dryland salinity hundreds of kilometres away. 
When I was a boy my conduct was shaped by two simple principles – my father's 
word was law, and a child's first duty was unquestioning obedience. 
To signify an abrupt change in the direction of a sentence: 
The main cause of foodborne illness is inadequate cooking – but this is not what we 
came here to talk about. 
To gather up the subject or object of a sentence which consists of a long list: 
An unbroken view of the bay with its sweep of battered cliffs, a secluded beach, acres 
of unspoiled bushland, the ease of constructing an access road and the short distance 
between Sydney and the site – all these made this the perfect place to build the 
motel. 
Do not use a spaced en rule with a colon or alone, to introduce lists or quotations. 
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4.5.3 Unspaced en rule 
Use an unspaced en rule to mean to in spans of figures and in expressions of time and 
distance: 
around 2–3 per cent 
2001–11 
pp 31–49 
April–June 
75–79 Northbourne Avenue 
Sydney–Melbourne trains 
Do not use an en rule in a range of values or dates with the constructions from ... to (e.g. in 
the survey conducted from 2004 to 2006 not from 2004–06) or as a substitute for and with 
the word between (e.g. the period between 2007 and 2010 not the period between 2007–
10). 
Use to show an association between words that retain their separate identities: 
Commonwealth–State agreements 
the Murray–Darling Basin 
the Australia–China Foundation 
rural–urban migration 
Sydney–Hobart yacht race 
However, if there is more than one word being linked on one or both sides of the rule, a 
spaced en rule should be used: 
The New South Wales – Victoria border. 
The financial year 1 July 2010 – 30 June 2011. 
When the en rule is used to show associations, the things it links must be parallel in structure 
– that is, numbers should be linked with numbers, nouns with nouns, adjectives with 
adjectives (e.g Australian–Japanese research teams not Australia–Japanese research teams). 
Use an unspaced en rule for the minus sign in text and tables: 
−10 per cent 
Not: -10 per cent 
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Note that when the minus sign is used in mathematical settings (i.e. as a mathematical 
‘verb’), a spaced en rule is used: 
10 − 5 (10 minus 5) 
 
4.6  Ellipses 
Spaces should be added on either side of an ellipsis, including within quotes and titles. For 
example: 
‘The event was timely but … rushed.’ 
Imports have increased … 
… but exports have dropped 
 
4.7  Apostrophes 
The apostrophe is primarily used to: 
•  indicate the omission of letters (contractions) 
•  show possession or attribution. 
4.7.1 Use apostrophes for 
Contractions:  
it's (meaning it is) 
don't 
won't 
can't 
I'll 
Making possession or attribution for singular nouns or plural nouns not ending in s: 
The Governor's speech 
The people's choice 
The women's work 
The RBA's policy 
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Plural nouns after the s: 
consumers' responses 
the United States' role in international law 
The POWs' concert 
Nouns whose singular ends in s are treated in the same way: 
the lens's range 
As a general rule, write s's where you would say it: 
the groups' decision 
the atlas's size 
Expressions of time: 
a day's work 
a month's notice 
two weeks' time 
Possessive phrases (a possessive phrase takes the apostrophe on the last word of the 
phrase): 
someone else's bike 
the publisher's responsibility 
Joint ownership or association (shown by placing the apostrophe s on the second of the two 
‘owners’): 
In Black and Brown's (1997) paper (i.e. Black and Brown together wrote one paper) 
but where ownership is separate, each name takes an apostrophe: 
Smith's (1991) and Watson's (1990) studies (i.e. Smith did her study and Watson did 
his) 
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4.7.2  Do not use an apostrophe 
With pronouns that are already possessive: 
hers 
its 
theirs 
ours 
yours 
For generic phrases when the plural noun is more adjectival or descriptive than possessive 
travellers cheques 
four weeks holiday 
visitors book 
drivers licence 
When presenting decades 
1990s 
Not: 1990's 
Try to use apostrophes sparingly, since they can be clumsy. Often, apostrophes can be 
replaced by an adjective 
ABS estimates were contested by some. 
Instead of: ABS's estimated were contested by some. 
 
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4.8  Quotation marks 
4.8.1 Use single quotation marks 
For titles of articles, chapters, press releases, essays, discussion papers, speeches, lectures 
and newspaper headlines: 
In an article entitled ‘Measuring Australia's Foreign Currency Exposure’ ... 
The headline in the Daily Telegraph was ‘An act of war’. 
The minister has recently released a discussion paper ‘Higher Education at the 
Crossroads: An Overview’. 
As discussed in the ‘Domestic Economic Conditions’ chapter ... 
For direct speech and to enclose direct quotations, whether they are sentence fragments, a 
sentence or more than one sentence: Note: quote marks generally go within punctuation 
(not outside), see first example below. The exception is when the quote is a complete 
sentence on its own or following a colon, see third example below. 
‘Yes, that is the situation’, she replied. 
The committee expressed ‘grave concern’ at the discriminatory approach to law 
reform. 
The glossary defines aerosol as: ‘Airborne particle or collection of particles. 
Erroneously associated with propellant in sprays.’ 
To indicate technical terms, colloquial words in formal writing, nicknames or coined words 
the first time they are mentioned: 
The ‘time-division multiplexing’ technique will provide significant benefits. 
He described the committee's report as a ‘blockbuster‘. 
Dr HC ‘Nugget’ Coombs 
To mark off a word or term: 
Currency brokers are now referred to as ‘voice brokers’ to differentiate them from 
electronic brokers. 
Use double quotation marks only for quoted/emphasised material within a quotation. 
The title of the article was: ‘How the “independent State Legislature” Doctrine Could 
Transform American Elections.‘ 
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Block quotes that are indented and set in a smaller font size do not take quotation marks. 
Remember to always use curly quotes, not straight quotes: 
Correct:    ‘  ‘    “ ” 
Incorrect: '  '    "  " 
 
 
 
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5. 
Preferred Spelling 
 
5.1  Dictionary 
The Macquarie Dictionary is the Bank's preferred dictionary for spelling. When 
the Macquarie Dictionary gives a choice of spelling, use the first choice provided as it is the 
dictionary's preferred spelling. 
Make a habit of putting your document through the spellcheck on your computer. English 
(Aus) based on the Macquarie Dictionary, is the Bank's standard spellcheck. 
A 
above-average adj. 
acknowledgement 
allot, allotted 
above-trend adj. 
adviser 
anti-inflation adj. 
accessible 
after-tax income 
anti-inflationary policies 
accommodate 
after-tax profits 
anti-money laundering 
account-based adj. 
ageing 
at-call deposits 
account holder 
B 
baby boomer n., adj. 
banknote 
bounce-back n. Example: 
the post-pandemic 
back up v. Examples: foreign 
before-tax income 
bounce-back 
exchange started to move 
benchmark 
back up; back up the day's 
break down v. Example: 
work 
benchmarking 
we can break down 
spending into categories 
backup n. Examples: several 
benefit, benefited, benefiting 
levels of backup; to do the 
better-than-
breakdown n. Example: 
daily backup 
expected adj, but it was 
looking at the 
breakdown of spending 
backup adj. Examples: 
better than expected 
backup facilities; backup site 
biannual (occurring twice a 
broad-
based adj., but cost 
bail-in instruments 
year) 
pressures were broadly 
bail out v. 
biennial (occurring every two 
based 
years) 
bailout n. 
build up v. Example: 
big four. Example: big four 
balance sheet growth 
imbalances can build up 
banks 
further 
balance sheet repair 
bilateral 
bank-accepted bills 
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bank bill fee income 
bondholder 
build-up n. Example: a 
build-up in household 
bank bond issuance 
bounce back v. Example: 
debt 
conditions may bounce back 
bank-cheque funds 
 
