Annual Macroeconomic Snapshot • 2000s
The Australian Economy in 2002
In 2002, Australia’s Estimated Resident Population stood at 19,605,441, real GDP growth averaged 4.2%, annual CPI inflation averaged 3.0% and the unemployment rate averaged 6.4%.
- • The RBA overnight/target cash rate ended 2002 at 4.75%, while 10-year Australian Government bond yields averaged 5.84%.
- • The Australian Dollar averaged US$0.5439 against the US Dollar during 2002.
2002 Economic Indicators at a Glance
% p.a.
Rank #50 of 104 yrs
Inflation (CPI) in 2002
3.0% Long-run avg: 4.0%
-1.4 pp %
Rank #20 of 77 yrs
Unemployment Rate in 2002
6.4% Long-run avg: 4.8%
-0.4 pp % p.a.
Rank #27 of 77 yrs
Real GDP Growth in 2002
4.2% Long-run avg: 3.4%
+1.6 pp Persons
Rank #25 of 126 yrs
Population in 2002
19.61M Long-run avg: 12,689,752
+218,980 % p.a.
Rank #94 of 125 yrs
Population Growth in 2002
1.13% Long-run avg: 1.61%
-0.15 pp % p.a.
Rank #31 of 78 yrs
10-Year Bond Yield in 2002
5.84% Long-run avg: 6.63%
+0.22 pp % p.a.
Rank #30 of 51 yrs
RBA Cash Rate in 2002
4.75% Long-run avg: 6.48%
+0.47 pp US$ per A$1
Rank #66 of 67 yrs
AUD/USD Exchange Rate in 2002
US$0.5439 Long-run avg: US$0.8921
+0.0266 % of disposable income
Rank #65 of 68 yrs
Household Saving Ratio in 2002
-0.5% Long-run avg: 9.0%
-3.3 pp % of GDP
Rank #37 of 68 yrs
Trade Balance (% GDP) in 2002
-1.0% Long-run avg: -0.5%
-1.5 pp '000 dwellings / month
Rank #14 of 62 yrs
Dwelling Approvals in 2002
176.0k Long-run avg: 152.7
+29.7 % p.a.
Rank #15 of 29 yrs
Wage Growth (WPI) in 2002
3.3% Long-run avg: 3.1%
-0.3 pp 2002 in Context: Preceding & Following Years (1997–2007)
10-year window around 2002 showing how key indicators evolved before and after