Annual Macroeconomic Snapshot • 1990s • RBA formalises 2–3% inflation targeting
The Australian Economy in 1993
In 1993, Australia’s Estimated Resident Population stood at 17,719,090, real GDP growth averaged 3.9%, annual CPI inflation averaged 1.8% and the unemployment rate averaged 10.9%.
- • The RBA overnight/target cash rate ended 1993 at 4.75%, while 10-year Australian Government bond yields averaged 7.28%.
- • The Australian Dollar averaged US$0.6800 against the US Dollar during 1993.
- • Key macroeconomic milestone: RBA formalises 2–3% inflation targeting.
1993 Economic Indicators at a Glance
% p.a.
Rank #77 of 104 yrs
Inflation (CPI) in 1993
1.8% Long-run avg: 4.0%
+0.8 pp %
Rank #1 of 77 yrs
Unemployment Rate in 1993
10.9% Long-run avg: 4.8%
+0.2 pp % p.a.
Rank #34 of 77 yrs
Real GDP Growth in 1993
3.9% Long-run avg: 3.4%
+1.3 pp Persons
Rank #34 of 126 yrs
Population in 1993
17.72M Long-run avg: 12,689,752
+161,957 % p.a.
Rank #113 of 125 yrs
Population Growth in 1993
0.92% Long-run avg: 1.61%
-0.11 pp % p.a.
Rank #23 of 78 yrs
10-Year Bond Yield in 1993
7.28% Long-run avg: 6.63%
-1.94 pp % p.a.
Rank #30 of 51 yrs
RBA Cash Rate in 1993
4.75% Long-run avg: 6.48%
-1.00 pp US$ per A$1
Rank #57 of 67 yrs
AUD/USD Exchange Rate in 1993
US$0.6800 Long-run avg: US$0.8921
-0.0544 % of disposable income
Rank #52 of 68 yrs
Household Saving Ratio in 1993
5.2% Long-run avg: 9.0%
-0.6 pp % of GDP
Rank #27 of 68 yrs
Trade Balance (% GDP) in 1993
-0.4% Long-run avg: -0.5%
-0.3 pp '000 dwellings / month
Rank #16 of 62 yrs
Dwelling Approvals in 1993
170.1k Long-run avg: 152.7
+18.6 % p.a.
Wage Growth (WPI) in 1993
N/A Series commenced later
1993 in Context: Preceding & Following Years (1988–1998)
10-year window around 1993 showing how key indicators evolved before and after