soon 
by-product 
C 
cash flow n., adj. 
coordinate 
cross-border adj. 
cash short positions 
coordinator 
cross-country adj. 
centre 
coronavirus Use COVID-19 
cross-currency adj. 
unless referring to general 
changeable 
cross-currency basis 
term 
swap 
checklist 
corporate bond activity 
cross-section n., v. 
checklist questions 
cost-benefit adj. 
cross-sectional adj. 
cheque-agency 
cost-benefit analysis n. 
arrangements 
cross-subsidisation 
cost-effective adj. 
child care n., adj. 
crypto-assets 
cost-effectiveness n. 
childcare centre n. 
cryptocurrency 
cost-to-income ratio 
childcare worker n. 
current account deficit 
countercyclical n., adj. 
clear-cut adj. 
cyber-attack 
counterfactual 
coexist 
cybercrime 
counterparty 
cointegration 
cybersecurity 
COVID-19 Always include -19 
collinear 
cyber resilience 
credit card fee income 
Consumer Price Index 
cyber risk 
credit default swap 
cooperate 
cyber threat 
cooperative(s) 
D 
data Always plural 
deductible 
domestic currency-
denominated 
dataset 
de facto 
double-
debt-assets ratio 
deleveraged, deleveraging 
digit adj., but double 
debt-ceiling increase 
delivery against payment 
digits 
debtholder 
deposit fee income 
down payment n. 
debt-servicing costs 
detrended 
downturn 
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debt-servicing ratio 
dollar-block 
draw down v. 
debt-to-GDP ratio 
dollar-
drawdown n. 
denominated adj. Examples: 
debt-to-income ratio 
durable goods trades 
US dollar-denominated bonds; 
decision-making n., adj. 
Australian dollar-
decouple 
denominated securities 
E 
east Asia n. 
end user n. 
eurozone n., adj. 
e-business 
entry-level adj. 
ex ante 
e-commerce 
error 
exception fee income 
correction adj. Examples: 
EFTPOS (referring to the 
exchange-traded adj. 
error correction model; error 
technology) 
correction terms 
exchange-traded 
eftpos (referring to the 
products 
euro 
company) 
ex post 
euro area n. 
e-learning 
extra-regional 
euro area adj. Examples: euro 
email 
area countries; euro area 
e-money 
banks; euro area authorities 
F 
fallout 
floating rate mortgages 
foreign-owned banks 
family planning n., adj. 
floating rate note 
foreshadow 
favour 
flood-affected areas 
fourfold 
feedback 
flow-on n. Example: some 
four majors 
flow-on is to be expected 
fee income 
four-quarter-ended 
flow-on adj. Example: flow-on 
first home buyer 
front-end adj. 
effects 
first home owner 
front line n. Example: as 
flow through v. Example: 
those who work at the 
First Home Owners Grant 
lower fees will flow through to 
front line know 
First World War not World 
merchants 
front-line adj. Example: 
War One or WWI 
flowthrough n. Example: the 
front-line staff 
fixed effects n. 
flowthrough from official 
rates 
front-loading n., adj. 
fixed-effects adj. Example: 
fulfil, fulfilled, fulfilling 
fixed-effects estimation 
flowthrough adj. Example: 
flowthrough effects 
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fixed income securities 
focused, focusing 
fulfilment 
fixed-rate adj. 
foreign currency-
full-time adj., but she 
denominated debt 
works full time 
fixed-rate loan 
foreign exchange market 
full-time employment 
floating rate n., adj. 
foreign-owned adj. 
fund of funds 
floating rate bond 
floating rate debt 
G 
G20 
go live v. 
government-guaranteed 
debt 
G7 
go-live n. 
gross long exposures 
G8 
goods-producing industries 
global financial 
crisis lowercase 
H 
half-year adj., but in the half 
heteroskedasticity 
holidaymaker 
year to June 
higher-than-
home buyer 
harass 
average adj., but it was higher 
home owner 
than average 
hard copy 
Household Expenditure 
higher-yielding adj. 
health care n. Example: 
Survey 
government services such as 
high-frequency traders 
health care 
high-value electronic funds 
healthcare adj. Example: 
healthcare costs 
I 
inflation-adjusted adj. 
interdealer market 
intertemporal  
inflation-targeting 
interest-rate 
Intrabank 
framework 
changes, but changes in 
intraday 
interest rates 
inflation-targeting period 
intragroup 
intergenerational 
inner-city adj. Example: 
intra-industry 
inner-city Melbourne, but in 
interlinkages 
the inner city 
intranet 
internet 
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install, installation 
inter-regional 
intraregional 
 
instalment 
interbank 
J  
judgement (opinion, ability 
 judgment (for court's 
  
to make good 
decision). Examples: the 
decisions). Example: in my 
judgments of the High Court; 
judgement 
the Harvester judgment 
L  
labour, but Australian Labor 
life-cycle adj. Examples: life-
long-
Party 
cycle patterns; life-cycle 
term adj., but longer 
hypothesis 
term adj. 
large-scale adj. 
lifetime n., adj. 
lookback period n. 
lay, laid. Example: the letter 
is laid out 
limit order book 
loss-given-default 
lay off v. 
loan-loss provisions 
low-doc loan 
layoff n. 
log differences 
lower-middle-
income adj. 
least-cost adj., but at least 
lodgement 
cost 
low-inflation culture, but 
long-run adj, but in the long 
culture of low inflation 
licence n. 
run 
low-value electronic 
license (licensed, licensing) v. 
longstanding adj., but of long 
funds 
standing 
life cycle n. Example: during 
Lucky Country 
the life cycle of a loan 
long-term adj., but in the long 
term 
M 
 
macroeconomic 
midpoint 
multicollinearity 
macroeconomy 
midway n., adj. 
multiday 
macrofinancial 
midyear n., adj., but mid-July 
multidimensional 
macro-level adj., but at the 
mining-related adj. 
multi-employer 
macro level 
mismeasurement n. 
multilateral 
macroprudential 
mis-sold 
multilateralisation 
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mainframe 
modelled, modelling 
multinational 
mark-up n. Example: a 50% 
money laundering, but anti-
multiskill v., 
mark-up 
money laundering 
multiskilled adj. 
microbusiness 
money market n., adj. 
multi-unit 
microeconomic 
mortgage-backed securities 
multi-year adj. 
micro-level adj., but at the 
micro level 
N 
 
national accounts 
non-callable deposits 
non-residents 
near-cash payment 
non-commodity exports 
non-tradables 
instruments 
non-deposit fees 
non-traded goods 
near-term adj., but in the 
non-farm income 
no-one 
near term 
non-farm payrolls 
North Atlantic 
next-day settlement 
non-interest income 
Northeastern China 
non-bank adj. 
nonlinear, nonlinearity 
Northern Hemisphere 
non-bank financial 
institutions 
non-performing adj. 
notice, noticeable 
non-bank firms 
O 
 
off-balance sheet credit 
one-half 
overall 
off-balance sheet lending 
one-off 
overcapacity 
official sector n., adj. 
ongoing 
over-limit fees 
off-site 
online (of or relating to a 
overpayment 
computer-controlled device), 
off-the-plan adj. Example: 
over-the-counter adj. 
but on line (of a production 
off-the-plan purchases, but 
source in an operational 
overvalued, 
purchased off the plan 
network) 
overvaluation 
once-off 
on-site 
owner-occupied housing 
one-digit adj. 
ordinary-time earnings 
owner-occupiers 
one-fifth 
outflows 
 
P 
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parallel, paralleled 
policyholder 
procyclical adj. 
part-time adj., but she works 
policymaker, policymaking 
pro forma adj., adv. 
part time 
post-float adj. 
program 
part-time employment 
post-float average 
property-related loans 
pass through v. 
postgraduate 
pro rata 
pass-through n. 
precondition 
public health n., adj. 
past-due loans, but classified 
pre-crisis adj. 
Publicly 
as past due 
pre-crisis levels 
public sector n., adj. 
per cent 
prefunded 
public service n., adj. 
permit, permitted, 
permitting 
prerequisite 
purchasing power 
parity n., adj. 
phase-in period, but fully 
private sector n., adj. 
phased in 
pick up v. Example: growth 
picked up sharply 
pick-up n. Example: a pick-up 
in the economy 
Q 
quality control n., adj. 
 quasi money n. 
  
quasi-judicial adj. 
quasi-public adj. 
 
