Background Paper 2 1996-97
Major Graphs of the Australian Economy
Tony Kryger
Statistics Group
Labour and Prices - Comments
Finance and Government - Comments
National Accounts - Comments
External Transactions - Comments
This paper provides a graphical representation and supporting tables
of commonly used Australian economic performance indicators covering the
past 20 years. The graphs have been constructed so that a movement up
or down can be interpreted as either an improvement or deterioration (not
necessarily in that respective order) in some aspect of the economy's
performance.
In constructing the graphs therefore, it has been necessary to ensure
that they do not reflect influences unrelated to the state of the economy.
For example, this paper does not plot changes in the number of unemployed
persons as this is a function of both changing population size and the
condition of the labour market. Rather, the paper plots the unemployment
rate which is a function solely of the state of the labour market. Similarly,
Australia's foreign debt level might reasonably be expected to increase
as the economy grows. To show therefore whether foreign debt has increased
relative to the size of the economy, foreign debt is expressed as a
percentage of gross domestic product. As a further example, one of the
major factors contributing to wage growth over time is inflation. To
determine whether wages have actually increased, wages need to be expressed
in real dollars, i.e. discounted for the effects of inflation.
Throughout this paper therefore, data are shown either as percentages,
ratios, index numbers or (when dealing with money amounts) real dollars.
NOTE: The data and graphs on the following pages are also available
in EXCEL format by contacting Tony Kryger of the Statistics Group on (06)
277 2486.
1.1 Full-time Employed Persons
The percentage of the population that is employed full-time
has fallen significantly from over 48 per cent in the mid 1970s and
early 1980s to around 44 per cent today. This fall has occurred in
two stages, coinciding with the 1982-83 and 1990-91 recessions. Although
the percentage of the population employed full-time has recovered
somewhat after each recession, it has failed on each occasion to return
to its pre-recession level.
1.2 Part-time Employed Persons
At the same time as the percentage of the population employed
full-time has fallen, the percentage of the population employed
part-time has risen sharply from around 9 per cent in the late 1970s
to almost 15 per cent today. Unlike the situation prevailing for
full-timers, the percentage of the population employed part-time
has risen almost continuously since 1978.
1.3 Unemployment Rate
Over the past 20 years Australia's unemployment rate has risen
episodically to ever higher levels- successive peaks in the unemployment
rate have gone from 6.7 per cent in February 1978 to 10.4 per
cent in September 1983 to 11.2 per cent in December 1992. While
the unemployment rate is now around 8 per cent, it is still considerably
above the low of 5.8 per cent recorded in November 1990, prior
to the last recession.
1.4 Underemployment Rate
In addition to the unemployed, the underemployed represent
another form of excess labour capacity. The underemployed are
defined as part-time employed persons who would prefer to work
more hours plus persons usually employed full-time who worked
less than 35 hours a week for economic reasons (i.e. stood down,
on short time, insufficient work etc). The underemployment rate
expresses the number of underemployed persons as a percentage
of the labour force. The most significant rise in the underemployment
rate occurred between February 1990 and September 1993 when
the rate climbed from 4.0 to 7.2 per cent. The underemployment
rate has since fallen, but only slightly, in contrast with the
significant fall in the unemployment rate over the same period.
1.5 Youth Full-Time Unemployment to Population Ratio
After rising for several months, the number of youth (15-19
year olds) looking for full-time work as a proportion of the
youth population peaked at 12.8 per cent in September 1983.
It then fell to around 5½ per cent in the late 1980s,
rising again to 10.1 per cent in July 1992. By the mid 1990s
the rate had fallen again to around 7 per cent.
1.6 Long-term Unemployed
The long-term unemployed are defined as those persons
who have been unemployed for one year or more. The sense
in which Australia has an unemployment crisis is often seen
in relation to the size of the long-term unemployment pool.
In 1995-96, the long-term unemployed accounted for around
30 per cent of the total unemployed, twice the proportion
that it was in 1977-78.
1.7 Male Labour Force Participation Rate
The male labour force participation rate measures the
number of males in the labour force as a percentage of
the male population aged 15 years or more. It has been
in steady decline for the past 20 years, falling from
just over 80 per cent in 1976 to around 74 per cent today.
1.8 Female Labour Force Participation Rate
At the same time as the male labour force participation
rate has fallen, the female participation rate has risen
substantially during the past 20 years. Well over half
the female population (aged 15 years and over) are now
in the labour force.
1.9 Employees Working Overtime
The percentage of employees working overtime provides
an indication of the likely future demand for labour.
That is, employers are likely to increase or decrease
the amount of overtime being worked before they hire
or lay off workers. The percentage of employees working
overtime fell sharply in the period immediately before
and during the 1990-91 recession. It rose again for
two years after the recession but has since recorded
another steep fall.
1.10 Industrial Disputes
Industrial disputes have fallen sharply during
the past two decades, from around 600 days lost
per thousand employees during the late 1970s and
early 1980s to below 300 days lost for all of the
years following. Days lost per thousand employees
in 1993-94 and 1994-95 have numbered less than 100.
1.11 Male Real Average Weekly Earnings
Male real average weekly earnings measures the
level of ordinary time (i.e. excluding overtime)
earnings of full-time employed adult males after
adjustment for the effects of inflation as measured
by the Consumer Price Index. All earnings figures
have been converted to June 1996 dollar amounts.
Thus male real earnings rose from $677 in (June
quarter) 1982 to $695 in 1985, falling to $662
in 1990 and rising again to $714 in 1996.
1.12 Female Real Average Weekly Earnings
Female real average weekly earnings (i.e.
ordinary time earnings of full-time employed
adult females after adjustment for the effects
of inflation) have consistently been lower than
the corresponding figure for males. Real earnings
however, have risen faster for females than
for males-up 12.0 per cent in the period September
quarter 1981 to June quarter 1996, compared
with an increase of 9.6 per cent for males.
1.13 Headline Rate of Inflation
The headline rate of inflation is derived
from the Consumer Price Index and measures
the annual percentage movement in the All
Groups, weighted average of the eight capital
cities index. 'All Groups' refers to the 8
expenditure groups (food; clothing; housing;
household equipment and operation; transportation;
tobacco and alcoholic drinks; health and personal
care; and recreation and education) which
make up the basket of goods and services purchased
by capital city employee households. The annual
headline rate of inflation has fallen in stages
from around 14 per cent in the mid 1970s to
below 5 per cent for most of the 1990s.
1.14 Underlying Rate of Inflation
The headline rate of inflation is not
always the most appropriate measure of price
change because it is subject to one-off
increases (e.g. government charges) and
shocks (e.g. droughts affecting the prices
of food products). To obviate these influences
an underlying rate of inflation has been
devised which is equal to the headline rate
minus the following items: fresh fruit and
vegetables, mortgage interest charges, automotive
fuel, consumer credit charges, government-owned
dwelling rents, fuel and light, local government
rents and charges, postal and telephone
services and urban transport fares. The
underlying rate can be either greater than
or less than the headline rate. Over time
the underlying rate tends to be 'smoother'
than the headline rate.
Percentage of population aged 15 years
and over
Click here
for graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. .. .. .. .. .. .. .. .. .. .. ..
