Annual Macroeconomic Snapshot • 2000s
The Australian Economy in 2004
In 2004, Australia’s Estimated Resident Population stood at 20,046,003, real GDP growth averaged 4.1%, annual CPI inflation averaged 2.4% and the unemployment rate averaged 5.4%.
- • The RBA overnight/target cash rate ended 2004 at 5.25%, while 10-year Australian Government bond yields averaged 5.59%.
- • The Australian Dollar averaged US$0.7365 against the US Dollar during 2004.
2004 Economic Indicators at a Glance
% p.a.
Rank #67 of 104 yrs
Inflation (CPI) in 2004
2.4% Long-run avg: 4.0%
-0.4 pp %
Rank #35 of 77 yrs
Unemployment Rate in 2004
5.4% Long-run avg: 4.8%
-0.5 pp % p.a.
Rank #30 of 77 yrs
Real GDP Growth in 2004
4.1% Long-run avg: 3.4%
+1.1 pp Persons
Rank #23 of 126 yrs
Population in 2004
20.05M Long-run avg: 12,689,752
+218,848 % p.a.
Rank #97 of 125 yrs
Population Growth in 2004
1.10% Long-run avg: 1.61%
-0.03 pp % p.a.
Rank #36 of 78 yrs
10-Year Bond Yield in 2004
5.59% Long-run avg: 6.63%
+0.22 pp % p.a.
Rank #24 of 51 yrs
RBA Cash Rate in 2004
5.25% Long-run avg: 6.48%
+0.02 pp US$ per A$1
Rank #48 of 67 yrs
AUD/USD Exchange Rate in 2004
US$0.7365 Long-run avg: US$0.8921
+0.0845 % of disposable income
Rank #66 of 68 yrs
Household Saving Ratio in 2004
-0.6% Long-run avg: 9.0%
+0.7 pp % of GDP
Rank #67 of 68 yrs
Trade Balance (% GDP) in 2004
-2.9% Long-run avg: -0.5%
-0.3 pp '000 dwellings / month
Rank #20 of 62 yrs
Dwelling Approvals in 2004
167.2k Long-run avg: 152.7
-9.7 % p.a.
Rank #8 of 29 yrs
Wage Growth (WPI) in 2004
3.6% Long-run avg: 3.1%
0.0 pp 2004 in Context: Preceding & Following Years (1999–2009)
10-year window around 2004 showing how key indicators evolved before and after