R 
 
reacquaint 
reinvest 
ring-fencing 
reaffirm 
reissue 
risk-averse adj. 
real-time adj., but in real 
reiterate 
risk-return adj. 
time 
renationalised 
risk-taking n., adj. 
real-time gross settlement 
renegotiate 
risk-weighted assets 
real-wage adj. 
reopen 
road map 
reapply 
repos 
roll out v. Example: the 
reappoint 
Bank will roll out the 
repriced 
project in stages 
recommend 
reset 
record-keeping n. 
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re-elect 
residential mortgage-backed 
rollout n. Example: the 
securities 
rollout of new 
re-establish 
investment projects 
resource-based exports 
refinance 
roll over v. Example: 
resource-intensive adj. 
rehypothecate 
borrowers can roll over 
resources boom 
reignite 
credit 
re-use 
reinsurance 
rollover adj. Examples: 
rollover fund; rollover 
risk 
root mean squared error 
rulebook n. 
run-up 
S  
same-day adj., but on the 
short-term adj., but in the 
steelmaking 
same day 
short term 
stockholder 
same-day settlement 
short-term money market 
stock market 
saving ratio, not savings ratio 
signalled, signalling 
stress test n. 
or savings rate or saving rate 
sizeable 
stress testing v., 
school-age adj. 
small-scale adj., but given the 
adj. Example: stress 
Second World War not World 
small scale of the operation 
testing framework 
War Two or WWII 
socio-demographic 
sub-aggregate 
sell down v. Example: 
socio-economic 
subgroup 
investors were forced to sell 
down their assets 
soft copy 
subindex, subindices 
selldown n. Example: this 
southeast Asia 
sub-industry 
increased with the third 
spill over v. Example: growth 
subject matter 
selldown in 2010 
could spill over to other 
sub-optimal 
semiannual 
regions 
sub-period 
share buybacks 
spillover/s n. Example: the 
spillover from the housing 
subprime 
shareholder 
downturn 
sub-sample 
share market 
spillover adj. Example: 
subsection 
short form 
spillover effects 
sub-sector 
short-lived adj., but it was 
spin-off 
subset 
short lived 
spreadsheet 
sub-topic 
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short-run adj., but in the 
standalone 
subtotal, subtotalled, 
short run 
subtotalling 
startup n. Example: funding 
short sales 
for startups 
supersede 
short sell v. 
start-up adj. Example: start-up 
financing 
short-seller n. 
steady state n. 
short-selling adj. 
steady-state adj. Example: 
steady-state rate; steady-
state series; steady-state 
share 
T 
 
take over v. Example: ASIC 
threefold 
tradeable 
will take over responsibility 
(general) adj. Examples: 
Tier 1 capital ratio 
for front-line regulation 
tradeable permits; 
timeframe 
tradeable water rights 
takeover n. Example: 
following the takeover in mid 
time series n. 
trade-off 
March 
timetable 
trade-weighted adj. 
takeover adj. Example: 
time-varying adj. Examples: 
trade-weighted index 
takeover targets 
time-varying exposure; time-
travelling 
take up v. Examples: to take 
varying covariance 
up flood cover; to take up a 
trendline 
Tobin's q 
position 
turnaround 
top-down adj. 
take-up n. Examples: limited 
twofold 
tradables (when referring to 
take-up; the take-up of low-
ABS data) 
two-speed economy 
doc loans 
take-up of securities 
task force 
tax deductible n. 
tax-deductible adj. Example: 
tax-deductible income 
U 
 
underemployed, 
undersaving 
up-front fees 
underemployment 
under-serviced, under-
upper-middle-
under-investment 
servicing 
income adj. 
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underperform 
underutilisation, underutilised 
uptake 
under-reported 
underway 
up-to-date adj. 
V 
 
value added tax n. 
variable-rate loans, but loans 
  
with a variable rate 
value-added adj. Example: 
value-added exports 
videoconference 
W 
 
Wage Price Index, but wage 
well-collateralised 
workstream 
price indexes 
wide-ranging 
worldwide adj., adv. 
wage setting n. Example: a 
wind down v. Example: a 
worst-case adj. 
whole new approach to wage 
number of mining projects are 
setting has evolved 
worst-case scenario 
beginning to wind down 
wage-setting adj. Example: 
writedown 
wind-down n. Example: 
wage-setting practices, 
arrangements for the orderly 
writedown of assets 
wage-setting system 
wind-down of a failed CCP 
write off v. Example: 
wages growth, not wage 
wind-down adj. Example: a 
investors can write off 
growth 
wind-down plan 
their interest costs 
website 
workforce 
write-off n., adj. 
wellbeing 
workplace 
well-
capitalised adj., but remains 
well capitalised 
Y 
 
year-ended adj. 
  
  
year-ended employment 
growth 
year-ended rates 
Z 
 
zeros 
  
  
  
