Annual Macroeconomic Snapshot • 2020s • Post-pandemic inflation surge & rapid RBA tightening cycle
The Australian Economy in 2022
In 2022, Australia’s Estimated Resident Population stood at 26,320,285, real GDP growth averaged 4.2%, annual CPI inflation averaged 6.6% and the unemployment rate averaged 3.7%.
- • The RBA overnight/target cash rate ended 2022 at 3.05%, while 10-year Australian Government bond yields averaged 3.20%.
- • The Australian Dollar averaged US$0.6948 against the US Dollar during 2022.
- • Key macroeconomic milestone: Post-pandemic inflation surge & rapid RBA tightening cycle.
2022 Economic Indicators at a Glance
% p.a.
Rank #24 of 104 yrs
Inflation (CPI) in 2022
6.6% Long-run avg: 4.0%
+3.7 pp %
Rank #51 of 77 yrs
Unemployment Rate in 2022
3.7% Long-run avg: 4.8%
-1.4 pp % p.a.
Rank #27 of 77 yrs
Real GDP Growth in 2022
4.2% Long-run avg: 3.4%
-1.2 pp Persons
Rank #5 of 126 yrs
Population in 2022
26.32M Long-run avg: 12,689,752
+546,490 % p.a.
Rank #23 of 125 yrs
Population Growth in 2022
2.12% Long-run avg: 1.61%
+1.56 pp % p.a.
Rank #70 of 78 yrs
10-Year Bond Yield in 2022
3.20% Long-run avg: 6.63%
+1.72 pp % p.a.
Rank #41 of 51 yrs
RBA Cash Rate in 2022
3.05% Long-run avg: 6.48%
+2.95 pp US$ per A$1
Rank #55 of 67 yrs
AUD/USD Exchange Rate in 2022
US$0.6948 Long-run avg: US$0.8921
-0.0570 % of disposable income
Rank #35 of 68 yrs
Household Saving Ratio in 2022
7.9% Long-run avg: 9.0%
-6.7 pp % of GDP
Rank #1 of 68 yrs
Trade Balance (% GDP) in 2022
5.0% Long-run avg: -0.5%
+0.1 pp '000 dwellings / month
Rank #8 of 62 yrs
Dwelling Approvals in 2022
188.5k Long-run avg: 152.7
-35.4 % p.a.
Rank #20 of 29 yrs
Wage Growth (WPI) in 2022
2.8% Long-run avg: 3.1%
+0.8 pp 2022 in Context: Preceding & Following Years (2017–2026)
10-year window around 2022 showing how key indicators evolved before and after