1977-78 .. .. .. .. .. .. .. 48.4 48.5 48.8 48.6 48.4
1978-79 48.3 48.2 48.0 48.2 48.1 48.1 48.2 48.1 48.0 48.0 47.8 48.1
1979-80 48.0 48.1 48.0 48.1 48.3 48.2 48.2 48.4 48.4 48.2 48.7 48.4
1980-81 48.5 48.5 48.4 48.3 48.2 48.4 48.4 48.4 48.2 48.6 48.3 48.4
1981-82 48.3 48.3 48.4 48.1 48.0 48.2 48.2 48.0 47.8 47.5 47.5 47.3
1982-83 47.1 46.9 46.7 46.4 46.1 45.4 45.2 45.1 44.8 44.9 44.9 44.9
1983-84 44.9 44.9 45.3 45.1 45.2 45.2 45.0 45.1 45.5 45.4 45.5 45.6
1984-85 45.5 45.5 45.4 45.4 45.5 45.6 45.6 45.6 45.6 45.3 45.6 45.6
1985-86 45.7 45.9 46.1 45.8 46.3 46.2 46.5 46.5 46.3 46.4 46.3 46.5
1986-87 46.0 46.1 46.1 46.1 46.0 45.8 45.8 45.8 45.8 45.8 45.7 45.8
1987-88 46.1 45.7 45.7 45.8 45.4 45.9 46.2 46.2 46.4 46.4 46.2 46.3
1988-89 46.3 46.4 46.5 46.8 46.6 46.6 46.6 46.8 46.9 47.2 47.2 47.2
1989-90 47.1 47.2 47.1 47.2 47.4 47.1 47.0 47.1 47.1 47.0 47.1 47.1
1990-91 47.1 46.8 46.7 46.2 46.1 45.9 45.7 45.2 44.8 44.7 44.5 44.3
1991-92 43.7 44.4 44.0 44.1 43.5 43.6 43.6 43.4 43.2 43.1 42.8 42.6
1992-93 42.8 42.7 42.6 42.5 42.5 42.5 42.7 42.6 42.8 42.6 42.6 42.8
1993-94 42.5 42.5 42.5 42.8 42.8 42.9 42.8 42.9 42.8 42.9 43.0 43.1
1994-95 43.3 43.2 43.6 43.3 43.5 43.4 43.4 43.8 43.6 44.1 44.0 44.1
1995-96 44.1 44.2 44.2 43.9 44.2 44.1 44.1 44.0 43.7 43.8 43.8 43.6
.. Data not available
Note: Figures are seasonally adjusted.
Source: The Labour Force, ABS (6203.0)
Percentage of population aged 15 years
and over
Click here
for graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. .. .. .. .. .. .. .. .. .. .. ..
1977-78 .. .. .. .. .. .. .. 8.8 8.7 8.7 8.7 8.8
1978-79 8.8 8.9 8.6 8.8 8.7 8.8 8.7 8.8 8.7 8.9 8.9 8.8
1979-80 8.8 8.8 8.9 9.0 9.0 9.0 9.1 9.0 9.0 9.0 8.9 9.1
1980-81 9.3 9.3 9.3 9.2 9.4 9.3 9.2 9.3 9.4 9.3 9.4 9.4
1981-82 9.3 9.3 9.4 9.3 9.2 9.1 9.2 9.2 9.2 9.3 9.2 9.2
1982-83 9.3 9.5 9.4 9.6 9.4 9.6 9.6 9.6 9.5 9.3 9.3 9.4
1983-84 9.3 9.3 9.1 9.2 9.4 9.5 9.5 9.5 9.6 9.7 9.7 9.7
1984-85 9.8 9.7 10.0 9.8 9.7 9.7 9.7 9.9 9.7 9.8 10.0 10.0
1985-86 10.0 10.0 10.2 10.2 10.4 10.2 10.2 10.2 10.4 10.9 10.7 10.8
1986-87 10.9 10.6 10.8 10.8 10.8 11.0 10.9 11.0 11.1 11.1 11.1 11.2
1987-88 11.1 11.3 11.2 11.2 11.3 11.3 11.4 11.3 11.5 11.4 11.4 11.5
1988-89 11.4 11.5 11.6 11.4 11.6 11.7 11.9 11.9 11.8 11.9 12.2 12.0
1989-90 12.2 12.4 12.5 12.4 12.4 12.5 12.5 12.5 12.5 12.6 12.6 12.6
1990-91 12.6 12.5 12.4 12.6 12.6 12.7 12.4 12.8 12.8 12.9 12.8 12.8
1991-92 12.6 12.7 12.8 12.4 13.0 12.9 12.9 13.1 13.2 13.3 13.2 13.4
1992-93 13.5 13.6 13.3 13.4 13.1 13.0 13.2 12.8 13.0 12.8 12.9 12.9
1993-94 13.0 13.1 13.3 13.3 13.4 13.3 13.5 13.4 13.5 13.5 13.6 13.5
1994-95 13.8 13.7 13.7 13.9 13.8 14.2 14.3 14.2 14.3 14.4 14.3 14.4
1995-96 14.3 14.3 14.1 14.2 14.5 14.5 14.3 14.5 14.3 14.2 14.4 14.5
.. Data not available
Note: Figures are seasonally adjusted.
Source: The Labour Force, ABS
(6203.0)
Unemployed persons as a percentage
of the labour force
Click here
for graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. 4.8 .. .. 4.9 .. .. 5.2 .. .. 5.6 ..
1977-78 .. 5.8 .. .. 5.9 .. .. 6.7 6.4 6.3 6.2 6.3
1978-79 6.2 6.5 6.2 6.2 6.4 6.4 6.4 6.3 6.4 6.5 6.2 6.3
1979-80 6.3 6.1 6.3 6.4 6.1 6.1 6.2 6.0 6.0 6.2 6.3 6.4
1980-81 6.1 6.2 6.2 6.1 5.9 6.1 5.9 5.7 5.8 5.6 5.6 5.4
1981-82 5.9 5.8 5.8 5.9 6.0 6.0 6.0 6.4 6.3 6.4 6.6 6.8
1982-83 6.9 7.0 7.5 8.3 8.7 9.4 9.3 9.7 10.0 10.1 10.3 10.2
1983-84 10.3 10.2 10.4 10.0 9.7 9.5 9.5 9.4 9.2 9.4 8.9 9.1
1984-85 8.7 8.8 8.7 8.7 8.7 8.5 8.6 8.4 8.7 8.4 8.4 8.6
1985-86 8.1 8.2 8.1 7.9 8.0 7.8 7.8 8.1 8.0 7.9 7.9 7.7
1986-87 8.2 8.3 8.4 8.3 8.3 8.4 8.2 8.3 8.5 8.3 8.2 8.1
1987-88 8.2 8.1 7.8 8.1 8.0 7.7 7.6 7.4 7.6 7.9 7.4 7.4
1988-89 6.8 7.1 7.0 6.8 6.6 6.8 6.8 6.7 6.3 6.2 6.2 6.1
1989-90 6.1 6.0 6.1 5.9 5.8 5.8 6.1 6.4 6.2 6.3 6.5 6.7
1990-91 7.0 7.2 7.4 7.7 8.0 8.0 8.3 8.6 9.2 9.9 9.5 9.4
1991-92 9.8 9.8 10.1 10.1 10.2 10.4 10.3 10.5 10.5 10.6 10.8 11.0
1992-93 11.1 10.9 10.8 11.1 11.0 11.2 10.9 11.0 10.9 10.9 10.9 11.0
1993-94 10.8 11.1 10.8 11.0 10.8 10.6 10.4 10.4 10.4 10.2 9.9 9.9
1994-95 9.6 9.5 9.4 9.0 9.1 9.0 8.9 8.9 8.7 8.4 8.5 8.3
1995-96 8.3 8.4 8.5 8.6 8.5 8.1 8.5 8.4 8.5 8.9 8.5 8.3
.. Data not available
Note: Figures are seasonally adjusted.
Source: The Labour Force, ABS
(6203.0)
Underemployed persons as a percentage
of the labour force
Click
here for graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. .. .. .. .. .. .. .. .. .. .. ..
1977-78 .. .. .. .. .. .. .. 2.6 2.4 2.6 2.6 2.7
1978-79 2.7 2.7 2.7 2.6 2.5 2.5 2.6 2.6 2.5 2.9 2.8 2.8
1979-80 2.7 2.6 2.7 2.7 2.8 2.9 2.9 2.9 2.9 2.8 2.8 2.9
1980-81 2.9 3.0 3.0 2.9 2.9 2.8 2.8 2.8 2.8 2.8 2.8 2.7
1981-82 2.9 2.7 2.7 2.8 2.8 2.9 2.9 2.9 2.9 3.0 3.1 3.1
1982-83 3.3 3.5 3.4 3.9 4.1 4.0 3.7 3.9 4.0 3.8 4.1 4.1
1983-84 4.0 3.9 3.8 3.6 3.6 3.4 3.5 3.6 3.6 3.7 3.6 3.5
1984-85 3.6 3.5 3.5 3.5 3.4 3.3 3.5 3.5 3.3 3.2 3.1 3.1
1985-86 3.2 3.3 3.2 3.3 3.3 3.1 3.2 3.4 3.5 3.7 3.6 3.7
1986-87 3.7 3.7 3.7 3.6 3.8 3.9 3.8 3.8 3.9 3.9 4.0 4.0
1987-88 4.0 4.1 4.0 4.0 4.0 4.0 4.0 4.0 3.8 3.8 3.3 3.9
1988-89 3.7 3.6 3.7 3.8 3.7 4.0 3.8 3.9 3.8 3.7 3.8 3.6
1989-90 3.9 4.0 4.2 3.9 4.0 4.1 4.2 4.0 4.2 4.2 4.2 4.3
1990-91 4.4 4.5 4.8 4.9 5.1 5.3 5.3 5.6 5.8 5.9 5.4 6.2
1991-92 6.3 6.1 6.1 6.1 6.3 6.3 6.5 6.7 6.6 6.9 6.9 6.9
1992-93 7.0 7.1 7.2 7.1 7.1 6.9 7.0 6.9 7.0 6.9 6.9 6.9
1993-94 6.9 6.9 7.2 7.0 6.7 6.8 6.8 6.6 6.7 6.5 6.7 6.5
1994-95 6.5 6.4 5.8 6.5 6.5 6.6 6.5 6.5 6.5 6.6 6.4 6.5
1995-96 6.7 6.7 6.5 6.6 6.6 6.7 6.5 6.7 6.6 6.6 6.7 6.8
Part-time employed persons who
would prefer to work more hours
plus full-time employed persons
who worked less than 35 hours in
the survey week for economic reasons
(i.e. stood down, on short-time,
insufficient work, etc).