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6. 
Terms and Phrases 
 
6.1   Words to watch 
6.1.1 A/an 
The choice between ‘a’ and ‘an’ is based on the first sound of the word that follows, not the 
spelling. 
Use ‘a’ in front of words beginning with a consonant sound. For example: 
a doctor 
a historical event 
a hotel 
a secretary 
a teacher 
a union 
Use ‘an’ in front of words beginning with a vowel sound. For example: 
an astronaut 
an engineer 
an honour 
an hour 
an understudy 
The same rule applies for abbreviations, but note that either ‘a’ or ‘an’ can be used in front of 
an acronym depending on whether it is pronounced as a word or its component letters. For 
example: 
a GST requirement 
an ABS study 
a RITS member (pronounced ‘rits’) 
an RBA seminar (pronounced ‘R-B-A’) 
6.1.2 And/& 
Ampersands (&) should be avoided within the text, but can be used within graphs and tables 
if necessary (generally, this is for grouping categories together - for example, 'transport & 
storage'). 
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Within the text, use commas to show the different groupings. For example: 
Inflation increased for household services, meals out and takeaway, and insurance 
and financial services. 
6.1.3 Affect/effect 
Affect is a verb meaning ‘to change or influence’ someone or something in some way. For 
example: 
The amendment to the Standard did not affect fees in the eftpos system. 
The demand for housing is affected by interest rates. 
Effect is a noun meaning ‘a result’ or ‘a consequence’. An effect is a change or event that 
occurs because something else has happened: 
The floods in eastern Australia will have a temporary effect on GDP outcomes. 
Lower volatility only partially offset the effect of higher trading activity. 
Effect is sometimes a verb meaning ‘to bring about’. For example: 
To effect a change in policy, we must appoint a new director. 
Production was halted until repairs could be effected. 
Other phrases: 
Be in effect – be in operation, as a law. For example: 
The calculations are based on the fees that will be in effect on 1 February. 
Come into effect – become operative, as a law. For example: 
The new rules will come into effect at the end of next year. 
In effect – in fact or reality, although perhaps not formally acknowledged as such. For 
example: 
In effect, the merchant is meeting some of the card issuer’s costs. 
Take effect – to begin to operate. For example: 
The new appointments will take effect in April. 
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6.1.4 Alternate/alternative 
The adjective alternative means ‘available in place of another’. For example: 
The Prime Minister said that the shadow minister had made no attempt to outline 
alternative policies. 
Alternate as an adjective means ‘first one, then the other, in turn’. For example: 
There were alternate hot and cold spells. 
Alternate as a noun means ‘a substitute’. For example: 
If a delegate is absent, his alternate may vote. 
6.1.5 Although/though 
Both ‘although’ and ‘though’ can be used as conjunctions to signal a contrasting point. 
‘Though’ is generally less formal than ‘although’. While both words can be used in the middle 
of a sentence, use ‘although’ if it appears as the opening word of the sentence. 
Although he was French, he spoke fluent English. 
I can play the guitar, though I never had any lessons. 
6.1.6 Amount/number 
Amount is used with mass nouns. For example: 
The amount of any given bond has been increasing in recent years. 
There are caps on the amount of assets that can be reserved. 
Number is used with count nouns. For example: 
The number of cars imported into China increased almost fourfold. 
A growing number of account holders have switched banks. 
6.1.7 Between/among/amid 
Between indicates one-to-one relationships: 
Between you and me. 
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Between has long been recognised as being appropriate for more than two objects if multiple 
one-to-one relationships are understood from the context: 
Trade between members of the European Union. 
Among indicates undefined or collective relationships. It is used with plurals of count nouns. 
For example: 
Honour among thieves. 
Among the major economies. 
Amid is used with mass nouns. For example: 
Amid talk of war. 
Avoid amidst and amongst. 
6.1.8 Compared with/compared to 
Compare with is used to place two things side by side for the purpose of examining both their 
similarities and differences. Use compared with when contrasting two things. For example: 
GDP grew by 0.5 per cent in the June quarter, compared with growth of 1.0 per cent 
in the March quarter. 
This note compares the Australian economy with the US economy. 
Less than 1 per cent of teachers lost their jobs, compared with 3 per cent of doctors. 
The exception to this is to compare favourably with. 
To compare to is to liken two things, or to put them in the same category. In these sorts of 
comparisons the similarities are often metaphorical. For example: 
The economy can be compared to a rollercoaster right now. 
Shall I compare thee to a summer’s day? 
6.1.9 Continual/continuous 
Continual means ‘recurring frequently’ and can also be used to describe things which happen 
repeatedly. It can only be used in front of a noun. For example: 
Headline inflation started rising following continual increases in food and oil prices. 
He was annoyed by the continual barking of the dog. 
He still smoked despite the continual warnings of his nurse. 
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Continuous means ‘non-stop’ or ‘uninterrupted’. For example: 
The strength of the dollar was pivotal in placing continuous downward pressure on 
prices. 
Water from the burst pipe poured through the ceiling in a continuous stream. 
6.1.10 
By contrast/In contrast 
By contrast tends to be used at the beginning of a sentence without the comparative object 
included. 
The Australian economy is growing at a fast rate. By contrast, the US economy is 
experiencing slower growth. 
In contrast tends to be followed by the comparative object (and the words ‘to’ or ‘with’). 
In contrast to the US economy, the Australian economy is growing rapidly. 
6.1.11 
Countries/economies 
Taiwan, Hong Kong and euro area should be referred to as ‘economies’; never use ‘countries’ 
if referring to a group that includes (or may include) Taiwan and/or Hong Kong. 
In Bank publications, Korea is normally used as shorthand for South Korea in text. South 
Korea is always used in graphs and tables. If you need to refer to both countries in text, use 
South Korea (SK) and North Korea (NK). 
6.1.12 
Fewer/less 
Fewer is used when the amount of something can be counted, and less is used when the 
noun is a mass noun (which cannot be counted). 
There were fewer chairs at the table. 
There was less butter after breakfast. 
6.1.13 
However 
The word ‘however’ is used both as a conjunction (or connective) and an adverb. It can mean 
nevertheless (conjunction) or in whatever way (adverb). 
When ‘however’ is used as a conjunction at the start of a clause, it must be preceded by 
either a semicolon or a full stop, and in both cases is followed by a comma. For example: 
These figures are interesting; however, they are not from a reputable source. 
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When ‘however’ is used as a conjunctive adverb in a single clause sentence, it is always set 
off by commas. For example: 
A closer look, however, convinced her that she was wrong about the missing books. 
When ‘however’ is used to show continuity, it is set off by commas when it appears mid-
sentence. For example: 
She discovered, however, that contrary to their plans he had left before her. 
In contrast, when ‘however’ is used as an adverb, no punctuation is required. For example: 
To catch the train, I will run however fast I need to. 
However you look at it, it's not a simple issue. 
6.1.14 
Indices/indexes 
Both 'indices' and 'indexes' serve as the plural of 'index' and are generally interchangeable. 
There is a subtle difference, however. 
'Indices' is usually used in financial, mathematics or scientific contexts (e.g. financial indices), 
and should be the default choice at the Bank. 
Some frequently reported commodity indices have diverged significantly over recent 
years. 
There are also methodological differences among price indices. 
The index is calculated as a weighted sum of the percentage changes in the 
foreign indices of export unit values. 
'Indexes' is used only in the context of multiple reference tools (e.g. book indexes). 
The encyclopaedia included multiple indexes in its end matter. 
6.1.15 
Into/in to 
‘Into’ is a preposition – it places something inside something else (this can be a physical thing 
or something abstract like time). It can also signal a transformation. 
She went into the bar. 
The event was worked into the schedule. 
The caterpillar turned into a butterfly. 
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‘In to’ are two words that happen to be next to each other. A good tip is to check whether 
the ‘in’ belongs more to the word before it rather than the ‘to’ that follows after it. 
She tuned in to the radio program 
Please log in to the website. 
6.1.16 
Might/may 
Both ‘may’ and ‘might’ refer to the possibility of something happening or not, and both can 
be used in various tenses. ‘May’ has a more polite/formal tone. In most instances they are 
interchangeable, but there are some times when only one is acceptable. 
When asking whether something is possible, use ‘might’: 
Might May he be correct?  
If something didn’t happen but you want to say it was possible, use ‘might’: 
If she didn’t eat all the biscuits, she might may have had room for lunch. 
A lot of men died who might may have been saved. 
6.1.17 
Only 
The position of only decides the exact meaning of a sentence, as it modifies what it is closest 
to. 
The child ate only the cereal for breakfast. (Cereal was the only food eaten by the 
child at the morning meal.) 
Only the child ate the cereal for breakfast. (No one but the child ate the cereal for 
breakfast.) 
The child ate the cereal for breakfast only. (The child ate something other than the 
cereal for lunch and dinner.) 
The child only ate the cereal for breakfast. (the child did not do anything with the 
cereal other than eat it.) 
Other words that behave in a similar way to only (in that their proximity to what they modify 
is also important) include:  
almost 
even 
exactly 
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hardly 
just 
merely 
nearly 
scarcely 
simply 
6.1.18 
Over/in 
When describing data, over should be used when the data is end of period. For example: 
Credit grew by 0.5 per cent over the month. 
In should be used when the data is a sum or average for the period. For example: 
GDP grew by 0.5 per cent in the March quarter. 
6.1.19 
Resource/resources 
When resource is being used as an adjective, it is generally singular. For example: 
resource exports 
resource activity 
resource development 
resource investment 
resource prices 
resource projects 
resource sector infrastructure 
resource services 
If it is a compound noun, as in sectors, it is generally plural. For example: 
the resources sector 
the resources boom 
the resources rent tax 
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6.1.20 
Towards/toward 
‘Towards’ is a preposition meaning ‘in the direction of’, ‘a contribution to’, or ‘in relation to’. 
‘Towards’ is more commonly used in British/Australian English, while ‘toward’ is more 
common on American English. As such, use ‘towards’. 
She moved towards the fridge to get some food. 
We gave money towards the gift. 
The teacher was very attentive towards her students. 
‘Toward’ was used in the past as an adjective meaning ‘impending’ or ‘promising’ but that is 
largely obsolete and best avoided. 
6.1.21 
Underway/under way 
The phrase under way is used so frequently it often appears as one word instead of two. 
Some publications consider underway incorrect, but both are generally accepted. 
6.1.22 
Which/that 
A relative clause can be either defining (i.e. it defines the element that comes before it in the 
sentence) or non-defining (i.e. it provides additional, non-essential information about the 
element before it in the sentence). 
Sometimes the terms restrictive and non-restrictive are used. 
The decision on whether to use that or which to introduce a clause, and whether to put 
commas around the clause, comes down to whether the clause is a defining or non-defining 
one. That is, if the information in this clause essential to the meaning of the main clause, or is 
it simply providing additional, non-essential information. 
The reason for distinguishing between which and that is to avoid ambiguity. For example: 
The research findings which were likely to cause embarrassment were never circulated. 
The above sentence is ambiguous: were all of the findings withheld or just the embarrassing 
ones? 
That should be used to introduce a defining relative clause – a clause that defines or limits 
the element before it in the sentence. For example: 
The research findings that were likely to cause embarrassment were never circulated. 
The above example makes it clear that the research findings not circulated were the ones 
that were likely to cause embarrassment. 
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Which should be used to introduce a non-defining relative clause – a clause that provides 
additional, non-essential information about the element before it in the sentence. For 
example: 
The research findings, which were likely to cause embarrassment, were never 
circulated. 
The above example makes it clear that the research findings were not circulated; the 
additional detail gives background information as to why; however, it is not essential to the 
main point. That is, if the relative clause which were likely to cause embarrassment is 
removed, the sentence would still make sense and make its point that the research findings 
were not circulated. 
Where no ambiguity could result, either that or which can be used. For example: 
The letter that/which explains the problem is always preferable to the one 
that/which it simply rages about it. 
 
6.2  Tenses 
Past tense should be used when writing about a month, quarter or year that is in the past but 
for which we have not received data. For example: 
Preliminary data suggest that consumption growth softened in the September 
quarter. 
Not: Preliminary data suggest that consumption growth will soften in the September 
quarter. 
Similarly, quarter to date (or month to date, etc) should only be used when referring to the 
current quarter (or month), not a past time period for which we only have partial data. It is 
therefore best used with high-frequency data. 
Note also that an RBA estimate for a period in the past, where the data have yet to be 
published, should be referred to as an ‘RBA estimate’ rather than as an ‘RBA forecast’. 
 
