Annual Macroeconomic Snapshot • 2010s • China mining investment & Terms of Trade supercycle peak
The Australian Economy in 2011
In 2011, Australia’s Estimated Resident Population stood at 22,522,197, real GDP growth averaged 2.8%, annual CPI inflation averaged 3.4% and the unemployment rate averaged 5.1%.
- • The RBA overnight/target cash rate ended 2011 at 4.30%, while 10-year Australian Government bond yields averaged 4.88%.
- • The Australian Dollar averaged US$1.0324 against the US Dollar during 2011.
- • Key macroeconomic milestone: China mining investment & Terms of Trade supercycle peak.
2011 Economic Indicators at a Glance
% p.a.
Rank #45 of 104 yrs
Inflation (CPI) in 2011
3.4% Long-run avg: 4.0%
+0.5 pp %
Rank #40 of 77 yrs
Unemployment Rate in 2011
5.1% Long-run avg: 4.8%
-0.1 pp % p.a.
Rank #43 of 77 yrs
Real GDP Growth in 2011
2.8% Long-run avg: 3.4%
+0.4 pp Persons
Rank #16 of 126 yrs
Population in 2011
22.52M Long-run avg: 12,689,752
+349,728 % p.a.
Rank #59 of 125 yrs
Population Growth in 2011
1.58% Long-run avg: 1.61%
+0.18 pp % p.a.
Rank #52 of 78 yrs
10-Year Bond Yield in 2011
4.88% Long-run avg: 6.63%
-0.49 pp % p.a.
Rank #37 of 51 yrs
RBA Cash Rate in 2011
4.30% Long-run avg: 6.48%
-0.45 pp US$ per A$1
Rank #24 of 67 yrs
AUD/USD Exchange Rate in 2011
US$1.0324 Long-run avg: US$0.8921
+0.1124 % of disposable income
Rank #33 of 68 yrs
Household Saving Ratio in 2011
8.1% Long-run avg: 9.0%
+2.1 pp % of GDP
Rank #9 of 68 yrs
Trade Balance (% GDP) in 2011
0.9% Long-run avg: -0.5%
+0.5 pp '000 dwellings / month
Rank #31 of 62 yrs
Dwelling Approvals in 2011
150.6k Long-run avg: 152.7
-17.0 % p.a.
Rank #6 of 29 yrs
Wage Growth (WPI) in 2011
3.7% Long-run avg: 3.1%
+0.3 pp 2011 in Context: Preceding & Following Years (2006–2016)
10-year window around 2011 showing how key indicators evolved before and after