Annual Macroeconomic Snapshot • 1980s
The Australian Economy in 1988
In 1988, Australia’s Estimated Resident Population stood at 16,687,082, real GDP growth averaged 4.2%, annual CPI inflation averaged 7.2% and the unemployment rate averaged 7.2%.
- • The RBA overnight/target cash rate ended 1988 at 14.59%, while 10-year Australian Government bond yields averaged 12.10%.
- • The Australian Dollar averaged US$0.7813 against the US Dollar during 1988.
1988 Economic Indicators at a Glance
% p.a.
Rank #22 of 104 yrs
Inflation (CPI) in 1988
7.2% Long-run avg: 4.0%
-1.3 pp %
Rank #14 of 77 yrs
Unemployment Rate in 1988
7.2% Long-run avg: 4.8%
-0.9 pp % p.a.
Rank #27 of 77 yrs
Real GDP Growth in 1988
4.2% Long-run avg: 3.4%
-0.8 pp Persons
Rank #39 of 126 yrs
Population in 1988
16.69M Long-run avg: 12,689,752
+292,441 % p.a.
Rank #44 of 125 yrs
Population Growth in 1988
1.78% Long-run avg: 1.61%
+0.19 pp % p.a.
Rank #10 of 78 yrs
10-Year Bond Yield in 1988
12.10% Long-run avg: 6.63%
-1.09 pp % p.a.
Rank #5 of 51 yrs
RBA Cash Rate in 1988
14.59% Long-run avg: 6.48%
+3.29 pp US$ per A$1
Rank #36 of 67 yrs
AUD/USD Exchange Rate in 1988
US$0.7813 Long-run avg: US$0.8921
+0.0811 % of disposable income
Rank #35 of 68 yrs
Household Saving Ratio in 1988
7.9% Long-run avg: 9.0%
-0.2 pp % of GDP
Rank #37 of 68 yrs
Trade Balance (% GDP) in 1988
-1.0% Long-run avg: -0.5%
-0.1 pp '000 dwellings / month
Rank #18 of 62 yrs
Dwelling Approvals in 1988
168.2k Long-run avg: 152.7
+50.4 % p.a.
Wage Growth (WPI) in 1988
N/A Series commenced later
1988 in Context: Preceding & Following Years (1983–1993)
10-year window around 1988 showing how key indicators evolved before and after