 
 
 
 
 
 
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7. 
Abbreviations 
 
7.1  How to use abbreviations 
Abbreviations can make it harder for readers to follow your meaning, so use them sparingly. 
When you do use an abbreviation, spell the name or term in full the first time it is used and 
use the abbreviation for every following reference. For example: 
The Reserve Bank of Australia (RBA) ... The RBA 
Abbreviations should not be ambiguous. For example, since ABS can stand for Australian 
Bureau of Statistics or asset-backed securities, do not use both in the same text. 
With the exception of e.g. and i.e., do not use full stops in abbreviations, acronyms or 
initialisms. 
Abbreviations can be used at the beginning of a sentence; however, sometimes it is better to 
rephrase the sentence for readability: 
Aggregate capital expenditure by PTEs has grown. 
not 
PTEs' aggregate capital expenditure has grown. 
Some acronyms have become fully accepted as independent words. Follow the Macquarie 
Dictionary in these cases, using lower case letters but with an initial cap in some cases, for 
example: 
anzac biscuits, Anzac and Anzac Day 
radar 
scuba 
Qantas 
 
7.2  Currencies 
Alternative abbreviations are in use for some currencies. Whichever abbreviation you use 
should be used consistently throughout the document. 
Use the market convention when citing currencies: 
In text use US76 cents. 
For labels use US$, A$. 
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When citing pairs of currencies use US$/A$. 
Commonly used currencies 
Country 
Currency 
Symbol 
ISO Code 
Australia 
dollar 
A$ 
AUD 
Canada 
dollar 
C$ 
CAD 
China 
yuan or renminbi 
yuan or CNY 
CNY 
European 
euro 
€ 
EUR 
Union 
€ (replaced 
EUR (replaced 
France 
euro (replaced franc) 
FF) 
FRF) 
euro (replaced Deutsche Mark, 
€ (replaced 
EUR (replaced 
Germany 
German mark) 
DM) 
DEM) 
Japan 
yen 
Yen or ¥ 
JPY 
New Zealand 
dollar 
NZ$ 
NZD 
Switzerland 
franc 
CHF 
CHF 
United 
pound 
£ 
GBP 
Kingdom 
United States 
dollar 
US$ 
USD  
 
 
 
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7.2.1 Other currencies 
Country 
Currency 
Symbol 
ISO Code 
EUR (replaced 
Austria 
euro (replaced schilling) 
€ (replaced S) 
ATS) 
EUR (replaced 
Belgium 
euro (replaced franc) 
€ (replaced BF) 
BEF) 
Brunei 
dollar 
BR$ 
BND 
Denmark 
krone 
DKr 
DKK 
Egypt 
pound 
£E 
EGP 
Fiji 
dollar 
F$ 
FJD 
€ (replaced 
EUR (replaced 
Finland 
euro (replaced markka) 
FMk) 
FIM) 
EUR (replaced 
Greece 
euro (replaced drachma) 
€ (replaced Dr) 
GRD) 
Hong Kong 
dollar 
HK$ 
HKD 
India 
rupee 
IR 
INR 
Indonesia 
rupiah 
Rp 
IDR 
euro (replaced Irish pound 
€ (replaced 
EUR (replaced 
Ireland (Eire) 
(punt)) 
IR£) 
IEP) 
EUR (replaced 
Italy 
euro (replaced lira) 
€ (replaced Lit) 
ITL) 
Kuwait 
dinar 
KD 
KWD 
Malaysia 
ringgit 
RM 
MYR 
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€ (replaced 
EUR (replaced 
Malta 
euro (replaced lira) 
Lm) 
MTL) 
Netherlands 
euro (replaced guilder) 
€ (replaced ƒ) 
NLG 
New Caledonia 
franc 
CFP Fr 
XPF 
Norway 
krone 
NKr 
NOK 
Pakistan 
rupee 
PR 
PKR 
Papua New 
kina 
K 
PGK 
Guinea 
Philippines 
peso 
P 
PHP 
€ (replaced 
EUR (replaced 
Portugal 
euro (replaced escudo) 
Esc) 
PTE) 
Russia 
rouble 
Rbl 
RUB 
Saudi Arabia 
riyal 
SRI 
SAR 
Singapore 
dollar 
S$ 
SGD 
Solomon Islands 
dollar 
SI$ 
SBD 
South Africa 
rand 
R 
ZAR 
South Korea 
won 
W 
KRW 
€ (replaced 
EUR (replaced 
Spain 
euro (replaced peseta) 
Pta) 
ESP) 
Sri Lanka 
rupee 
Rp 
LKR 
Sweden 
krona 
kr 
SEK 
Taiwan 
new Taiwan dollar 
NT$ 
TWD 
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Thailand 
baht 
B 
THB 
Vietnam 
dong 
₫ 
VND 
 
7.3  States/territories and countries 
For commonly used geographic references, use the full term when a noun and the 
abbreviation when an adjective. 
This includes Australian states and territories with acronym abbreviations (NSW, ACT, NT, 
WA, SA) but not states with shortened forms (Qld, Vic, Tas). 
This also includes commonly referred countries/regions: United States (US), the United 
Kingdom (UK) and the European Union (EU). 
Examples: 
Bank holidays are observed in New South Wales. The NSW Government supports this 
decision.  
The Victorian branch of the organisation abstained from the vote. 
Australia entered negotiations with the United States, the United Kingdom and the European 
Union. The EU member states also discussed the matter with the UK Government. 
7.3.1 Australian states and territories 
 
For addresses 
For general text 
New South Wales 
NSW 
NSW 
Victoria 
VIC 
Vic 
Queensland 
QLD 
Qld 
South Australia 
SA 
SA 
Western Australia 
WA 
WA 
Tasmania 
TAS 
Tas 
Northern Territory 
NT 
NT 
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Australian Capital Territory 
ACT 
ACT 
 
7.4  RBA departments, groups and offices 
7.4.1 Departments 
Department 
Abbreviation 
Audit 
AD 
Asian Economies Research Unit 
AR 
Banking 
BK 
Domestic Markets 
DM 
Economic Analysis 
EA 
Economic Research 
ER 
Finance 
FA 
Financial Stability 
FS 
Human Resources 
HR 
Information 
IN 
Information Technology 
IT 
Note Issue 
NI 
Payments Policy 
PY 
Payments Settlements 
PS 
Risk and Compliance 
RM 
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Secretary’s 
SD 
Workplace 
WP 
7.4.2 Groups 
Group 
Abbreviation 
Business Services 
BS 
Corporate Services 
CS 
Economic 
EC 
Financial System 
FI 
Financial Markets 
FM 
7.4.3 State offices 
State office 
Abbreviation 
South Australian Office 
AL 
Queensland Office 
BN 
Victorian Office  
MN 
Western Australian Office 
PH 
7.4.4 Representative offices 
State office 
Abbreviation 
New York 
NY 
Europe 
EU 
China 
CH 
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7.4.5 Other offices 
Office 
Abbreviation 
Business Resumption Site 
BRS 
Canberra Branch 
CN 
Note Printing Australia Limited 
NPA 
 
 
 
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8. 
Titles, Honours and Addresses 
 
8.1  Names and addresses 
Titles and honours should normally be included in the addresses of letters. 
Who's Who in Australia lists notable Australians with their honours and addresses. You can 
access a copy though the Research Library. 
The Government Online Directory is an official up-to-date guide to Australian Government 
departments and agencies, the Commonwealth Parliament, the Governor-General and courts 
and judges. It lists their names and contact details. 
The BIS Book, more formally known as ‘The Bank for International Settlements, Basel, List of 
Governors, Managers and Certain Other Officials of Central Banks and Various International 
Institutions’, contains names and addresses of senior officials of central banks and some 
international institutions, the latter including: 
•  Asian Development Bank 
•  European Bank for Reconstruction and Development 
•  International Bank for Reconstruction and Development (World Bank) 
•  International Monetary Fund 
•  Organisation for Economic Co-operation and Development. 
The Handbook of Central Banks of Central and Eastern Europe, published by the Bank for 
International Settlements, provides contact data for nine Central and East European central 
banks that are shareholders of the BIS, together with information on each bank's activities 
under 20 headings. 
Copies of the above reference books are held in Secretary's Department; a copy of the BIS 
Book is also held by International Department.  
 
8.2  Titles and honours 
Honours and titles should normally be included in the addresses of letters. 
 is the official government website for current recipients of honours. Australian Protocol and 
Procedures, 2nd ed, by Sir Asher Joel, is a useful source of information about appropriate 
forms of address. A copy is held in the Research Library. 
Postnominals are shown in their order of precedence; the higher the honour, the nearer it is 
placed to the person's name. For example:   
Dr DJ Silberberg AC CBE 
Ms Marjorie Trimmer MBE OAM 
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When a person is promoted within an order, the postnominals associated with the lower 
rank award or honour are not used. For example, if a Member of the Order of Australia – Mrs 
Margaret Norton AM – is promoted to become an Officer of the Order of Australia, she 
becomes Mrs Margaret Norton AO (not AO AM). 
Postnominals for honours and awards precede those for Queen's Counsel (QC) or Senior 
Counsel (SC) and Justice of the Peace (JP). Other postnominals are then given in the following 
order: 
•  university degrees and diplomas 
•  membership of professional associations 
•  membership of Parliament. 
For a list of postnominals in order of precedence for honours and awards in Australia, see the 
Order of Wearing Australian Honours and Awards on the It's an Honour  website.  
 
