Published nominal indices used to generate fplida dollar amounts

Every dollar figure fplida generates is nominal: it carries the price and wage level of its reference year. These are the published series that put it there. Divide a generated amount by the index for its year to express it in anchor-year dollars.

Usage

nominal_index(
  series = c("wage", "price", "business", "transfer", "health"),
  year,
  basis = c("financial", "calendar")
)

Arguments

series

Character. One of "wage" (ATO average salary or wages per individual), "price" (ABS Consumer Price Index), "business" (ATO average total income per company), "transfer" (Male Total Average Weekly Earnings, the pension benchmark) or "health" (the Medicare Benefits Schedule indexation factor). Reference series not used in generation are available through nominal_indices().

year

Integer vector. A financial year is named by the calendar year it starts in, so 2011 is the year ended 30 June 2012.

basis

Character. "financial" or "calendar". Tax, BLADE and payment-summary products are on a financial-year basis; Census, residence and the monthly service products are on a calendar-year basis.

Value

A numeric vector the same length as year, equal to 1 in the anchor year (calendar 2021). A year outside the table is held at the nearest end rather than extrapolated, which is what the generators do, so asking for 1850 returns the earliest level in the table.

See also

nominal_indices for the full table, including the reference series and the flag marking projected years.

Examples

# How much did prices rise between 2015-16 and 2023-24?
nominal_index("price", 2023) / nominal_index("price", 2015)
#> [1] 1.264178

# Deflate a 2023-24 wage to anchor-year dollars.
95000 / nominal_index("wage", 2023)
#> [1] 84120.23