Annual Macroeconomic Snapshot • 1970s
The Australian Economy in 1970
In 1970, Australia’s Estimated Resident Population stood at 12,663,469, real GDP growth averaged 6.8%, annual CPI inflation averaged 3.8% and the unemployment rate averaged 1.4%.
- • The 10-year Commonwealth Government bond yield averaged 6.65% in 1970 (prior to the modern RBA Cash Rate Target series).
- • The Australian Dollar averaged US$1.1200 against the US Dollar during 1970.
1970 Economic Indicators at a Glance
% p.a.
Rank #38 of 104 yrs
Inflation (CPI) in 1970
3.8% Long-run avg: 4.0%
+0.8 pp %
Rank #67 of 77 yrs
Unemployment Rate in 1970
1.4% Long-run avg: 4.8%
-0.1 pp % p.a.
Rank #4 of 77 yrs
Real GDP Growth in 1970
6.8% Long-run avg: 3.4%
0.0 pp Persons
Rank #57 of 126 yrs
Population in 1970
12.66M Long-run avg: 12,689,752
+256,252 % p.a.
Rank #27 of 125 yrs
Population Growth in 1970
2.07% Long-run avg: 1.61%
-0.08 pp % p.a.
Rank #27 of 78 yrs
10-Year Bond Yield in 1970
6.65% Long-run avg: 6.63%
+0.81 pp % p.a.
RBA Cash Rate in 1970
N/A Series commenced later
US$ per A$1
Rank #10 of 67 yrs
AUD/USD Exchange Rate in 1970
US$1.1200 Long-run avg: US$0.8921
0.0000 % of disposable income
Rank #23 of 68 yrs
Household Saving Ratio in 1970
13.6% Long-run avg: 9.0%
-0.4 pp % of GDP
Rank #24 of 68 yrs
Trade Balance (% GDP) in 1970
-0.2% Long-run avg: -0.5%
+0.5 pp '000 dwellings / month
Rank #47 of 62 yrs
Dwelling Approvals in 1970
127.2k Long-run avg: 152.7
-11.2 % p.a.
Wage Growth (WPI) in 1970
N/A Series commenced later
1970 in Context: Preceding & Following Years (1965–1975)
10-year window around 1970 showing how key indicators evolved before and after