Annual Macroeconomic Snapshot • 1970s
The Australian Economy in 1978
In 1978, Australia’s Estimated Resident Population stood at 14,430,830, real GDP growth averaged 2.2%, annual CPI inflation averaged 8.0% and the unemployment rate averaged 6.3%.
- • The RBA overnight/target cash rate ended 1978 at 8.32%, while 10-year Australian Government bond yields averaged 9.06%.
- • The Australian Dollar averaged US$1.1446 against the US Dollar during 1978.
1978 Economic Indicators at a Glance
% p.a.
Rank #19 of 104 yrs
Inflation (CPI) in 1978
8.0% Long-run avg: 4.0%
-4.4 pp %
Rank #21 of 77 yrs
Unemployment Rate in 1978
6.3% Long-run avg: 4.8%
+0.6 pp % p.a.
Rank #57 of 77 yrs
Real GDP Growth in 1978
2.2% Long-run avg: 3.4%
+0.9 pp Persons
Rank #49 of 126 yrs
Population in 1978
14.43M Long-run avg: 12,689,752
+149,297 % p.a.
Rank #101 of 125 yrs
Population Growth in 1978
1.05% Long-run avg: 1.61%
-0.16 pp % p.a.
Rank #19 of 78 yrs
10-Year Bond Yield in 1978
9.06% Long-run avg: 6.63%
-1.17 pp % p.a.
Rank #14 of 51 yrs
RBA Cash Rate in 1978
8.32% Long-run avg: 6.48%
-0.83 pp US$ per A$1
Rank #7 of 67 yrs
AUD/USD Exchange Rate in 1978
US$1.1446 Long-run avg: US$0.8921
+0.0357 % of disposable income
Rank #9 of 68 yrs
Household Saving Ratio in 1978
15.4% Long-run avg: 9.0%
+1.3 pp % of GDP
Rank #50 of 68 yrs
Trade Balance (% GDP) in 1978
-1.6% Long-run avg: -0.5%
-0.6 pp '000 dwellings / month
Rank #58 of 62 yrs
Dwelling Approvals in 1978
110.7k Long-run avg: 152.7
-5.9 % p.a.
Wage Growth (WPI) in 1978
N/A Series commenced later
1978 in Context: Preceding & Following Years (1973–1983)
10-year window around 1978 showing how key indicators evolved before and after