Annual Macroeconomic Snapshot • 1960s • Menzies credit squeeze
The Australian Economy in 1961
In 1961, Australia’s Estimated Resident Population stood at 10,642,654, real GDP growth averaged 0.0%, annual CPI inflation averaged 2.5% and the unemployment rate averaged 2.6%.
- • The 10-year Commonwealth Government bond yield averaged 4.81% in 1961 (prior to the modern RBA Cash Rate Target series).
- • The Australian Dollar averaged US$1.1200 against the US Dollar during 1961.
- • Key macroeconomic milestone: Menzies credit squeeze.
1961 Economic Indicators at a Glance
% p.a.
Rank #62 of 104 yrs
Inflation (CPI) in 1961
2.5% Long-run avg: 4.0%
-1.3 pp %
Rank #53 of 77 yrs
Unemployment Rate in 1961
2.6% Long-run avg: 4.8%
+1.4 pp % p.a.
Rank #73 of 77 yrs
Real GDP Growth in 1961
0.0% Long-run avg: 3.4%
-3.9 pp Persons
Rank #66 of 126 yrs
Population in 1961
10.64M Long-run avg: 12,689,752
+250,734 % p.a.
Rank #12 of 125 yrs
Population Growth in 1961
2.41% Long-run avg: 1.61%
+0.14 pp % p.a.
Rank #56 of 78 yrs
10-Year Bond Yield in 1961
4.81% Long-run avg: 6.63%
-0.57 pp % p.a.
RBA Cash Rate in 1961
N/A Series commenced later
US$ per A$1
Rank #10 of 67 yrs
AUD/USD Exchange Rate in 1961
US$1.1200 Long-run avg: US$0.8921
0.0000 % of disposable income
Rank #15 of 68 yrs
Household Saving Ratio in 1961
14.4% Long-run avg: 9.0%
+1.2 pp % of GDP
Rank #13 of 68 yrs
Trade Balance (% GDP) in 1961
0.5% Long-run avg: -0.5%
+3.5 pp '000 dwellings / month
Dwelling Approvals in 1961
N/A Series commenced later
% p.a.
Wage Growth (WPI) in 1961
N/A Series commenced later
1961 in Context: Preceding & Following Years (1956–1966)
10-year window around 1961 showing how key indicators evolved before and after