.. Data not available BR> Note:
Figures are seasonally adjusted.
Source: The Labour Force,
ABS (6203.0)
Youth looking for full-time work
as a percentage of the youth population
Click
here for graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. .. .. .. .. .. .. .. .. .. .. ..
1977-78 .. .. .. .. .. .. .. 9.9 9.3 8.9 8.5 8.7
1978-79 8.9 9.2 8.8 8.5 8.9 9.8 9.5 9.3 9.8 10.3 9.3 9.6
1979-80 9.5 9.7 9.7 9.7 9.2 9.1 9.0 9.0 8.7 9.2 9.6 9.6
1980-81 9.1 9.6 9.7 9.5 9.2 9.1 8.7 8.4 8.3 8.0 7.8 7.5
1981-82 8.3 7.9 8.0 8.1 8.4 8.6 8.8 9.0 8.7 8.9 9.3 9.2
1982-83 9.3 9.1 9.5 10.1 11.1 11.2 11.4 11.9 12.4 12.4 12.3 12.1
1983-84 12.5 12.3 12.8 12.4 11.7 11.7 11.3 11.6 11.4 11.4 10.8 11.1
1984-85 10.7 11.2 10.4 10.2 11.0 9.8 10.1 10.0 10.5 9.4 9.2 9.8
1985-86 9.3 9.2 9.4 8.8 9.0 8.8 9.3 9.1 9.3 9.4 9.2 9.0
1986-87 9.3 9.1 9.0 9.3 9.0 9.0 8.6 9.6 9.4 9.3 8.8 9.1
1987-88 8.8 8.5 7.9 8.5 8.2 8.1 7.9 7.4 7.6 7.5 7.4 7.3
1988-89 6.6 6.8 6.7 6.5 6.4 6.5 6.4 6.7 5.8 5.6 5.6 5.6
1989-90 5.5 5.6 5.9 5.7 5.3 5.6 5.9 5.7 5.9 6.2 6.4 6.5
1990-91 6.8 7.1 7.3 7.2 8.0 8.2 7.6 7.4 8.0 8.3 8.5 8.2
1991-92 8.5 8.5 8.7 8.9 9.0 9.0 9.2 9.3 9.5 9.1 9.8 10.0
1992-93 10.1 9.7 8.9 9.1 9.2 8.6 8.9 9.1 8.5 8.8 8.4 8.8
1993-94 8.2 8.6 8.7 8.7 8.4 8.7 8.6 8.8 9.1 8.7 8.4 8.4
1994-95 7.5 7.5 7.6 7.5 7.4 7.5 7.3 7.4 7.2 7.0 7.8 7.4
1995-96 7.2 7.3 7.1 7.5 8.0 7.1 7.4 6.9 7.3 7.4 7.3 7.1
* 15-19 year olds.
.. Data not available
Note: Figures are seasonally adjusted.
Source: The Labour Force,
ABS (6203.0)
Persons unemployed 52 weeks
or more as a percentage of the
total unemployed
Click
here for graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. .. .. .. .. .. .. .. .. .. .. ..
1977-78 .. .. .. .. .. .. .. 11.9 11.6 13.7 14.0 14.5
1978-79 15.1 15.1 15.9 15.8 15.6 16.0 15.6 16.6 17.9 17.7 19.2 18.9
1979-80 19.6 17.6 18.0 18.5 18.8 19.0 19.1 19.4 19.8 18.8 18.2 17.6
1980-81 18.6 19.3 19.0 19.9 20.6 19.6 20.7 20.2 19.8 18.6 19.4 19.7
1981-82 19.1 20.4 20.1 18.8 19.3 17.9 18.8 18.8 19.6 19.7 19.1 18.1
1982-83 18.8 18.5 19.0 17.8 18.0 18.5 19.8 19.4 22.0 22.7 22.9 24.6
1983-84 25.3 27.1 28.0 29.3 29.7 31.3 31.6 32.0 31.5 29.5 31.2 30.7
1984-85 32.5 30.7 30.3 30.3 29.9 31.6 29.7 31.3 31.1 31.4 32.2 31.3
1985-86 30.9 30.3 30.8 31.3 29.2 29.5 29.4 27.7 27.7 28.0 26.4 27.9
1986-87 26.5 26.9 27.1 27.4 28.8 27.6 29.0 28.6 27.1 27.9 28.9 27.8
1987-88 28.3 28.1 28.1 27.0 27.5 28.0 27.0 27.2 27.6 26.3 28.2 28.6
1988-89 29.5 28.0 28.5 29.1 27.4 27.3 26.4 26.3 26.3 25.6 26.5 25.4
1989-90 23.9 22.6 23.6 23.6 23.9 22.6 22.8 21.2 22.8 22.5 21.3 21.4
1990-91 21.4 21.3 20.2 19.8 19.6 19.7 21.0 21.2 21.3 21.0 22.1 23.2
1991-92 23.1 24.7 25.5 26.0 26.8 28.1 30.2 31.6 32.0 33.2 31.5 32.7
1992-93 34.8 34.2 35.6 34.2 35.4 35.7 36.4 35.1 36.7 35.9 38.1 36.8
1993-94 36.6 36.4 37.5 36.3 37.2 37.4 37.3 37.0 36.4 35.8 35.4 35.5
1994-95 35.4 36.3 35.8 36.7 35.3 35.6 35.3 33.9 31.8 32.8 31.6 32.9
1995-96 32.1 30.8 31.0 31.8 29.8 30.4 31.2 29.3 28.0 27.5 26.2 27.1
.. Data not available
Note: Figures are seasonally
adjusted.
Source: The Labour Force,
ABS (6203.0)
Male labour force as a percentage
of the male population aged
15 years and over
Click
here for graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. 80.4 .. .. 80.5 .. .. 80.3 .. .. 80.4 ..