 
 
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9. 
References 
 
9.1  Citations and references 
The author-date (Harvard) system is used for textual citation of references. The citation can 
be placed at the end of the sentence before the concluding punctuation. 
The reference list is placed in the final section of the publication. References differ from 
bibliographies, with the latter identifying sources, quoted or unquoted, relevant to the 
material within the text, while references only identify sources quoted within the text. 
9.1.1 Citing references in the text 
We use the Harvard referencing system. When authors are acknowledged at the end of a 
sentence, rather than forming part of the sentences, the name and date are in parentheses. 
For example: 
This issue is well documented (Stockton 2003). 
When the author's name is incorporated into a sentence, it should be followed by the date in 
parentheses. For example: 
See Stockton (2003) for an example of approaches to this issue. 
There are various approaches to this issue (see, for example, Stockton (2003)). 
If an author has two or more citations, they should be listed chronologically and 
distinguished in the following ways: 
For more detail, see Lowe (2020a) and Lowe (2020b) 
If an author is published in multiple years, separate the years with a comma: 
Catao and Timmerman (2002, 2003) 
If referencing more than one citation, separate the years with a semi-colon: 
Much has been written on this topic (Catao and Timmerman 2002; Lower 2020a). 
If two authors have the same surname, use the initial of their first names to distinguish 
between them: 
Murphy D (1987) and Murphy E (1987) 
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9.1.2 Using et al in citations 
Note: in the reference section all names should be listed. 
In in-text references, et al should be in italics without a full stop. 
When there are three authors, they should all be listed in the first instance, for example: 
Cecchetti, Genburgh and Wadhwani (2003) 
All following instances should be written as: 
Cecchetti et al (2003) 
References containing four or more authors should be written using the first name followed 
by et al in all instances, such as: 
Simon et al (2003) 
Where there is more than one reference for the same year and the same first-listed author 
any usage of et al needs to be distinctive. For example, Bullock, Morris and Stevens (1988) 
and Bullock, Stevens and Thorp (1988) on subsequent usage would need to be distinguished 
as: 
Bullock, Morris et al (1988) and Bullock, Stevens et al (1988) 
Specific page numbers should be listed after the date if required, with no full stop after pp 
and an en dash between the page numbers, for example: 
Murphy (1987, pp 22–23) 
Citations should be inserted after quotes. For example: 
‘The profligacy of American and British households is legendary, but Australians have 
been even more reckless, pushing their borrowing to around 125 per cent of 
disposable income … ’ (The Economist 2003). 
 
9.2  Endnotes 
Endnotes can be used for referencing in some Bank documents (e.g. speeches, SMP, FSR) and 
to provide further information or detail across all Bank documents (e.g. Bulletin etc). 
Endnote numbers should be included after punctuation, usually a full stop. For example: 
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When many people study economics, they contribute to economic literacy in society.1 
Should a consumer be considered economically literate based on different criteria to 
a business person?3 
9.2.1 Cross-referencing within endnotes 
For publications that include references within endnotes (instead of in-text references and a 
corresponding reference list), provide the full reference at first instance and then refer to it 
subsequently by the author and the number of the endnote containing the reference (cited 
as 'n' followed by the number). For example: 
1 Financial Stability Board (2020), ‘The Implications of Climate Change for Financial 
Stability’, 23 November. 
2 See Kearns J (2021), ‘Evolving Bank and Systemic Risk’, Speech at the 34th 
Australasian Finance and Banking Conference, 16 December. 
3 See Financial Stability Board, n 1. 
4 Kearns, n 2. 
If there are two references by an author/organisation in the same footnote, then include the 
year also. For example: 
1 Lowe P (2021), ‘Payments: The Future?’, Address to the Australian Payments 
Network Summit 2021, Online, 9 December; Lowe P (2022), ‘Recent Economic 
Developments’, Speech to the AFR Business Summit, Sydney, 9 March. 
2 See Lowe (2022), n 1. 
 
9.3  References section checklist 
Check all elements of references using original source, RBA Library catalogue or internet (for 
example the National Library of Australia catalogue). The RBA Library staff can provide 
assistance with checking references. 
Check that references are listed in alphabetical order, and where the same author is listed 
more than once, in ascending chronological order, for example: 
Svensson L (2001) followed by Svensson L (2002) 
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If several publications by the same authors were published in the same year, check that they 
have been distinguished using a lower-case letter with the publications sorted into ascending 
alphabetical order, for example: 
Battellino (2010a), ‘Economic Developments’ and Battellino (2010b), ‘Financial 
Developments’ 
Check that all citations in the text have a corresponding reference in the References section, 
and vice versa. 
Check that you have capitalised all words in a title other than articles, prepositions and 
conjunctions, except when the latter appear after a colon in a title, in which case they would 
also be capitalised. Check that only the first word of a hyphenated compound is capitalised. 
For example: 
The COVID-19 Outbreak and Access to Small Business Finance 
A Cost-benefit Analysis of Polymer Banknotes 
Check author names. Do not use commas to separate an author's surname and initials or full 
stops after initials. The only instances in which full stops in abbreviations should be used are 
for e.g. and i.e. or in actual publication titles, for example: 
The B. E. Journal of Macroeconomics 
When authorship is not stated, use the name of the sponsoring body or publisher. The name 
of the organisation can be abbreviated and then spelt out in full in parentheses when first 
used, for example:  
RBA (Reserve Bank of Australia) (2004) 
Check page numbers. When citing page numbers, p is used for a single page and pp is used 
for multiple pages, with no full stops. 
RBA (Reserve Bank of Australia) (2004) 
Check that work in the process of being published has forthcoming used in place of the date, 
for example: 
Smith (forthcoming) 
 
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9.4  Reference examples 
9.4.1 Bank publications 
Authors and dates are shown in bold. Turnover lines are aligned on the left (hanging indents 
are used in footnotes only). 
Add hyperlinks as shown, if available.  
Flagship publications 
RBA (2010), ‘The Global Financial Environment’, Financial Stability Review, September. 
 
Print articles 
Richards A (2006), ‘Measuring Underlying Inflation’, RBA Bulletin, December, pp 9–18. 
 
Online articles 
Note: reference all RBA Bulletin articles published from March 2018 as online articles.   
McKinnon T (2018), ‘Developments in Banks' Funding Costs and Lending Rates’, 
RBA Bulletin, March. 
 
Boxes 
RBA (2004), ‘Box B: Indicators of Labour Market Tightness’, Statement on Monetary 
Policy, November, pp 35–36. 
 
RDPs 
Use the DOI link if available, otherwise hyperlink to the HTML abstract. 
Huang J and J Simon (2021), ‘Central Bank Communication: One Size Does Not Fit All’, 
RBA Research Discussion Paper No 2021-05. 
Roberts I (2005), ‘Underlying Inflation: Concepts, Measurement and Performance’, 
RBA Research Discussion Paper No 2005-05. 
 
Conference volumes 
Macfarlane IJ (ed) (1991), The Deregulation of Financial Intermediaries, Proceedings 
of a Conference, Reserve Bank of Australia, Sydney. 
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Submissions 
RBA (2003), ‘Productivity Commission Inquiry on First Home Ownership’, Submission 
to the Productivity Commission Inquiry on First Home Ownership, 14 November. 
 
Media releases 
RBA (2020), ‘Term Funding Facility Increase and Extension to Further Support the 
Australian Economy’, Media Release, 1 September. 
 
Speeches 
Lowe P (2020), ‘Responding to the Economic and Financial Impact of COVID-19’, 
Speech at the Reserve Bank of Australia, Sydney, 19 March. 
 
Webpages 
This style is to be used for pages that aren’t publications, are undated and only exist online.  
RBA, ‘Domestic Market Operations and Standing Facilities’.  
9.4.2 Other Publications 
 
Books 
Provide author and editor name (year of publication), Title, Title of Series, volume number, 
edition number, Publisher, City of publisher: 
Vamplew W (ed) (1987), Australians: Historical Statistics, Australians: A Historical 
Library, Volume 10, Fairfax, Syme & Weldon Associates, Sydney. 
 
Book chapters 
Provide author name (year of publication), Chapter Title, Editor, Title of Publication, Title of 
Series, volume number, edition number, Publisher, City of publisher: 
Srinivasan TN (2001), ‘Indian Economic Reforms: Background, Rationale, 
Achievements, and Future Prospects’, in NSS Narayana (ed), Economic Policy and 
State Intervention: Selected Papers of TN Srinivasan, Oxford University Press, New 
York, pp 230–270. 
 
Published proceedings 
Provide author name (year of publication), ‘Paper Title’, in editor name/s (eds), Conference 
Volume Title, Proceedings of a Conference, Conference Host, Publisher, City of publisher, 
page numbers. 
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Portes R (1999), ‘An Analysis of Financial Crisis: Lessons for the International Financial 
System’, in WC Hunter, GG Kaufman and TH Krueger (eds), The Asian Financial Crisis: 
Origins, Implications, and Solutions, Proceedings of 1998 Conference held by Federal 
Reserve Bank of Chicago and International Monetary Fund, Kluwer Academic 
Publishers, Boston, pp 471–478. 
Adrian T and HS Shin (2008), ‘Financial Intermediaries, Financial Stability, and 
Monetary Policy’, in Maintaining Stability in a Changing Financial System, A 
Symposium sponsored by the Federal Reserve Bank of Kansas City, Kansas City, pp 
287–334. 
 
