Annual Macroeconomic Snapshot • 2020s
The Australian Economy in 2024
In 2024, Australia’s Estimated Resident Population stood at 27,391,125, real GDP growth averaged 1.0%, annual CPI inflation averaged 3.2% and the unemployment rate averaged 4.0%.
- • The RBA overnight/target cash rate ended 2024 at 4.35%, while 10-year Australian Government bond yields averaged 4.21%.
- • The Australian Dollar averaged US$0.6599 against the US Dollar during 2024.
2024 Economic Indicators at a Glance
% p.a.
Rank #46 of 104 yrs
Inflation (CPI) in 2024
3.2% Long-run avg: 4.0%
-2.4 pp %
Rank #50 of 77 yrs
Unemployment Rate in 2024
4.0% Long-run avg: 4.8%
+0.3 pp % p.a.
Rank #71 of 77 yrs
Real GDP Growth in 2024
1.0% Long-run avg: 3.4%
-1.1 pp Persons
Rank #3 of 126 yrs
Population in 2024
27.39M Long-run avg: 12,689,752
+434,465 % p.a.
Rank #52 of 125 yrs
Population Growth in 2024
1.61% Long-run avg: 1.61%
-0.81 pp % p.a.
Rank #64 of 78 yrs
10-Year Bond Yield in 2024
4.21% Long-run avg: 6.63%
+0.27 pp % p.a.
Rank #34 of 51 yrs
RBA Cash Rate in 2024
4.35% Long-run avg: 6.48%
0.00 pp US$ per A$1
Rank #60 of 67 yrs
AUD/USD Exchange Rate in 2024
US$0.6599 Long-run avg: US$0.8921
-0.0047 % of disposable income
Rank #57 of 68 yrs
Household Saving Ratio in 2024
4.1% Long-run avg: 9.0%
+1.7 pp % of GDP
Rank #8 of 68 yrs
Trade Balance (% GDP) in 2024
1.1% Long-run avg: -0.5%
-2.3 pp '000 dwellings / month
Rank #17 of 62 yrs
Dwelling Approvals in 2024
169.5k Long-run avg: 152.7
+7.0 % p.a.
Rank #6 of 29 yrs
Wage Growth (WPI) in 2024
3.7% Long-run avg: 3.1%
-0.2 pp 2024 in Context: Preceding & Following Years (2019–2026)
10-year window around 2024 showing how key indicators evolved before and after