1977-78 .. 80.2 .. .. 79.7 .. .. 79.5 79.2 79.3 79.0 79.1
1978-79 78.7 78.8 78.1 78.5 78.6 78.6 78.6 78.5 78.4 78.7 78.4 78.5
1979-80 78.3 78.4 78.4 78.4 78.4 78.4 78.5 78.3 78.1 78.0 78.7 78.4
1980-81 78.3 78.5 78.3 78.2 78.2 78.6 78.4 78.3 78.3 78.3 78.2 78.0
1981-82 78.1 78.1 78.1 77.6 77.6 77.5 77.7 77.8 77.5 77.3 77.4 77.3
1982-83 77.2 77.2 77.4 77.7 77.5 77.3 77.0 77.1 76.7 76.9 76.8 76.8
1983-84 76.7 76.5 76.8 76.4 76.4 76.6 76.4 76.4 76.7 76.6 76.5 76.6
1984-85 76.4 76.3 76.0 75.9 75.8 75.6 75.8 75.8 75.7 75.4 75.8 75.9
1985-86 75.5 76.0 76.1 75.4 76.2 75.5 76.1 75.9 75.9 76.2 75.8 76.1
1986-87 75.7 75.9 75.9 75.7 75.5 75.8 75.5 75.4 75.7 75.5 75.4 75.5
1987-88 75.8 75.5 74.9 75.1 74.7 75.2 75.5 75.1 75.6 75.9 75.1 75.3
1988-89 74.9 74.9 75.1 75.1 75.0 75.1 75.1 75.5 75.1 75.5 75.6 75.3
1989-90 75.5 75.6 75.6 75.4 75.7 75.2 75.4 75.4 75.4 75.7 75.7 75.7
1990-91 75.9 75.6 75.8 75.6 75.7 75.4 75.2 75.2 75.1 75.4 74.8 74.5
1991-92 73.9 74.7 74.6 74.4 74.5 74.4 74.3 74.5 74.4 74.3 74.2 74.4
1992-93 74.7 74.4 73.9 74.2 73.8 73.7 74.0 73.4 73.7 73.4 73.6 73.9
1993-94 73.6 73.6 73.6 73.8 73.9 73.7 73.7 73.6 73.7 73.6 73.4 73.6
1994-95 73.7 73.6 73.7 73.5 73.8 73.7 73.8 74.3 73.8 74.1 73.9 73.8
1995-96 73.8 73.9 74.1 73.7 74.3 73.9 74.0 74.1 73.6 73.8 73.7 73.5
.. Data not available
Note: Figures are seasonally
adjusted.
Source: The Labour Force,
ABS (6203.0)
Female labour force as
a percentage of the female
population aged 15 years and
over
Click
here for graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. 43.4 .. .. 43.1 .. .. 44.0 .. .. 44.4 ..
1977-78 .. 44.5 .. .. 43.8 .. .. 43.5 43.4 43.8 43.7 43.7
1978-79 43.7 44.0 43.1 43.4 43.4 43.7 43.5 43.5 43.3 43.5 43.0 43.4
1979-80 43.4 43.3 43.6 44.1 44.2 44.1 44.2 44.4 44.6 44.4 44.7 45.0
1980-81 45.2 45.2 45.2 44.7 44.7 44.8 44.6 44.5 44.5 44.9 44.6 44.6
1981-82 44.8 44.8 45.2 44.9 44.7 44.8 45.0 44.8 44.8 44.6 44.6 44.5
1982-83 44.5 44.5 44.4 45.0 44.6 44.6 44.5 44.7 44.5 44.3 44.7 44.6
1983-84 44.8 44.6 45.0 44.8 44.8 44.8 44.7 44.6 45.1 45.6 45.2 45.5
1984-85 45.3 45.2 45.7 45.5 45.6 45.6 45.6 46.0 45.9 45.3 46.0 46.2
1985-86 46.2 46.4 46.7 46.6 47.3 47.1 47.4 47.7 47.7 48.5 48.3 48.3
1986-87 48.7 48.3 48.6 48.9 48.6 48.6 48.5 48.8 49.0 49.0 48.8 48.8
1987-88 49.2 49.0 48.7 49.2 48.9 49.3 49.6 49.3 50.0 50.1 49.7 49.8
1988-89 49.2 50.0 50.2 50.0 49.9 50.4 50.6 50.8 50.5 50.8 51.3 51.2
1989-90 51.2 51.5 51.6 51.6 51.8 51.7 51.7 52.2 52.0 52.1 52.3 52.6
1990-91 52.7 52.5 52.1 52.3 52.2 52.3 52.0 52.2 52.0 52.7 52.2 51.9
1991-92 51.4 52.2 52.1 51.6 51.7 52.1 52.0 52.1 51.9 52.0 51.7 52.0
1992-93 52.2 52.3 51.7 52.0 51.5 51.7 51.8 51.5 51.8 51.2 51.4 51.6
1993-94 51.4 51.9 51.9 52.4 52.5 52.4 52.3 52.4 52.3 52.5 52.4 52.3
1994-95 52.9 52.5 53.2 52.8 52.8 53.0 53.0 53.4 53.3 53.9 53.8 54.0
1995-96 53.9 54.0 53.5 53.8 54.3 54.0 54.0 53.9 53.5 53.7 53.7 53.6
.. Data not available
Note: Figures are seasonally
adjusted.
Source: The Labour Force,
ABS (6203.0)
Percentage of total employees
Click
here for graph
September December March June
quarter quarter quarter quarter
1976-77 .. .. .. ..
1977-78 .. .. .. ..
1978-79 .. .. .. ..
1979-80 .. .. .. ..
1980-81 .. .. .. ..
1981-82 .. .. .. ..
1982-83 .. .. .. ..
1983-84 .. 15.8 16.0 16.6
1984-85 16.5 16.7 17.5 18.1
1985-86 18.3 18.0 18.7 18.1
1986-87 17.9 18.0 17.8 18.1
1987-88 18.6 19.3 19.2 19.1
1988-89 18.9 18.8 19.3 19.7
1989-90 20.1 19.7 19.1 18.8
1990-91 17.5 17.4 16.8 16.3
1991-92 15.8 15.8 16.2 15.8
1992-93 15.9 15.9 16.0 16.2
1993-94 16.6 16.7 17.3 17.8
1994-95 18.0 17.6 16.9 16.7
1995-96 16.0 16.1 16.3 15.7
.. Data not available
Note: Figures are seasonally
adjusted.
Source: Job Vacancies and
Overtime, ABS (6354.0)
Working days lost per
'000 employees
Click
here for graph
Annual
1976-77 ..
1977-78 ..
1978-79 718
1979-80 653
1980-81 553
1981-82 692
1982-83 297
1983-84 245
1984-85 242
1985-86 256
1986-87 194
1987-88 282
1988-89 206
1989-90 185
1990-91 238
1991-92 182
1992-93 159
1993-94 82
1994-95 86
1995-96 nya
.. Data not available
nya Not yet available
Source: Industrial
Disputes, ABS (6321.0)
June 1996 prices - dollars
Click
here for graph
September December March June
quarter quarter quarter quarter
1976-77 .. .. .. ..
1977-78 .. .. .. ..
1978-79 .. .. .. ..
1979-80 .. .. .. ..
1980-81 .. .. .. ..
1981-82 651.2 652.8 671.1 677.3
1982-83 683.2 688.0 681.7 673.1
1983-84 668.4 674.7 691.2 710.7
1984-85 710.1 709.2 703.0 695.3
1985-86 688.6 691.4 687.9 685.5
1986-87 685.5 678.7 668.8 669.1
1987-88 670.7 669.1 668.8 665.2
1988-89 661.2 667.6 673.0 667.5
1989-90 663.3 660.6 659.9 662.2
1990-91 665.8 665.9 676.8 669.1
1991-92 673.7 681.6 696.1 697.6
1992-93 695.2 692.7 691.5 693.7
1993-94 698.2 698.3 703.9 704.6
1994-95 703.2 709.2 709.7 709.1
1995-96 706.0 711.1 712.8 713.9
Real average weekly
ordinary time earnings
for full-time employed
adult males. Figures
have been adjusted by
the Consumer Price Index.
.. Data not available
Source: Average Weekly
Earnings, ABS (6302.0)
June 1996 prices -
dollars
Click
here for graph
September December March June
quarter quarter quarter quarter
1976-77 .. .. .. ..
1977-78 .. .. .. ..
1978-79 .. .. .. ..
1979-80 .. .. .. ..
1980-81 .. .. .. ..
1981-82 530.2 527.5 533.1 543.8
1982-83 543.6 549.7 546.3 536.7
1983-84 531.2 543.9 558.8 580.5
1984-85 577.3 580.3 577.7 574.8
1985-86 569.1 569.0 568.1 564.8
1986-87 561.3 559.5 552.9 555.5
1987-88 554.6 549.3 553.8 553.9
1988-89 551.2 555.8 556.2 554.7
1989-90 548.6 548.9 549.0 549.6
1990-91 552.4 552.5 565.9 565.7
1991-92 569.1 573.2 583.3 580.2
1992-93 578.6 578.1 583.7 584.2
1993-94 584.1 584.8 593.2 594.8
1994-95 591.8 595.4 592.5 593.3
1995-96 590.0 587.1 593.2 593.7
Real average weekly
ordinary time earnings
for full-time employed
adult females. Figures
have been adjusted
by the Consumer Price
Index.
