Annual Macroeconomic Snapshot • 1960s • Decimal currency transition (£ to AUD)
The Australian Economy in 1966
In 1966, Australia’s Estimated Resident Population stood at 11,704,843, real GDP growth averaged 2.8%, annual CPI inflation averaged 3.2% and the unemployment rate averaged 1.6%.
- • The 10-year Commonwealth Government bond yield averaged 5.03% in 1966 (prior to the modern RBA Cash Rate Target series).
- • The Australian Dollar averaged US$1.1200 against the US Dollar during 1966.
- • Key macroeconomic milestone: Decimal currency transition (£ to AUD).
1966 Economic Indicators at a Glance
% p.a.
Rank #46 of 104 yrs
Inflation (CPI) in 1966
3.2% Long-run avg: 4.0%
-0.6 pp %
Rank #63 of 77 yrs
Unemployment Rate in 1966
1.6% Long-run avg: 4.8%
+0.4 pp % p.a.
Rank #43 of 77 yrs
Real GDP Growth in 1966
2.8% Long-run avg: 3.4%
-2.3 pp Persons
Rank #61 of 126 yrs
Population in 1966
11.70M Long-run avg: 12,689,752
+199,435 % p.a.
Rank #46 of 125 yrs
Population Growth in 1966
1.73% Long-run avg: 1.61%
-0.26 pp % p.a.
Rank #50 of 78 yrs
10-Year Bond Yield in 1966
5.03% Long-run avg: 6.63%
-0.14 pp % p.a.
RBA Cash Rate in 1966
N/A Series commenced later
US$ per A$1
Rank #10 of 67 yrs
AUD/USD Exchange Rate in 1966
US$1.1200 Long-run avg: US$0.8921
0.0000 % of disposable income
Rank #22 of 68 yrs
Household Saving Ratio in 1966
13.8% Long-run avg: 9.0%
+1.1 pp % of GDP
Rank #41 of 68 yrs
Trade Balance (% GDP) in 1966
-1.1% Long-run avg: -0.5%
+1.6 pp '000 dwellings / month
Rank #61 of 62 yrs
Dwelling Approvals in 1966
100.2k Long-run avg: 152.7
+1.2 % p.a.
Wage Growth (WPI) in 1966
N/A Series commenced later
1966 in Context: Preceding & Following Years (1961–1971)
10-year window around 1966 showing how key indicators evolved before and after