Annual Macroeconomic Snapshot • 1990s
The Australian Economy in 1998
In 1998, Australia’s Estimated Resident Population stood at 18,705,620, real GDP growth averaged 4.7%, annual CPI inflation averaged 0.9% and the unemployment rate averaged 7.7%.
- • The RBA overnight/target cash rate ended 1998 at 4.76%, while 10-year Australian Government bond yields averaged 5.49%.
- • The Australian Dollar averaged US$0.6282 against the US Dollar during 1998.
1998 Economic Indicators at a Glance
% p.a.
Rank #90 of 104 yrs
Inflation (CPI) in 1998
0.9% Long-run avg: 4.0%
+0.7 pp %
Rank #13 of 77 yrs
Unemployment Rate in 1998
7.7% Long-run avg: 4.8%
-0.7 pp % p.a.
Rank #21 of 77 yrs
Real GDP Growth in 1998
4.7% Long-run avg: 3.4%
0.0 pp Persons
Rank #29 of 126 yrs
Population in 1998
18.71M Long-run avg: 12,689,752
+195,616 % p.a.
Rank #99 of 125 yrs
Population Growth in 1998
1.06% Long-run avg: 1.61%
+0.08 pp % p.a.
Rank #38 of 78 yrs
10-Year Bond Yield in 1998
5.49% Long-run avg: 6.63%
-1.46 pp % p.a.
Rank #28 of 51 yrs
RBA Cash Rate in 1998
4.76% Long-run avg: 6.48%
-0.24 pp US$ per A$1
Rank #64 of 67 yrs
AUD/USD Exchange Rate in 1998
US$0.6282 Long-run avg: US$0.8921
-0.1140 % of disposable income
Rank #60 of 68 yrs
Household Saving Ratio in 1998
1.3% Long-run avg: 9.0%
-4.0 pp % of GDP
Rank #53 of 68 yrs
Trade Balance (% GDP) in 1998
-1.9% Long-run avg: -0.5%
-2.2 pp '000 dwellings / month
Rank #27 of 62 yrs
Dwelling Approvals in 1998
152.7k Long-run avg: 152.7
+10.1 % p.a.
Rank #16 of 29 yrs
Wage Growth (WPI) in 1998
3.2% Long-run avg: 3.1%
1998 in Context: Preceding & Following Years (1993–2003)
10-year window around 1998 showing how key indicators evolved before and after