.. Data not available
Source: Average Weekly
Earnings, ABS (6302.0)
Annual percentage
change
Click
here for graph
September December March June
quarter quarter quarter quarter
1976-77 14.0 14.2 13.9 13.5
1977-78 12.9 9.3 8.2 8.0
1978-79 7.9 7.7 8.1 8.7
1979-80 9.3 10.1 10.7 10.8
1980-81 10.1 9.2 9.4 8.7
1981-82 9.0 11.3 10.6 10.8
1982-83 12.5 11.0 11.4 11.1
1983-84 9.2 8.6 5.8 4.0
1984-85 3.4 2.6 4.4 6.6
1985-86 7.7 8.2 9.3 8.5
1986-87 8.8 9.8 9.4 9.3
1987-88 8.2 7.1 6.9 7.1
1988-89 7.4 7.6 6.8 7.6
1989-90 8.0 7.8 8.6 7.7
1990-91 6.1 6.9 4.9 3.4
1991-92 3.2 1.5 1.7 1.2
1992-93 0.8 0.3 1.2 1.9
1993-94 2.2 1.9 1.4 1.7
1994-95 1.9 2.5 3.9 4.5
1995-96 5.1 5.1 3.7 3.1
Percentage change
over the same quarter
of the previous
year in the All
Groups, eight capital
cities index.
Source: Consumer
Price Index,
ABS (6401.0)
Annual percentage
change
Click
here for graph
September December March June
quarter quarter quarter quarter
1976-77 12.0 10.7 11.0 11.3
1977-78 10.7 10.5 9.1 7.3
1978-79 7.1 6.0 5.9 6.1
1979-80 6.2 7.3 7.9 8.9
1980-81 9.4 9.6 9.9 9.2
1981-82 9.4 9.4 9.6 10.9
1982-83 10.7 10.6 10.5 8.8
1983-84 7.9 7.3 6.3 6.2
1984-85 5.8 5.2 5.3 6.1
1985-86 7.4 8.9 9.8 9.9
1986-87 9.6 9.5 9.1 9.0
1987-88 8.5 7.5 7.1 6.8
1988-89 6.8 7.2 6.9 6.1
1989-90 5.7 5.6 6.0 6.4
1990-91 5.7 5.3 4.5 3.9
1991-92 3.7 3.4 3.0 2.7
1992-93 2.4 1.9 2.0 1.8
1993-94 2.2 2.1 2.1 2.0
1994-95 2.0 2.1 1.9 2.5
1995-96 3.1 3.2 3.3 3.1
Percentage change
over the same
quarter of the
previous year
in the All Groups,
eight capital
cities index excluding:
fresh fruit and
vegetables, mortgage
interest charges,
automotive fuel,
consumer credit
charges, government-owned
dwelling rents,
fuel and light,
local government
rents and charges,
postal and telephone
services and urban
transport fares.
Source: Consumer
Price Index,
ABS (6401.0)
2.1 Prime Interest
Rate
The prime
interest rate
refers to the
predominant
indicator rate
for variable
rate business
loans, i.e.
overdrafts and
fully drawn
loans for large
business. The
prime rate of
interest peaked
at 20.8 per
cent in December
1985 but fell
for the next
two years before
rising again
to over 20 per
cent in late
1989. The early
1990s have been
characterised
by a fall in
interest rates,
rising again
slightly in
the mid 1990s.
At June 1996
the prime rate
was equal to
10.8 per cent.
2.2 Real Prime
Interest Rate
The real
prime interest
rate is the
banks' prime
rate discounted
by the Consumer
Price Index
for the effects
of inflation.
From a rate
of less than
one per cent
at the start
of the 1980s,
the real prime
rate climbed
rapidly to
almost 12
per cent in
December 1985.
It subsequently
fell and rose
again to more
than 10 per
cent in the
late 1980s
and early
1990s. At
June 1996
the rate was
7.47 per cent
2.3 Banks'
Housing Interest
Rate
The banks'
housing
interest
rate is
the predominant
rate charged
for new
variable
rate housing
loans to
individuals
for owner
occupation.
Housing
interest
rates rose
in stages
from 10
per cent
in the mid
1970s to
17 per cent
in 1989.
Rates fell
during the
first half
of the 1990s,
rising again
slightly
in the mid
1990s.
2.4 Banks'
Real Housing
Interest
Rate
The
banks'
real housing
interest
rate is
the banks'
housing
interest
rate discounted
by the
Consumer
Price
Index
for the
effects
of inflation.
From the
mid 1970s
when the
rate was
negative,
the real
housing
rate has
generally
followed
an upward
trend
to peak
at 10.8
per cent
in November
1991.
The rate
fell through
much of
the 1990s,
reaching
a low
of 5.14
per cent
in July
1995.
At June
1996 the
rate was
6.45 per
cent.
2.5
Home Loan
Affordability
Indicator
The
home
loan
affordability
indicator
measures
the
relationship
between
median
weekly
family
income
and
average
monthly
home
repayments
on new
loans.
An increase
in the
indicator
implies
an improvement
in affordability
while
a decrease
implies
a deterioration
in affordability.
Home
loan
affordability
steadily
deteriorated
in the
period
1980
to 1989,
improved
through
to 1994
and
deteriorated
again
thereafter.
2.6
Stock
Exchange-All
Ordinaries
Index
The
All
Ordinaries
Index
is
a
summary
measure
of
the
movement
of
share
values
that
result
when
shares
in
company
ownership
are
traded
on
the
Australian
Stock
Exchange.
The
index
provides
a
record
of
share
market
cycles
and
an
indicator
of
share
market
reactions
to
economic
events
and
situations.
The
most
significant
event
of
the
past
20
years
was
the
share
market
collapse
of
October
1987
following
a
strong
bull
market.
2.7
Commonwealth
Government
Budget-Headline
Balance
The
headline
balance
is
the
difference
between
Commonwealth
budget
receipts
and
Commonwealth
budget
outlays.
A
budget
deficit
(surplus)
is
a
situation
in
which
outlays
are
greater
(less)
than
receipts.
Over
the
past
20
years
the
headline
balance
has
been
in
surplus
in
just
4
years,
1987-88
through
to
1990-91.
2.8
Commonwealth
Government
Budget-Underlying
Balance
The
underlying
balance
is
equal
to
the
headline
balance
minus
the
sum
of
equity
asset
sales
by
the
Commonwealth
and
net
repayments
by
the
States
of
Commonwealth
advances.
The
underlying
balance
provides
a
better
indication
of
the
state
of
Commonwealth
finances
as
it
excludes
transactions
in
financial
assets
undertaken
for
policy
purposes.
The
underlying
balance
may
be
either
higher
or
lower
than
the
headline
balance.
As
a
percentage
of
gross
domestic
product,
the
underlying
deficit
for
the
past
five
years
has
been
greater
than
the
headline
deficit.
Per
cent
Click
here
for
graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. .. .. .. .. .. .. .. .. .. .. ..
1977-78 .. .. .. .. .. .. .. .. .. .. .. ..
1978-79 .. .. .. .. .. 11.00 11.00 11.00 11.00 11.00 11.00 11.00
1979-80 11.00 11.00 11.00 11.00 11.00 11.00 11.20 11.25 11.30 12.30 12.50 12.50
1980-81 12.50 12.50 12.50 12.50 12.50 13.00 13.50 13.50 14.25 14.25 15.00 15.00
1981-82 15.75 15.75 15.75 15.75 15.75 15.75 16.20 16.40 16.40 17.50 17.50 17.50
1982-83 17.50 17.50 17.50 16.50 16.50 15.50 14.50 14.00 16.00 16.00 15.00 16.00
1983-84 15.00 14.50 14.00 13.50 13.25 12.25 11.90 12.70 14.50 15.25 15.10 14.60
1984-85 14.50 14.00 13.00 13.00 13.00 13.50 14.25 14.55 15.85 16.60 16.85 17.75
1985-86 17.50 17.75 18.50 18.50 19.25 20.80 20.50 20.25 19.15 18.50 17.50 17.00
1986-87 16.85 18.00 18.85 18.75 18.50 18.00 17.80 18.25 18.25 17.50 16.75 16.25
1987-88 15.60 15.10 14.35 13.85 13.85 13.80 13.25 13.25 13.25 13.60 14.20 15.00
1988-89 15.00 15.00 15.50 15.75 16.50 16.50 17.00 18.00 18.50 18.75 19.35 19.75
1989-90 20.25 20.25 20.50 20.50 20.50 20.50 20.00 19.50 19.50 18.50 18.50 18.50
1990-91 18.00 17.25 17.00 16.00 16.00 16.00 15.25 15.25 15.25 14.85 14.25 14.25
1991-92 14.25 14.25 13.35 13.35 12.40 12.40 11.90 11.50 11.50 11.50 10.75 10.50
1992-93 10.40 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 9.50 9.50 9.50
1993-94 9.50 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00 9.00
1994-95 9.00 9.00 9.30 9.50 9.75 10.25 10.70 10.70 10.70 10.70 10.70 10.70
1995-96 10.70 10.70 10.70 10.70 10.70 10.75 10.75 10.75 10.75 10.80 10.80 10.80
Predominant
indicator
rates
for
variable
rate
business
loans
(i.e.
overdrafts
and
fully
drawn
loans
for
large
businesses)
at
end
of
month.
