Go to the RBA web site and access the 'H3 Monthly Activity Indicators' data. From the dataset,
Question:
Go to the RBA web site and access the 'H3 Monthly Activity Indicators' data. From the dataset, download the following three data series for all months and years for which the data is available starting from the beginning year to the end year: (i) Retail sales (Retail sales, all industries, current price, monthly, seasonally adjusted, in $ million), (ii) Private dwelling approvals (Private dwelling approvals, monthly, seasonally adjusted, in '000) and (iii) Private non-residential building approvals (Private non-residential building approvals, current price, in $ million). Explain the importance of these data series in the context of the Australian economy. In addition, you should also consider and download appropriate monthly data from the Australian Bureau of Statistics (like unemployment rate) which you think would be helpful in the forecasting exercise. Explain why you have chosen the additional data series and how this might help in your forecasting exercise