Journal articles 
Provide author name (year of publication), ‘Article Title’, Title of Journal Series, volume 
(issue), page numbers: 
Engen EM, WG Gale and JK Scholz (1996), ‘The Illusory Effects of Saving Incentives on 
Saving’, Journal of Economic Perspectives, 10(4), pp 113–138. 
Kent C (forthcoming), ‘Two Depressions, One Banking Collapse: Lessons from 
Australia’, Journal of Financial Stability. 
 
Speeches 
Provide giver (year given), ‘Speech Title’, details of event, Location, date without year. 
Taylor JB (2002), ‘Sovereign Debt Restructuring: A U.S. Perspective’, Speech at the 
Institute for International Economics Conference, ‘Sovereign Debt Workouts: Hopes 
and Hazards’, Washington DC, 2 April. 
 
Working or discussion papers 
Provide author name (year of publication), ‘Title of Paper’, Title of Working Paper Series and 
Number: 
Quinn S and W Roberds (2005), ‘The Big Problem of Large Bills: The Bank of 
Amsterdam and the Origins of Central Banking’, Federal Reserve Bank of Atlanta 
Working Paper No 2005–16. 
 
Reports 
Provide author name or institution (year of publication), ‘Title of report’ or Publication, 
details as to type of report, date without year: 
Industry Commission (2006), ‘Economic Impacts of Migration and Population Growth’, 
Final Report, April. 
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O'Donnell S (2008), ‘Goonyella Coal Chain Capacity Review – Second and Final 
Report’, review jointly commissioned by the Queensland Government and the 
Queensland Resources Council, January. 
 
Media releases 
Provide institution (year of publication), ‘Title of media release’, Media release number, date 
without year: 
APRA (Australian Prudential Regulation Authority) (2002), ‘APRA Reminds Banks to 
Observe Conservative Risk Management Practices’, Media Release No 02.39, 1 
October. 
 
Newspaper articles 
Provide author name (year of publication), ‘Article Title’, Title of Newspaper, date without 
year, page numbers: 
Wolf M (2000), ‘The Big Lie of Global Inequality’, Financial Times, 9 February, p 25. 
 
Conference papers 
Provide author name (year), ‘Paper Title’, Conference name, location, date without 
year. Available at <http://www. … 
Clarida RH (2021), ‘Sovereign Markets, Global Factors’, 25th Annual Financial Markets 
Conference, Federal Reserve Bank of Atlanta, 17 May.  
 
Catalogues 
Provide institution, ‘Title’ and catalogue number (also include issue number/month if 
referencing specific analysis in that issue): 
ABS (Australian Bureau of Statistics) (1998), ‘Labour Force, Australia’, ABS Cat No 
6202.0, June. 
 
Unpublished papers 
Provide author name (year of preparation), ‘Title of Paper’, Sponsoring Body (if applicable), 
Type of paper, Place of preparation, Month of preparation: 
Westerlund J and F Wilhelmsson (2006), ‘Estimating the Gravity Model Without 
Gravity Using Panel Data’, Lund University, unpublished manuscript. 
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Websites and online material 
Provide author name (year of publication), ‘Title of Paper’ or Publication. Available at 
<http://www. … 
Australian Government (2022a), ‘Consumer Data Right’. Available at 
<https://www.cdr.gov.au/>. 
Australian Government (2022b), ‘Payment Times Reports Register’. Available at 
<https://register.paymenttimes.gov.au/dashboard.html>. 
 
 
 
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10.  Grammar 
 
10.1  Nouns 
A noun is a word that names something, whether abstract (intangible) – such as help, 
information, sorrow, wish – or concrete (tangible) – such as tree, sand, lizard, skiing. 
It may be a common noun (the name of a generic class or type of person, place, thing, 
process, activity, or condition) or a proper noun (the formal name of a specific person, place, 
or thing – e.g. John Smith, Moscow, the Hope Diamond). 
Many nouns represent individual items that can be counted and made plural (e.g. tree/trees, 
lizard/lizards, wish/wishes) – this makes them count nouns. As the subject of a sentence, a 
singular count noun takes a singular verb (e.g. the jar is full); a plural count noun takes a 
plural verb (e.g. the jars are full). 
 
10.2  Pronouns 
Pronouns stand in for nouns and noun phrases already mentioned, or about to be 
mentioned, in a text. 
Personal pronouns include I, you, he, she, we and they, and the impersonal it is usually 
included. Possessive forms such as my, our, his and her are classed as determiners. You 
should always use someone's preferred personal pronouns, or other inclusive language: 
see Inclusive Language.  
Demonstrative pronouns such as this, that, these and those can substitute for nouns, noun 
phrases or whole sentences. For example: 
The yellow kiwifruit are imported; these are locally grown. 
He says he will endorse the Bill; that is what we have been waiting for. 
Relative pronouns such as that, who and which represent things, people or situations 
mentioned earlier in the sentence. 
The swollen river carried a lot of the soil that had been loosened by bulldozing 
upstream. 
The relative pronoun whose is the possessive form. It is used to refer both to people and 
things. 
The company whose stock rose faster. 
The lawyer whose style is so lively. 
 
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10.3  Adjectives 
An adjective is a word that modifies a noun or pronoun; it is often called a ‘describing word’. 
An adjective tells you what sort, how many, how large or small, whose, and so on. 
An adjective can add a new idea to a noun or pronoun by describing it more definitely or fully 
(e.g. red wagon, human error). Or it may be limiting (e.g. three pigs, this time). 
 
10.4  Verbs 
A verb denotes the performance or occurrence of an action or the existence of a condition or 
a state of being, such as an emotion. Action verbs include walk, shout, taste and fly. Non-
action verbs include imagine, exist and dread. 
The verb is the most essential part of speech – the only one that can express a thought by 
itself with the subject understood. For example: 
Run! Enjoy! Think! 
Verbs change their form or add endings (-t, -ed, -d) to show the past tense (e.g. build/built, 
wait/waited, live/lived). 
For many English verbs, the past tense form is used for the past participle (a non-finite verb 
that is not limited by person, number, or mood, but does have tense): 
She built the organisation. 
She has built the organisation. 
All verbs use the ending –ing for the present participle, which signifies the verb's action is in 
progress/continuing or incomplete at the time being spoken of. Example: 
She is building the organisation. 
The past participle denotes the verb's action as completed. Example: 
The organisation has been built. 
A phrasal verb is usually a verb plus a preposition (e.g. settle down, get up). A phrasal verb is 
not hyphenated, even though its equivalent noun or phrasal adjective might be. Compare: 
'to flare up' with 'a flare-up' 
'to step up the pace' with 'a stepped-up pace' 
'growth picked up' with 'a pick-up in growth' 
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Example: 
There are signs that consumer spending may be starting to pick up. 
But 
A pick-up in consumer spending has also contributed to stronger demand. 
Strong growth in household income and wealth has supported a pick-up in consumer 
spending. 
 
10.5  Adverbs 
An adverb is a word which modifies, or tells us something extra about a verb, an adjective, or 
another adverb. It may come before or after the word it modifies. 
They ran quickly. (The adverb modifies the verb ran.) 
The flower was really pretty. (The adverb modifies the adjective pretty.) 
They’ll come very soon. (The adverb modifies the adverb soon.) 
Many adverbs end in -ly, like quickly and really. But some of the most common adverbs, like 
soon, do not. Adverbs like soon, which are without the -ly suffix, can be called flat adverbs. 
Come now! 
She sang well. 
10.5.1 
Ordinal adverbs 
Use first, second, third … (NOT firstly, secondly, thirdly …). For example: 
There were three issues of contention: first, the report was delayed; second, it was 
much too long; and third, it was not sent to the correct department. 
 