..
Data
not
available
Source:
Reserve
Bank
of
Australia
Bulletin,
Reserve
Bank
of
Australia
Per
cent
Click
here
for
graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 .. .. .. .. .. .. .. .. .. .. .. ..
1977-78 .. .. .. .. .. .. .. .. .. .. .. ..
1978-79 .. .. .. .. .. 3.07 2.67 2.67 2.67 2.10 2.10 2.10
1979-80 1.54 1.54 1.54 0.82 0.82 0.82 0.49 0.54 0.58 1.31 1.49 1.49
1980-81 2.14 2.14 2.14 3.05 3.05 3.51 3.74 3.74 4.42 5.08 5.77 5.77
1981-82 6.20 6.20 6.20 4.03 4.03 4.03 5.06 5.24 5.24 6.08 6.08 6.08
1982-83 4.47 4.47 4.47 4.91 4.91 4.01 2.79 2.34 4.14 4.38 3.48 4.38
1983-84 5.30 4.84 4.38 4.49 4.26 3.34 5.72 6.48 8.18 10.84 10.70 10.22
1984-85 10.69 10.21 9.24 10.14 10.14 10.63 9.38 9.67 10.92 9.41 9.64 10.49
1985-86 9.10 9.33 10.02 9.54 10.23 11.66 10.30 10.07 9.06 9.25 8.33 7.87
1986-87 7.36 8.42 9.20 8.18 7.96 7.50 7.67 8.08 8.08 7.54 6.86 6.40
1987-88 6.79 6.33 5.64 6.26 6.26 6.21 5.96 5.96 5.96 6.03 6.59 7.33
1988-89 7.10 7.10 7.56 7.57 8.27 8.27 9.57 10.51 10.97 10.39 10.95 11.32
1989-90 11.36 11.36 11.59 11.75 11.75 11.75 10.49 10.03 10.03 10.06 10.06 10.06
1990-91 11.26 10.55 10.32 8.56 8.56 8.56 9.91 9.91 9.91 11.06 10.48 10.48
1991-92 10.71 10.71 9.84 11.66 10.73 10.73 10.03 9.63 9.63 10.15 9.41 9.16
1992-93 9.58 9.18 9.18 9.69 9.69 9.69 8.69 8.69 8.69 7.50 7.50 7.50
1993-94 7.11 6.62 6.62 6.92 6.92 6.92 7.52 7.52 7.52 7.14 7.14 7.14
1994-95 6.95 6.95 7.25 6.78 7.03 7.51 6.55 6.55 6.55 5.94 5.94 5.94
1995-96 5.33 5.33 5.33 5.38 5.38 5.42 6.75 6.75 6.75 7.47 7.47 7.47
Banks'
prime
rate
discounted
by
the
inflation
rate
as
measured
by
the
Consumer
Price
Index.
..
Data
not
available
Source:
Reserve
Bank
of
Australia
Bulletin,
Reserve
Bank
of
Australia
Per
cent
Click
here
for
graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
1977-78 10.50 10.50 10.50 10.50 10.50 10.50 10.50 10.00 10.00 10.00 10.00 10.00
1978-79 10.00 10.00 10.00 10.00 10.00 9.50 9.50 9.50 9.50 9.50 9.50 9.50
1979-80 9.50 9.50 9.50 9.50 9.50 9.50 9.50 9.50 10.50 10.50 10.50 10.50
1980-81 10.50 10.50 10.50 10.50 10.50 11.50 11.50 11.50 11.50 11.50 11.50 11.50
1981-82 11.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 13.50 13.50 13.50 13.50
1982-83 13.50 13.50 13.50 13.50 13.50 13.50 13.50 12.50 12.50 12.50 12.50 12.50
1983-84 12.50 12.50 12.00 12.00 12.00 12.00 11.50 11.50 11.50 11.50 11.50 11.50
1984-85 11.50 11.50 11.50 11.50 11.50 11.50 11.50 11.50 11.50 12.00 12.00 12.00
1985-86 12.50 12.50 13.00 13.50 13.50 13.50 13.50 13.50 13.50 15.50 15.50 15.50
1986-87 15.50 15.50 15.50 15.50 15.50 15.50 15.50 15.50 15.50 15.50 15.50 15.50
1987-88 15.50 15.00 15.00 14.50 14.50 14.00 14.00 13.50 13.50 13.50 13.50 13.50
1988-89 14.50 14.50 14.50 14.50 14.50 15.00 15.00 15.50 16.00 16.00 16.00 17.00
1989-90 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 16.50 16.50 16.50
1990-91 16.50 16.50 16.25 16.00 15.50 15.00 14.50 14.50 14.50 14.50 14.00 13.00
1991-92 13.00 13.00 13.00 12.50 12.50 12.00 12.00 11.00 11.00 11.00 11.00 10.50
1992-93 10.50 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 9.50 9.50
1993-94 9.50 9.50 8.75 8.75 8.75 8.75 8.75 8.75 8.75 8.75 8.75 8.75
1994-95 8.75 8.75 9.50 9.50 9.55 10.50 10.50 10.50 10.50 10.50 10.50 10.50
1995-96 10.50 10.50 10.50 10.50 10.50 10.50 10.50 10.50 10.50 10.50 10.50 9.75
New
variable
rate
housing
loans
to
individuals
for
owner
occupation.
Rates
shown
are
predominant
rates.
Source:
Reserve
Bank
of
Australia
Bulletin,
Reserve
Bank
of
Australia
Per
cent
Click
here
for
graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 -3.50 -3.50 -3.50 -3.71 -3.71 -3.71 -3.40 -3.40 -3.40 -3.10 -3.10 -3.10
1977-78 -2.11 -2.11 -2.11 1.12 1.12 1.12 2.11 1.65 1.65 1.82 1.82 1.82
1978-79 1.96 1.96 1.96 2.14 2.14 1.68 1.28 1.28 1.28 0.72 0.72 0.72
1979-80 0.16 0.16 0.16 -0.54 -0.54 -0.54 -1.04 -1.04 -0.14 -0.31 -0.31 -0.31
1980-81 0.33 0.33 0.33 1.22 1.22 2.13 1.91 1.91 1.91 2.55 2.55 2.55
1981-82 2.30 3.21 3.21 1.10 1.10 1.10 1.72 1.72 2.62 2.47 2.47 2.47
1982-83 0.91 0.91 0.91 2.21 2.21 2.21 1.89 0.99 0.99 1.23 1.23 1.23
1983-84 3.01 3.01 2.55 3.11 3.11 3.11 5.34 5.34 5.34 7.24 7.24 7.24
1984-85 7.79 7.79 7.79 8.68 8.68 8.68 6.75 6.75 6.75 5.09 5.09 5.09
1985-86 4.45 4.45 4.92 4.91 4.91 4.91 3.89 3.89 3.89 6.49 6.49 6.49
1986-87 6.12 6.12 6.12 5.22 5.22 5.22 5.57 5.57 5.57 5.71 5.71 5.71
1987-88 6.70 6.24 6.24 6.87 6.87 6.40 6.66 6.19 6.19 5.93 5.93 5.93
1988-89 6.63 6.63 6.63 6.41 6.41 6.87 7.70 8.16 8.63 7.84 7.84 8.77
1989-90 8.35 8.35 8.35 8.51 8.51 8.51 7.72 7.72 7.72 8.20 8.20 8.20
1990-91 9.85 9.85 9.61 8.56 8.09 7.62 9.20 9.20 9.20 10.72 10.24 9.27
1991-92 9.50 9.50 9.50 10.83 10.83 10.33 10.13 9.14 9.14 9.66 9.66 9.16
1992-93 9.68 9.18 9.18 9.69 9.69 9.69 8.69 8.69 8.69 7.99 7.50 7.50
1993-94 7.11 7.11 6.37 6.67 6.67 6.67 7.27 7.27 7.27 6.89 6.89 6.89
1994-95 6.71 6.71 7.45 6.78 6.83 7.76 6.36 6.36 6.36 5.75 5.75 5.75
1995-96 5.14 5.14 5.14 5.18 5.18 5.18 6.51 6.51 6.51 7.18 7.18 6.45
New
variable
rate
housing
loans
to
individuals
for
owner
occupation.
