Annual Macroeconomic Snapshot • 1970s • First OPEC oil shock
The Australian Economy in 1973
In 1973, Australia’s Estimated Resident Population stood at 13,614,344, real GDP growth averaged 5.0%, annual CPI inflation averaged 9.2% and the unemployment rate averaged 1.8%.
- • The 10-year Commonwealth Government bond yield averaged 6.93% in 1973 (prior to the modern RBA Cash Rate Target series).
- • The Australian Dollar averaged US$1.4202 against the US Dollar during 1973.
- • Key macroeconomic milestone: First OPEC oil shock.
1973 Economic Indicators at a Glance
% p.a.
Rank #11 of 104 yrs
Inflation (CPI) in 1973
9.2% Long-run avg: 4.0%
+3.2 pp %
Rank #58 of 77 yrs
Unemployment Rate in 1973
1.8% Long-run avg: 4.8%
-0.7 pp % p.a.
Rank #16 of 77 yrs
Real GDP Growth in 1973
5.0% Long-run avg: 3.4%
+3.1 pp Persons
Rank #54 of 126 yrs
Population in 1973
13.61M Long-run avg: 12,689,752
+205,056 % p.a.
Rank #63 of 125 yrs
Population Growth in 1973
1.53% Long-run avg: 1.61%
-0.07 pp % p.a.
Rank #25 of 78 yrs
10-Year Bond Yield in 1973
6.93% Long-run avg: 6.63%
+1.10 pp % p.a.
RBA Cash Rate in 1973
N/A Series commenced later
US$ per A$1
Rank #2 of 67 yrs
AUD/USD Exchange Rate in 1973
US$1.4202 Long-run avg: US$0.8921
+0.2279 % of disposable income
Rank #1 of 68 yrs
Household Saving Ratio in 1973
18.3% Long-run avg: 9.0%
+2.7 pp % of GDP
Rank #7 of 68 yrs
Trade Balance (% GDP) in 1973
2.2% Long-run avg: -0.5%
-0.1 pp '000 dwellings / month
Rank #10 of 62 yrs
Dwelling Approvals in 1973
183.5k Long-run avg: 152.7
+32.8 % p.a.
Wage Growth (WPI) in 1973
N/A Series commenced later
1973 in Context: Preceding & Following Years (1968–1978)
10-year window around 1973 showing how key indicators evolved before and after