Annual Macroeconomic Snapshot • 1970s
The Australian Economy in 1971
In 1971, Australia’s Estimated Resident Population stood at 13,198,380, real GDP growth averaged 3.8%, annual CPI inflation averaged 5.9% and the unemployment rate averaged 1.7%.
- • The 10-year Commonwealth Government bond yield averaged 6.71% in 1971 (prior to the modern RBA Cash Rate Target series).
- • The Australian Dollar averaged US$1.1329 against the US Dollar during 1971.
1971 Economic Indicators at a Glance
% p.a.
Rank #26 of 104 yrs
Inflation (CPI) in 1971
5.9% Long-run avg: 4.0%
+2.1 pp %
Rank #59 of 77 yrs
Unemployment Rate in 1971
1.7% Long-run avg: 4.8%
+0.3 pp % p.a.
Rank #36 of 77 yrs
Real GDP Growth in 1971
3.8% Long-run avg: 3.4%
-3.0 pp Persons
Rank #56 of 126 yrs
Population in 1971
13.20M Long-run avg: 12,689,752
+534,911 % p.a.
Rank #2 of 125 yrs
Population Growth in 1971
4.22% Long-run avg: 1.61%
+2.15 pp % p.a.
Rank #26 of 78 yrs
10-Year Bond Yield in 1971
6.71% Long-run avg: 6.63%
+0.06 pp % p.a.
RBA Cash Rate in 1971
N/A Series commenced later
US$ per A$1
Rank #9 of 67 yrs
AUD/USD Exchange Rate in 1971
US$1.1329 Long-run avg: US$0.8921
+0.0129 % of disposable income
Rank #8 of 68 yrs
Household Saving Ratio in 1971
15.5% Long-run avg: 9.0%
+1.9 pp % of GDP
Rank #22 of 68 yrs
Trade Balance (% GDP) in 1971
-0.1% Long-run avg: -0.5%
+0.1 pp '000 dwellings / month
Rank #45 of 62 yrs
Dwelling Approvals in 1971
129.0k Long-run avg: 152.7
+1.8 % p.a.
Wage Growth (WPI) in 1971
N/A Series commenced later
1971 in Context: Preceding & Following Years (1966–1976)
10-year window around 1971 showing how key indicators evolved before and after