10.6  Split infinitives 
An infinitive is the basic form of a verb (e.g. go, ask, decide). Infinitives combine with other 
words to form compound verbs. For example: 
You may go 
You meant to go 
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I will run 
I wanted to run 
They couldn't decide 
They tried to decide 
As well as simple infinitives such as those above, infinitives can be formed with have and be. 
For example: 
I wouldn't have gone 
I'd like to have gone 
You will be asked 
You have to be asked 
Infinitives are not necessarily expressed with to in front of them, yet the assumption that 
infinitives consist of two parts (to + the verb) underlies the anxiety about split infinitives. 
A split infinitive occurs when another word, usually an adverb, is placed between to and the 
verb (e.g. to happily agree, to boldly go where no man has gone before). 
There is nothing grammatically wrong with splitting an infinitive. The objections to this 
practice are based on Latin, where the infinitive is expressed in one word (educare) and 
therefore never split, whereas in English the infinitive is expressed as two words (to educate). 
The rule against splitting infinitives isn't followed as strictly today, especially when the effort 
to avoid splitting the infinitive results in less elegant and more ambiguous sentences. For 
example: 
He failed completely to follow the instructions. 
He failed to completely follow the instructions. 
Also beware of constructing sentences in a way that avoids the split infinitive, but makes it 
obvious that is what you are trying to do. For example: 
The failure adequately to brief the designer was inexcusable. 
Consensus in editorial circles is don't split an infinitive if the result is an inelegant sentence. 
Do split infinitives to avoid awkward wording, to preserve a natural rhythm, and most 
importantly to achieve the intended emphasis and meaning. 
 
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10.7  Prepositions 
Prepositions are words that show relationships with nouns in time, space or the abstract 
world of thought (e.g. after lunch, with the reporter, under no circumstances). They are 
always followed by a noun, noun phrase or pronoun. For example: 
The books are on the table. 
They met her at the last session for prospective candidates. 
Come with me to the party. 
These are the most common prepositions: 
about 
as 
by 
into 
past 
to 
above 
at 
down 
like 
since 
until 
across 
before 
for 
near 
than 
up 
after 
below 
from 
off 
through 
with 
along 
beside 
if 
on 
till 
without 
around 
between 
in 
over 
There are also a number of compound prepositions with two or more elements: 
because of 
next to 
due to 
out of 
in accordance with 
on top of 
in front of 
owing to 
in regard to 
with reference to 
instead of 
Common prepositions such as by, for, in, of and to are used to chain phrases together. For 
example: 
This was agreed by the Minister for Immigration in recent discussions of the problem. 
 
Ending a sentence with a preposition 
The idea that it is incorrect to have a preposition at the end of a sentence comes from a 
limited knowledge of what prepositions are and what they do. 
Many prepositions double as adverbs (e.g. under) or particles in association with phrasal 
verbs (e.g. give up, pay off, wait for, write about) and so there is nothing to prevent them 
from occurring as the last word in a sentence (with no following noun). For example: 
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The new enterprise has gone under. 
They'll never give up. 
The scheme was bound to pay off. 
It was the train they had been waiting for. 
Can I choose another topic to write about? 
The awkwardness of observing the rule of never ending a sentence with a preposition was 
unforgettably demonstrated by Churchill in the comment: ‘This is the sort of English up with 
which I will not put.’ Thanks to him, the rule is no longer generally respected. 
 
10.8  Conjunctions 
Conjunctions and conjuncts (a connective type of adverb) link words together. They join 
words in the same phrase or clause. For example: 
bread and butter 
the children were tired but happy 
They also link whole clauses. For example: 
The Board recommended the adoption of the new rules but couldn't agree on the 
timing. 
There are two main classes of conjunctions: coordinating and subordinating. 
10.8.1 
Coordinating conjunctions 
Coordinating conjunctions join words or groups of words of equal grammatical rank, such as 
two nouns, two verbs, two phrases, or two clauses. The major coordinating conjunctions are 
and, but, or, nor, yet. For example: 
The results are disappointing but not discouraging. 
Are you speaking to him or to me? 
Starting a sentence with a conjunction such as and or but is sometimes queried. In that 
position they cannot join anything but they do connect with the meaning of the previous 
sentence, and in the case of but would contrast with it. For example:  
I'll argue the case. But only if you'll back me up. 
‘And’ and ‘but’ have a conjunct role as well as that of a conjunction, and may therefore be 
used to start sentences. 
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11.  Macquarie Dictionary 
Can't find what you are looking for? Try the Macquarie Dictionary for guidance on Australian 
English spelling. 
 
12.  Brand Guidelines 
See Reserve Bank of Australia Brand Guidelines. 
 
13.  Copyright and Disclaimer Information 
Seek permission from your head of department or above about whether Bank affiliation can 
be used when presenting or publishing the material, and on whether an appropriate 
disclaimer should be included. 
You must also include other relevant copyright and disclaimer notices where these are legally 
required. For instance, when data from the HILDA survey are used, the HILDA disclaimer 
notice must be displayed, and when APM data are used, the APM disclaimer notice must be 
displayed. 
All material published on the RBA website and the Market Data Services is subject to the 
terms and conditions in the Copyright and Disclaimer Notice published on the RBA website.  
 
13.1  Abridged copyright notices 
The following abridged copyright notices should appear in the relevant RBA publications. 
13.1.1 
At the bottom of RBA webpages 
The materials on this webpage are subject to copyright and their use is subject to the 
terms and conditions set out in the Copyright and Disclaimer Notice 
© Reserve Bank of Australia, 2001–2020. All rights reserved. 
13.1.2 
At the bottom of pages on Market Data Services 
[© or Copyright] RBA [year]. Use is subject to the terms in www.rba.gov.au/copyright/ 
13.1.3 
In publications other than Research Discussion Papers 
© Reserve Bank of Australia [year] 
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Apart from any use as permitted under the Copyright Act 1968, and the permissions explicitly 
granted below, all other rights are reserved in all materials contained in this publication. 
All materials contained in this publication, with the exception of any Excluded Material as 
defined on the RBA website, are provided under a Creative Commons Attribution 4.0 
International License. The materials covered by this licence may be used, reproduced, 
published, communicated to the public and adapted provided that the RBA is properly 
attributed in the following manner: 
Source: Reserve Bank of Australia [year] OR Source: RBA [year] 
For the full copyright and disclaimer provisions which apply to this publication, including 
those provisions which relate to Excluded Material, see the RBA website. 
13.1.4 
In Research Discussion Papers 
The Discussion Paper series is intended to make the results of the current economic research 
within the Reserve Bank of Australia (RBA) available to other economists. Its aim is to present 
preliminary results of research so as to encourage discussion and comment. Views expressed 
in this paper are those of the authors and not necessarily those of the RBA. However the RBA 
owns the copyright in this paper. 
© Reserve Bank of Australia [year] 
Apart from any use as permitted under the Copyright Act 1968, and the permissions explicitly 
granted below, all other rights are reserved in all materials contained in this paper. 
All materials contained in this paper, with the exception of any Excluded Material as defined 
on the RBA website, are provided under a Creative Commons Attribution 4.0 International 
License. The materials covered by this licence may be used, reproduced, published, 
communicated to the public and adapted provided that there is attribution to the authors in 
a way that makes clear that the paper is the work of the authors and the views in the paper 
are those of the authors and not the RBA. 
For the full copyright and disclaimer provisions which apply to this paper, including those 
provisions which relate to Excluded Material, see the RBA website. 
 
13.2  Disclaimer notices 
Disclaimer information displayed below should be included in all Bank publications (printed 
and online) where the relevant organisation's data has been used. 
13.2.1 
Standard Reserve Bank disclaimer 
In publications that require a standard Reserve Bank disclaimer, the following notice should 
be included in the imprint page (In RBA publications this is usually after the contents page.): 
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Views expressed in this [paper/article] are those of the author/s and not necessarily 
those of the Reserve Bank of Australia. Use of any results from this [paper/article] 
should clearly attribute the work to the author/s and not to the Reserve Bank of 
Australia. 
13.2.2 
APM 
Where APM data has been used, the following information should be included on 
the copyright and disclaimer page in the appendix: APM Copyright and Disclaimer Notice 
 
13.2.3 
Business Longitudinal Analysis Data Environment (BLADE) 
For data and graphs produced from the Australian Bureau of Statistics' BLADE (Business 
Longitudinal Analysis Data Environment) database the following disclaimer should be 
included: BLADE Disclaimer Notice 
13.2.4 
HILDA Survey 
Where HILDA data has been used, the following information should be included on the 
copyright and disclaimer page in the appendix: HILDA Survey Disclaimer Notice 
13.2.5 
International Energy Agency (IEA) 
Where IEA data has been used for a Bank publication, the following wording should be 
included as a footnote following the call-out for the graph which first uses the IEA data: 
Information presented in this article draws on data from the [Title of the IEA Database]. 
For the full attribution, see Copyright and Disclaimer Notices. 
The full attribution should then be included on the copyright and disclaimer page in the 
appendix: 
Based on IEA data from [Title of IEA database] © OECD/IEA [/co-author(s) if any] [year], 
IEA Publishing; modified by [your legal entity name]. Licence: [link to these terms and 
conditions]. 
13.2.6 
Mathematica 
In Bank publications containing graphs created in RBA Graphit, the following notice should be 
included in the imprint page: 
The graphs in this publication were generated using Mathematica. 
 
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