Rates
shown
are
predominant
rates
discounted
for
inflation
as
measured
by
the
Consumer
Price
Index.
Source:
Reserve
Bank
of
Australia
Bulletin,
Reserve
Bank
of
Australia
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 .. .. .. ..
1977-78 .. .. .. ..
1978-79 .. .. .. ..
1979-80 .. .. 57.4 55.8
1980-81 54.5 55.3 54.2 56.4
1981-82 54.4 52.4 52.0 51.6
1982-83 51.9 51.3 51.9 52.5
1983-84 52.4 54.9 53.7 54.4
1984-85 50.1 48.9 46.5 44.6
1985-86 42.8 43.1 46.6 37.4
1986-87 37.2 36.9 36.2 36.4
1987-88 36.2 36.2 37.1 35.3
1988-89 32.6 31.5 29.7 27.9
1989-90 27.4 27.4 28.2 28.4
1990-91 29.1 30.6 32.6 31.1
1991-92 34.1 35.8 39.4 41.1
1992-93 44.1 46.1 47.4 47.5
1993-94 49.2 52.3 49.0 46.9
1994-95 43.4 37.0 33.8 33.3
1995-96 33.8 35.3 35.7 nya
Measures
the
relationship
between
median
weekly
family
income
and
average
monthly
home
repayments
on
new
loans.
An
increase
in
the
indicator
implies
an
improvement
in
affordability.
..
Data
not
available
nya
Not
yet
available
Source:
Home
Loan
Affordability
in
Australia,
Real
Estate
Institute
of
Australia
Click
here
for
graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 342.4 339. 314.6 297.0 282. 291.4 296.7 287.1 299.1 395.5 310.0 308.9
3 9
1977-78 296.9 288. 291.1 305.3 298. 322.3 313.9 298.9 307.3 324.2 336.5 332.1
2 2
1978-79 347.9 366. 378.8 358.8 355. 366.1 384.0 393.6 398.2 389.1 400.2 390.8
9 2
1979-80 398.6 440. 464.6 468.1 458. 500.0 586.0 604.6 513.3 529.1 594.7 628.5
2 9
1980-81 636.9 660. 693.7 731.7 733. 713.5 657.0 652.2 707.9 706.3 713.4 699.6
4 4
1981-82 633.4 629. 575.1 549.7 594. 595.5 548.8 491.0 462.1 503.5 504.9 473.1
2 0
1982-83 465.1 482. 503.3 504.6 484. 485.4 536.9 498.7 512.7 591.9 620.0 605.1
7 4
1983-84 672.0 701. 718.0 687.7 744. 775.3 765.7 737.6 750.5 756.0 654.9 658.9
3 0
1984-85 681.9 733. 739.1 753.6 749. 726.1 773.4 792.3 829.7 875.1 873.5 860.7
4 5
1985-86 936.1 937. 987.0 1027. 990. 1003.7 1075.3 1050.1 1136.5 1210.5 1241.0 1180.0
8 0 7
1986-87 1123. 1192 1246. 1377. 1379 1473.1 1496.3 1613.9 1689.9 1749.6 1770.6 1765.5
5 .3 6 2 .6
1987-88 2030. 2150 2249. 1294. 1328 1318.9 1257.1 1250.7 1415.3 1456.6 1566.9 1555.0
4 .0 2 5 .2
1988-89 1611. 1570 1548. 1586. 1471 1487.2 1551.8 1485.3 1459.6 1500.6 1530.0 1521.1
0 .6 1 9 .4
1989-90 1634. 1763 1736. 1646. 1611 1649.8 1677.0 1573.0 1535.8 1434.5 1511.7 1500.7
3 .2 0 2 .6
1990-91 1573. 1507 1398. 1327. 1319 1279.8 1321.5 1405.6 1444.1 1534.2 1510.0 1505.6
9 .7 8 2 .7
1991-92 1572. 1540 1562. 1683. 1605 1651.4 1622.7 1614.2 1582.6 1655.9 1678.3 1644.7
3 .4 1 0 .7
1992-93 1617. 1547 1485. 1425. 1448 1549.9 1528.2 1609.6 1667.4 1681.5 1737.4 1738.1
7 .2 0 8 .1
1993-94 1844. 1962 1964. 2112. 2009 2173.6 2310.8 2180.1 2053.1 2066.1 2081.8 1989.1
0 .2 4 2 .4
1994-95 2061. 2122 2028. 2044. 1890 1912.7 1830.6 1920.0 1906.6 2050.2 2019.5 2017.0
5 .1 7 8 .7
1995-96 2116. 2133 2135. 2073. 2158 2203.0 2288.5 2290.0 2225.6 2316.8 2266.1 2242.1
1 .0 7 7 .8
Index
at
end
of
month.
Base:
December
1979
=
500.0.
Source:
Australian
Financial
Review
Percentage
of
gross
domestic
product
Click
here
for
graph
Annual
1976-77 -3.1
1977-78 -3.4
1978-79 -3.1
1979-80 -1.6
1980-81 -0.7
1981-82 -0.3
1982-83 -2.6
1983-84 -4.1
1984-85 -3.1
1985-86 -2.3
1986-87 -1.0
1987-88 0.7
1988-89 1.7
1989-90 2.2
1990-91 0.5
1991-92 -2.4
1992-93 -3.6
1993-94 -3.2
1994-95 -2.6
1995-96 -1.0
The
headline
balance
is
the
difference
between
Commonwealth
budget
receipts
and
Commonwealth
budget
outlays.
A
negative
sign
denotes
a
budget
deficit.
Source:
Budget
Statements
(Budget
Paper
No.
1)
Percentage
of
gross
domestic
product
Click
here
for
graph
Annual
1976-77 -1.3
1977-78 -2.0
1978-79 -2.1
1979-80 -1.0
1980-81 0.0
1981-82 0.3
1982-83 -1.8
1983-84 -3.5
1984-85 -2.7
1985-86 -2.0
1986-87 -0.8
1987-88 0.5
1988-89 1.7
1989-90 1.8
1990-91 0.1
1991-92 -3.0
1992-93 -4.2
1993-94 -4.0
1994-95 -2.9
1995-96 -2.1
The
underlying
balance
is
the
headline
balance
minus
net
advances
(i.e.
equity
asset
sales
by
the
Commonwealth
plus
net
repayments
by
the
States
of
Commonwealth
advances).
A
negative
sign
denotes
an
underlying
deficit.
Source:
Budget
Statements
(Budget
Paper
No.
1)
3.1
Economic
Growth
Economic
growth
is
measured
by
the
percentage
change
in
gross
domestic
product
(seasonally
adjusted)
at
constant
prices.
A
recession
is
defined
as
a
situation
in
which
there
are
two
or
more
successive
quarters
of
negative
economic
growth.
Australia
has
had
three
recessions
during
the
past
20
years-a
minor
recession
from
September
quarter
1977
to
December
quarter
1977;
a
fairly
deep
recession
from
September
quarter
1982
to
March
quarter
1983,
followed
by
strong
growth;
and
a
more
enduring
recession
from
September
quarter
1990
to
June
quarter
1991,
followed
by
relatively
weak
growth.
3.2
Gross
Domestic
Product
Per
Capita
Per
capita
gross
domestic
product
at
constant
prices
is
often
used
as
a
measure
of
living
standards.
In
other
words,
if
economic
growth
is
rising
faster
than
population
growth
then
living
standards
(at
least
in
the
aggregate
sense)
are
said
to
be
rising.
Although
living
standards
dipped
in
the
last
two
recessions,
the
long-term
trend
has
been
for
Australia's
living
standards
to
rise.
