Annual Macroeconomic Snapshot • 2020s • COVID-19 pandemic shock & 0.10% cash rate floor
The Australian Economy in 2020
In 2020, Australia’s Estimated Resident Population stood at 25,630,698, real GDP growth averaged -2.0%, annual CPI inflation averaged 0.8% and the unemployment rate averaged 6.5%.
- • The RBA overnight/target cash rate ended 2020 at 0.10%, while 10-year Australian Government bond yields averaged 0.92%.
- • The Australian Dollar averaged US$0.6905 against the US Dollar during 2020.
- • Key macroeconomic milestone: COVID-19 pandemic shock & 0.10% cash rate floor.
2020 Economic Indicators at a Glance
% p.a.
Rank #91 of 104 yrs
Inflation (CPI) in 2020
0.8% Long-run avg: 4.0%
-0.8 pp %
Rank #19 of 77 yrs
Unemployment Rate in 2020
6.5% Long-run avg: 4.8%
+1.3 pp % p.a.
Rank #77 of 77 yrs
Real GDP Growth in 2020
-2.0% Long-run avg: 3.4%
-4.0 pp Persons
Rank #7 of 126 yrs
Population in 2020
25.63M Long-run avg: 12,689,752
+110,230 % p.a.
Rank #123 of 125 yrs
Population Growth in 2020
0.43% Long-run avg: 1.61%
-1.06 pp % p.a.
Rank #78 of 78 yrs
10-Year Bond Yield in 2020
0.92% Long-run avg: 6.63%
-0.58 pp % p.a.
Rank #50 of 51 yrs
RBA Cash Rate in 2020
0.10% Long-run avg: 6.48%
-0.65 pp US$ per A$1
Rank #56 of 67 yrs
AUD/USD Exchange Rate in 2020
US$0.6905 Long-run avg: US$0.8921
-0.0048 % of disposable income
Rank #4 of 68 yrs
Household Saving Ratio in 2020
16.5% Long-run avg: 9.0%
+10.6 pp % of GDP
Rank #4 of 68 yrs
Trade Balance (% GDP) in 2020
3.1% Long-run avg: -0.5%
+0.1 pp '000 dwellings / month
Rank #11 of 62 yrs
Dwelling Approvals in 2020
183.0k Long-run avg: 152.7
+8.0 % p.a.
Rank #29 of 29 yrs
Wage Growth (WPI) in 2020
1.7% Long-run avg: 3.1%
-0.5 pp 2020 in Context: Preceding & Following Years (2015–2025)
10-year window around 2020 showing how key indicators evolved before and after