Annual Macroeconomic Snapshot • 2020s
The Australian Economy in 2023
In 2023, Australia’s Estimated Resident Population stood at 26,956,660, real GDP growth averaged 2.1%, annual CPI inflation averaged 5.6% and the unemployment rate averaged 3.7%.
- • The RBA overnight/target cash rate ended 2023 at 4.35%, while 10-year Australian Government bond yields averaged 3.94%.
- • The Australian Dollar averaged US$0.6646 against the US Dollar during 2023.
2023 Economic Indicators at a Glance
% p.a.
Rank #28 of 104 yrs
Inflation (CPI) in 2023
5.6% Long-run avg: 4.0%
-1.0 pp %
Rank #51 of 77 yrs
Unemployment Rate in 2023
3.7% Long-run avg: 4.8%
0.0 pp % p.a.
Rank #59 of 77 yrs
Real GDP Growth in 2023
2.1% Long-run avg: 3.4%
-2.1 pp Persons
Rank #4 of 126 yrs
Population in 2023
26.96M Long-run avg: 12,689,752
+636,375 % p.a.
Rank #11 of 125 yrs
Population Growth in 2023
2.42% Long-run avg: 1.61%
+0.30 pp % p.a.
Rank #65 of 78 yrs
10-Year Bond Yield in 2023
3.94% Long-run avg: 6.63%
+0.74 pp % p.a.
Rank #34 of 51 yrs
RBA Cash Rate in 2023
4.35% Long-run avg: 6.48%
+1.30 pp US$ per A$1
Rank #59 of 67 yrs
AUD/USD Exchange Rate in 2023
US$0.6646 Long-run avg: US$0.8921
-0.0302 % of disposable income
Rank #59 of 68 yrs
Household Saving Ratio in 2023
2.4% Long-run avg: 9.0%
-5.5 pp % of GDP
Rank #3 of 68 yrs
Trade Balance (% GDP) in 2023
3.4% Long-run avg: -0.5%
-1.6 pp '000 dwellings / month
Rank #22 of 62 yrs
Dwelling Approvals in 2023
162.5k Long-run avg: 152.7
-26.0 % p.a.
Rank #5 of 29 yrs
Wage Growth (WPI) in 2023
3.9% Long-run avg: 3.1%
+1.1 pp 2023 in Context: Preceding & Following Years (2018–2026)
10-year window around 2023 showing how key indicators evolved before and after