Annual Macroeconomic Snapshot • 1990s • Early 1990s recession ("The recession we had to have")
The Australian Economy in 1991
In 1991, Australia’s Estimated Resident Population stood at 17,378,981, real GDP growth averaged -1.0%, annual CPI inflation averaged 3.2% and the unemployment rate averaged 9.6%.
- • The RBA overnight/target cash rate ended 1991 at 8.50%, while 10-year Australian Government bond yields averaged 10.69%.
- • The Australian Dollar averaged US$0.7790 against the US Dollar during 1991.
- • Key macroeconomic milestone: Early 1990s recession ("The recession we had to have").
1991 Economic Indicators at a Glance
% p.a.
Rank #46 of 104 yrs
Inflation (CPI) in 1991
3.2% Long-run avg: 4.0%
-4.1 pp %
Rank #5 of 77 yrs
Unemployment Rate in 1991
9.6% Long-run avg: 4.8%
+2.7 pp % p.a.
Rank #76 of 77 yrs
Real GDP Growth in 1991
-1.0% Long-run avg: 3.4%
-2.5 pp Persons
Rank #36 of 126 yrs
Population in 1991
17.38M Long-run avg: 12,689,752
+209,213 % p.a.
Rank #87 of 125 yrs
Population Growth in 1991
1.22% Long-run avg: 1.61%
-0.16 pp % p.a.
Rank #12 of 78 yrs
10-Year Bond Yield in 1991
10.69% Long-run avg: 6.63%
-2.49 pp % p.a.
Rank #13 of 51 yrs
RBA Cash Rate in 1991
8.50% Long-run avg: 6.48%
-4.08 pp US$ per A$1
Rank #38 of 67 yrs
AUD/USD Exchange Rate in 1991
US$0.7790 Long-run avg: US$0.8921
-0.0016 % of disposable income
Rank #44 of 68 yrs
Household Saving Ratio in 1991
6.1% Long-run avg: 9.0%
-2.4 pp % of GDP
Rank #16 of 68 yrs
Trade Balance (% GDP) in 1991
0.3% Long-run avg: -0.5%
+1.3 pp '000 dwellings / month
Rank #48 of 62 yrs
Dwelling Approvals in 1991
126.9k Long-run avg: 152.7
+4.4 % p.a.
Wage Growth (WPI) in 1991
N/A Series commenced later
1991 in Context: Preceding & Following Years (1986–1996)
10-year window around 1991 showing how key indicators evolved before and after