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31 Appendix 1: Data The data used are quarterly and the sample period runs from 1959(3) to 2011(4). The definitions of the variables and sources of the data are: Y: GDP, seasonally adjusted, real; source: Australian Bureau of Statistics web- site () G: central government, national, non-defence final consumption expenditure and gross fixed capital formation (both seasonally adjusted and real) plus total personal benefit payments which are not seasonally adjusted or real. Benefit payments were deflated by the personal consumption deflator and tested for seasonal components but found to have none and so are not seasonally adjusted. Source: Australian Bureau of Statistics web-site () R: monthly cash rate for the period July 1998 to December 2011 and the 11 am call rate for the period March 1959 to June 1998. The monthly data were averaged to obtain quarterly data. They were found not to have any detectable seasonal components and are therefore not seasonally adjusted. Source: Reserve Bank of Australia web-site (). X: exports of goods and services, real, seasonally adjusted; source: Australian Bureau of Statistics web-site () GDP Deflator: deflator for GDP, seasonally adjusted; source: Australian Bureau of Statistics web-site () CPI: All groups, Australia; source: Australian Bureau of Statistics web-site () Imports: chain volume measure, seasonally adjusted; source: Australian Bureau of Statistics web-site () Government debt:” Total Commonwealth Government Securities on Issue” for 1974