Annual Macroeconomic Snapshot • 2000s
The Australian Economy in 2003
In 2003, Australia’s Estimated Resident Population stood at 19,827,155, real GDP growth averaged 3.0%, annual CPI inflation averaged 2.8% and the unemployment rate averaged 5.9%.
- • The RBA overnight/target cash rate ended 2003 at 5.23%, while 10-year Australian Government bond yields averaged 5.37%.
- • The Australian Dollar averaged US$0.6520 against the US Dollar during 2003.
2003 Economic Indicators at a Glance
% p.a.
Rank #54 of 104 yrs
Inflation (CPI) in 2003
2.8% Long-run avg: 4.0%
-0.2 pp %
Rank #28 of 77 yrs
Unemployment Rate in 2003
5.9% Long-run avg: 4.8%
-0.5 pp % p.a.
Rank #39 of 77 yrs
Real GDP Growth in 2003
3.0% Long-run avg: 3.4%
-1.2 pp Persons
Rank #24 of 126 yrs
Population in 2003
19.83M Long-run avg: 12,689,752
+221,714 % p.a.
Rank #94 of 125 yrs
Population Growth in 2003
1.13% Long-run avg: 1.61%
0.00 pp % p.a.
Rank #40 of 78 yrs
10-Year Bond Yield in 2003
5.37% Long-run avg: 6.63%
-0.47 pp % p.a.
Rank #25 of 51 yrs
RBA Cash Rate in 2003
5.23% Long-run avg: 6.48%
+0.48 pp US$ per A$1
Rank #61 of 67 yrs
AUD/USD Exchange Rate in 2003
US$0.6520 Long-run avg: US$0.8921
+0.1081 % of disposable income
Rank #68 of 68 yrs
Household Saving Ratio in 2003
-1.3% Long-run avg: 9.0%
-0.8 pp % of GDP
Rank #62 of 68 yrs
Trade Balance (% GDP) in 2003
-2.6% Long-run avg: -0.5%
-1.6 pp '000 dwellings / month
Rank #13 of 62 yrs
Dwelling Approvals in 2003
176.9k Long-run avg: 152.7
+0.9 % p.a.
Rank #8 of 29 yrs
Wage Growth (WPI) in 2003
3.6% Long-run avg: 3.1%
+0.3 pp 2003 in Context: Preceding & Following Years (1998–2008)
10-year window around 2003 showing how key indicators evolved before and after