Annual Macroeconomic Snapshot • 1970s
The Australian Economy in 1977
In 1977, Australia’s Estimated Resident Population stood at 14,281,533, real GDP growth averaged 1.3%, annual CPI inflation averaged 12.4% and the unemployment rate averaged 5.7%.
- • The RBA overnight/target cash rate ended 1977 at 9.15%, while 10-year Australian Government bond yields averaged 10.23%.
- • The Australian Dollar averaged US$1.1089 against the US Dollar during 1977.
1977 Economic Indicators at a Glance
% p.a.
Rank #6 of 104 yrs
Inflation (CPI) in 1977
12.4% Long-run avg: 4.0%
-0.9 pp %
Rank #30 of 77 yrs
Unemployment Rate in 1977
5.7% Long-run avg: 4.8%
+1.0 pp % p.a.
Rank #70 of 77 yrs
Real GDP Growth in 1977
1.3% Long-run avg: 3.4%
-3.0 pp Persons
Rank #50 of 126 yrs
Population in 1977
14.28M Long-run avg: 12,689,752
+171,426 % p.a.
Rank #88 of 125 yrs
Population Growth in 1977
1.21% Long-run avg: 1.61%
+0.20 pp % p.a.
Rank #13 of 78 yrs
10-Year Bond Yield in 1977
10.23% Long-run avg: 6.63%
+0.20 pp % p.a.
Rank #12 of 51 yrs
RBA Cash Rate in 1977
9.15% Long-run avg: 6.48%
+2.78 pp US$ per A$1
Rank #22 of 67 yrs
AUD/USD Exchange Rate in 1977
US$1.1089 Long-run avg: US$0.8921
-0.1132 % of disposable income
Rank #18 of 68 yrs
Household Saving Ratio in 1977
14.1% Long-run avg: 9.0%
-1.8 pp % of GDP
Rank #37 of 68 yrs
Trade Balance (% GDP) in 1977
-1.0% Long-run avg: -0.5%
-1.1 pp '000 dwellings / month
Rank #55 of 62 yrs
Dwelling Approvals in 1977
116.6k Long-run avg: 152.7
-20.6 % p.a.
Wage Growth (WPI) in 1977
N/A Series commenced later
1977 in Context: Preceding & Following Years (1972–1982)
10-year window around 1977 showing how key indicators evolved before and after