Annual Macroeconomic Snapshot • 1970s
The Australian Economy in 1979
In 1979, Australia’s Estimated Resident Population stood at 14,602,481, real GDP growth averaged 4.1%, annual CPI inflation averaged 9.0% and the unemployment rate averaged 6.3%.
- • The RBA overnight/target cash rate ended 1979 at 9.50%, while 10-year Australian Government bond yields averaged 9.75%.
- • The Australian Dollar averaged US$1.1178 against the US Dollar during 1979.
1979 Economic Indicators at a Glance
% p.a.
Rank #14 of 104 yrs
Inflation (CPI) in 1979
9.0% Long-run avg: 4.0%
+1.0 pp %
Rank #21 of 77 yrs
Unemployment Rate in 1979
6.3% Long-run avg: 4.8%
0.0 pp % p.a.
Rank #30 of 77 yrs
Real GDP Growth in 1979
4.1% Long-run avg: 3.4%
+1.9 pp Persons
Rank #48 of 126 yrs
Population in 1979
14.60M Long-run avg: 12,689,752
+171,651 % p.a.
Rank #89 of 125 yrs
Population Growth in 1979
1.19% Long-run avg: 1.61%
+0.14 pp % p.a.
Rank #15 of 78 yrs
10-Year Bond Yield in 1979
9.75% Long-run avg: 6.63%
+0.69 pp % p.a.
Rank #11 of 51 yrs
RBA Cash Rate in 1979
9.50% Long-run avg: 6.48%
+1.18 pp US$ per A$1
Rank #21 of 67 yrs
AUD/USD Exchange Rate in 1979
US$1.1178 Long-run avg: US$0.8921
-0.0268 % of disposable income
Rank #6 of 68 yrs
Household Saving Ratio in 1979
15.6% Long-run avg: 9.0%
+0.2 pp % of GDP
Rank #20 of 68 yrs
Trade Balance (% GDP) in 1979
0.2% Long-run avg: -0.5%
+1.8 pp '000 dwellings / month
Rank #49 of 62 yrs
Dwelling Approvals in 1979
125.7k Long-run avg: 152.7
+15.0 % p.a.
Wage Growth (WPI) in 1979
N/A Series commenced later
1979 in Context: Preceding & Following Years (1974–1984)
10-year window around 1979 showing how key indicators evolved before and after