
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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RBA Editorial Style Guide
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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RBA Editorial Style Guide
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 compleme
nts the RBA Brand Guidelines and draws on guidance from
the
Australian Government Style Manual.
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RBA Editorial Style Guide
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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RBA Editorial Style Guide
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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RBA Editorial Style Guide
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 t
he 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 th
e 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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