Annual Macroeconomic Snapshot • 1950s • Korean War wool price boom & inflation spike
The Australian Economy in 1951
In 1951, Australia’s Estimated Resident Population stood at 8,527,907, real GDP growth averaged 6.1%, annual CPI inflation averaged 19.6% and the unemployment rate averaged 0.3%.
- • The 10-year Commonwealth Government bond yield averaged 4.60% in 1951 (prior to the modern RBA Cash Rate Target series).
- • Key macroeconomic milestone: Korean War wool price boom & inflation spike.
1951 Economic Indicators at a Glance
% p.a.
Rank #1 of 104 yrs
Inflation (CPI) in 1951
19.6% Long-run avg: 4.0%
+10.5 pp %
Rank #77 of 77 yrs
Unemployment Rate in 1951
0.3% Long-run avg: 4.8%
-0.1 pp % p.a.
Rank #9 of 77 yrs
Real GDP Growth in 1951
6.1% Long-run avg: 3.4%
-1.8 pp Persons
Rank #76 of 126 yrs
Population in 1951
8.53M Long-run avg: 12,689,752
+220,426 % p.a.
Rank #8 of 125 yrs
Population Growth in 1951
2.65% Long-run avg: 1.61%
-0.61 pp % p.a.
Rank #57 of 78 yrs
10-Year Bond Yield in 1951
4.60% Long-run avg: 6.63%
+1.07 pp % p.a.
RBA Cash Rate in 1951
N/A Series commenced later
US$ per A$1
AUD/USD Exchange Rate in 1951
N/A Series commenced later
% of disposable income
Household Saving Ratio in 1951
N/A Series commenced later
% of GDP
Trade Balance (% GDP) in 1951
N/A Series commenced later
'000 dwellings / month
Dwelling Approvals in 1951
N/A Series commenced later
% p.a.
Wage Growth (WPI) in 1951
N/A Series commenced later
1951 in Context: Preceding & Following Years (1950–1956)
10-year window around 1951 showing how key indicators evolved before and after
Population →
Persons
Population Growth →
% p.a.