Three-bedroom townhouse, Air Niugini Staff Housing, Papua New Guinea

Side elevation, showing upper level bedroom windows.

Burrundulla Garden Housing at Kambah, Canberra

View to rear of townhouses with enclosed garden, shed and clothes line.

Burrundulla Garden Housing at Kambah, Canberra

View to flats with townhouses beyond.

Burrundulla Garden Housing at Kambah, Canberra

View of flats from internal street.

Burrundulla Garden Housing at Kambah, Canberra

View to townhouses with individual front porch and paired carports.

Burrundulla Garden Housing at Kambah, Canberra

View to front elevation of flats from internal street.

Burrundulla Garden Housing at Kambah, Canberra

View through internal street with townhouses on left and flats on left.

Burrundulla Garden Housing at Kambah, Canberra

View to townhouses and carports from east.

Burrundulla Garden Housing at Kambah, Canberra

View to development with townhouses in foreground and flats beyond.

Burrundulla Garden Housing at Kambah, Canberra

View of townhouses from exterior.

Is the Australian wool futures market efficient as a predictor of spot prices?

Giles and Goss (1980) have suggested that, if a futures market provides a forward pricing function, then it is an efficient market. In this article a simple test for whether the Australian Wool Futures market is efficient is proposed. The test is based on applying cointegration techniques to test the Law of One Price over a three, six, nine, and twelve month spread of futures prices. We found that the futures market is efficient for up to a six-month spread, but no further into the future. Because futures market prices can be used to predict spot prices up to six months in advance, woolgrowers can use the futures price to assess when they market their clip, but not for longer-term production planning decisions. (C) 1999 John Wiley & Sons, Inc.