Annual Macroeconomic Snapshot • 1980s • Float of the Australian Dollar & Prices and Incomes Accord
The Australian Economy in 1983
In 1983, Australia’s Estimated Resident Population stood at 15,483,496, real GDP growth averaged -0.6%, annual CPI inflation averaged 10.1% and the unemployment rate averaged 10.0%.
- • The RBA overnight/target cash rate ended 1983 at 4.76%, while 10-year Australian Government bond yields averaged 13.89%.
- • The Australian Dollar averaged US$0.9009 against the US Dollar during 1983.
- • Key macroeconomic milestone: Float of the Australian Dollar & Prices and Incomes Accord.
1983 Economic Indicators at a Glance
% p.a.
Rank #9 of 104 yrs
Inflation (CPI) in 1983
10.1% Long-run avg: 4.0%
-1.1 pp %
Rank #3 of 77 yrs
Unemployment Rate in 1983
10.0% Long-run avg: 4.8%
+2.8 pp % p.a.
Rank #74 of 77 yrs
Real GDP Growth in 1983
-0.6% Long-run avg: 3.4%
-0.8 pp Persons
Rank #44 of 126 yrs
Population in 1983
15.48M Long-run avg: 12,689,752
+194,605 % p.a.
Rank #83 of 125 yrs
Population Growth in 1983
1.27% Long-run avg: 1.61%
-0.29 pp % p.a.
Rank #4 of 78 yrs
10-Year Bond Yield in 1983
13.89% Long-run avg: 6.63%
-1.49 pp % p.a.
Rank #28 of 51 yrs
RBA Cash Rate in 1983
4.76% Long-run avg: 6.48%
-6.70 pp US$ per A$1
Rank #29 of 67 yrs
AUD/USD Exchange Rate in 1983
US$0.9009 Long-run avg: US$0.8921
-0.1134 % of disposable income
Rank #27 of 68 yrs
Household Saving Ratio in 1983
12.7% Long-run avg: 9.0%
-0.3 pp % of GDP
Rank #47 of 68 yrs
Trade Balance (% GDP) in 1983
-1.4% Long-run avg: -0.5%
+1.4 pp '000 dwellings / month
Rank #56 of 62 yrs
Dwelling Approvals in 1983
116.5k Long-run avg: 152.7
+6.7 % p.a.
Wage Growth (WPI) in 1983
N/A Series commenced later
1983 in Context: Preceding & Following Years (1978–1988)
10-year window around 1983 showing how key indicators evolved before and after