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CHINA ECONOMIC GROWTH SUPPORTING THE AUSTRALIAN TRANSITION CHINA NOMINAL GDP BY INDUSTRY¹ % yoy 30 25 20 15 Services CHINA RETAIL SALES & TOURISM DEBITS¹ Retail sales (CNY b) Tourism debits (US$b) 3000 30 2500 25 2000 Retail sales (LHS) 1500 20 15 10 10 1000 GDP 5 500 Tourism debits (RHS) 5 Industry & construction 0 0 0 Mar 06 Mar 08 Mar 10 Mar 12 Mar 14 Mar 16 2006 2008 2010 2012 2014 2016 AUSTRALIA SHORT TERM PASSENGER ARRIVALS PER MONTH² AUSTRALIA EDUCATION EXPORTS3 ('000 persons, 3mma) 120 100 80 60 UK ($b) 6 New Zealand 5 China 4 3 Share of total (%). 30 Share of total education exports (RHS) 25 20 15 2 10 40 USA 20 1 Japan Value of exports to 5 China (LHS) 0 0 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 (1) Source: CEIC Source: ABS, 3mma denotes three month moving average Source: ABS (2) (3) 120 National Australia Bank HOUSING - COMPARISON WITH IRELAND AUSTRALIAN DWELLING COMPLETION v ANNUAL POPULATION GROWTH (000's)¹ 500 IRELAND DWELLING COMPLETION v ANNUAL POPULATION GROWTH (000's)³ 160 450 400 350 300 250 200 M 150 100 50 (1) (2) (3) 121 0 1984 1988 1992 140 120 100 80 60 40 20 0 -20 -40 1996 2000 2004 2008 2012 2016 1984 1988 -Completions -Population 1992 1996 2000 2004 2008 -Completions -Population 2012 2016 Under construction² Source: NAB, ABS 2016 dwellings under construction as at Q2 2016 Source: NAB, Thomson Reuters National Australia Bank

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