Annual Macroeconomic Snapshot • 2000s • Global Financial Crisis (GFC) & emergency rate cuts
The Australian Economy in 2008
In 2008, Australia’s Estimated Resident Population stood at 21,475,625, real GDP growth averaged 2.6%, annual CPI inflation averaged 4.4% and the unemployment rate averaged 4.2%.
- • The RBA overnight/target cash rate ended 2008 at 4.35%, while 10-year Australian Government bond yields averaged 5.82%.
- • The Australian Dollar averaged US$0.8528 against the US Dollar during 2008.
- • Key macroeconomic milestone: Global Financial Crisis (GFC) & emergency rate cuts.
2008 Economic Indicators at a Glance
% p.a.
Rank #31 of 104 yrs
Inflation (CPI) in 2008
4.4% Long-run avg: 4.0%
+2.0 pp %
Rank #48 of 77 yrs
Unemployment Rate in 2008
4.2% Long-run avg: 4.8%
-0.2 pp % p.a.
Rank #48 of 77 yrs
Real GDP Growth in 2008
2.6% Long-run avg: 3.4%
-1.8 pp Persons
Rank #19 of 126 yrs
Population in 2008
21.48M Long-run avg: 12,689,752
+459,504 % p.a.
Rank #18 of 125 yrs
Population Growth in 2008
2.19% Long-run avg: 1.61%
+0.31 pp % p.a.
Rank #34 of 78 yrs
10-Year Bond Yield in 2008
5.82% Long-run avg: 6.63%
-0.17 pp % p.a.
Rank #34 of 51 yrs
RBA Cash Rate in 2008
4.35% Long-run avg: 6.48%
-2.40 pp US$ per A$1
Rank #31 of 67 yrs
AUD/USD Exchange Rate in 2008
US$0.8528 Long-run avg: US$0.8921
+0.0142 % of disposable income
Rank #56 of 68 yrs
Household Saving Ratio in 2008
4.2% Long-run avg: 9.0%
+4.2 pp % of GDP
Rank #43 of 68 yrs
Trade Balance (% GDP) in 2008
-1.2% Long-run avg: -0.5%
+1.1 pp '000 dwellings / month
Rank #34 of 62 yrs
Dwelling Approvals in 2008
145.5k Long-run avg: 152.7
-11.4 % p.a.
Rank #1 of 29 yrs
Wage Growth (WPI) in 2008
4.2% Long-run avg: 3.1%
+0.1 pp 2008 in Context: Preceding & Following Years (2003–2013)
10-year window around 2008 showing how key indicators evolved before and after