3.3
Gross
Domestic
Product
Per
Hour
Worked
A
frequently
used
measure
of
labour
productivity
is
gross
domestic
product
at
constant
prices
per
hour
worked.
Australia's
labour
productivity
has
risen
by
25
per
cent
since
the
late
1970s,
the
most
rapid
increases
occurring
between
1983
and
1985
and
again
between
1990
and
1994.
3.4
Business
Investment
Business
investment
is
defined
as
private
gross
fixed
capital
expenditure
on
non-dwelling
construction
and
equipment.
Business
investment
as
a
percentage
of
gross
domestic
product
fell
sharply
in
the
1982-83
recession
and
fell
again
even
more
sharply
in
the
1990-91
recession.
By
the
mid
1990s
business
investment
had
recovered
somewhat
to
around
10
per
cent
of
gross
domestic
product.
3.5
National
Savings
National
savings
is
defined
as
that
part
of
national
disposable
income
that
is
not
used
up
by
way
of
private
or
government
final
consumption
expenditure.
For
most
of
the
1980s
national
savings
fluctuated
between
4
and
8
per
cent
of
national
disposable
income.
It
fell
sharply
however
in
the
1990s
and
from
December
quarter
1990
it
has
been
consistently
below
5
per
cent.
In
the
early
1990s
there
were
a
number
of
occasions
when
national
saving
was
negative,
i.e.
a
situation
of
dissaving.
3.6
Household
Saving
Ratio
The
ratio
of
household
income
saved
to
household
disposable
income
(i.e.
the
income
that
households
have
available
for
spending
after
deducting
taxes
paid,
interest
payments
and
transfers
overseas)
is
called
the
household
saving
ratio.
Australia's
household
saving
ratio
has
generally
been
on
a
downward
trend
since
reaching
a
high
point
in
the
mid
1970s.
3.7
Stocks
to
Sales
Ratio
The
stocks
to
sales
ratio
measures
the
value
of
stocks
(or
inventories)
held
by
private
sector
businesses
other
than
farming,
compared
with
sales
in
a
given
period
of
time.
The
ratio
is
an
important
indicator
of
future
business
intentions.
An
increase
in
the
ratio
may
indicate
that
businesses
have
decided
to
build
up
stocks
in
anticipation
of
increased
sales;
a
fall
may
indicate
that
businesses
have
decided
to
run
down
stocks
in
anticipation
of
weaker
sales.
The
long
term
trend
in
the
stocks
to
sales
ratio
has
been
downward,
reflecting
such
factors
as
the
decline
in
the
relative
importance
of
manufacturing
and
retailing
where
the
majority
of
stocks
are
held.
Quarterly
percentage
change
in
gross
domestic
product
at
average
1989-90
prices
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 0.9 0.9 -0.4 0.9
1977-78 -0.6 -0.1 1.2 1.3
1978-79 2.4 1.5 1.4 -0.5
1979-80 0.5 1.9 -0.8 0.2
1980-81 1.7 1.7 -0.6 1.4
1981-82 1.8 0.2 -0.4 0.8
1982-83 -1.7 -1.1 -1.4 0.8
1983-84 3.1 2.0 1.6 1.7
1984-85 0.4 1.1 1.8 2.0
1985-86 1.0 0.4 0.0 -0.4
1986-87 0.8 1.1 0.4 1.8
1987-88 1.6 1.8 0.8 0.1
1988-89 1.3 1.8 0.6 1.8
1989-90 0.8 0.0 1.2 -0.1
1990-91 -0.7 -0.3 -0.4 -0.7
1991-92 0.7 0.2 1.2 0.0
1992-93 1.1 1.0 0.7 0.9
1993-94 0.6 1.2 2.2 0.9
1994-95 1.1 0.9 0.1 0.7
1995-96 2.0 0.4 2.0 0.1
Note:
Figures
are
seasonally
adjusted.
Source:
National
Income
and
Expenditure,
ABS
(5206.0)
Average
1989-90
prices
-
dollars
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 4286 4311 4280 4307
1977-78 4267 4248 4287 4330
1978-79 4422 4477 4524 4489
1979-80 4498 4571 4521 4517
1980-81 4575 4635 4586 4635
1981-82 4698 4687 4647 4662
1982-83 4567 4504 4425 4444
1983-84 4570 4646 4706 4771
1984-85 4773 4814 4883 4962
1985-86 4996 4998 4982 4945
1986-87 4967 5003 5004 5075
1987-88 5133 5206 5227 5211
1988-89 5253 5326 5334 5412
1989-90 5439 5415 5460 5436
1990-91 5380 5347 5309 5255
1991-92 5273 5270 5318 5304
1992-93 5348 5390 5416 5454
1993-94 5475 5527 5635 5669
1994-95 5717 5755 5742 5760
1995-96 5857 5857 5956 5938
Note:
Figures
are
seasonally
adjusted.
Source:
National
Income
and
Expenditure,
ABS
(5206.0)
Average
1989-90
prices
-
index
(1989-90=100)
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 .. .. .. ..
1977-78 .. .. .. ..
1978-79 88.9 89.6 89.6 89.3
1979-80 89.2 89.7 90.3 90.5
1980-81 90.6 90.3 90.4 91.4
1981-82 92.1 92.6 92.7 92.8
1982-83 92.9 92.9 93.2 94.3
1983-84 95.4 96.4 96.8 96.9
1984-85 97.5 98.3 99.6 100.5
1985-86 100.5 99.9 99.3 99.0
1986-87 98.9 98.9 99.1 99.8
1987-88 100.4 100.4 99.9 99.6
1988-89 99.7 100.3 100.6 100.4
1989-90 100.1 100.0 99.9 100.0
1990-91 100.2 100.4 101.0 101.8
1991-92 102.6 103.4 104.3 105.1
1992-93 105.8 106.2 106.7 107.2
1993-94 107.8 108.4 108.8 108.9
1994-95 108.9 108.8 108.6 108.2
1995-96 108.6 109.7 110.8 111.5
Note:
Figures
are
seasonally
adjusted.
..
Data
not
available
Source:
National
Income
and
Expenditure,
ABS
(5206.0)
Percentage
of
gross
domestic
product
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 8.7 9.6 9.6 9.2
1977-78 9.2 9.5 9.7 10.5
1978-79 10.6 11.0 11.0 10.8
1979-80 10.1 9.9 10.1 10.3
1980-81 11.3 10.7 11.4 12.0
1981-82 11.8 12.6 12.4 12.3
1982-83 11.5 11.4 10.5 10.2
1983-84 10.2 9.9 9.9 9.7
1984-85 10.2 10.1 10.8 11.0
1985-86 11.5 11.3 11.1 11.3
1986-87 11.3 12.5 11.7 12.0
1987-88 12.1 12.2 12.8 13.2
1988-89 11.9 12.4 13.0 13.1
1989-90 12.8 12.4 11.6 10.9
1990-91 11.0 10.3 10.0 9.7
1991-92 9.4 8.7 8.8 8.8
1992-93 8.3 10.2 9.2 9.0
1993-94 9.1 8.9 9.7 9.6
1994-95 9.9 10.3 10.1 10.4
1995-96 10.3 10.0 10.5 10.5
Private
gross
fixed
capital
expenditure
on
non-dwelling
construction
and
equipment.
Note:
Figures
are
seasonally
adjusted.
Source:
National
Income
and
Expenditure,
ABS
(5206.0)
Percentage
of
national
disposable
income
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 11.1 9.5 9.7 9.0
1977-78 7.6 6.5 7.1 5.7
1978-79 7.7 8.2 8.9 8.0
1979-80 8.9 8.7 9.0 8.4
1980-81 7.6 8.2 8.0 7.9
1981-82 7.1 7.1 6.5 4.3
1982-83 4.5 2.6 -0.7 0.0
1983-84 3.5 4.0 6.6 7.4
1984-85 5.5 6.0 5.8 4.9
1985-86 5.5 3.2 5.5 1.9
1986-87 0.7 4.1 4.1 5.8
1987-88 6.0 6.4 5.8 7.5
1988-89 8.4 9.2 8.7 8.3
1989-90 8.5 6.6 5.8 6.2
1990-91 5.2 3.0 2.1 -0.3
1991-92 -0.2 0.5 0.7 -0.9
1992-93 -0.5 0.1 0.8 1.6
1993-94 2.3 1.1 2.2 2.7
1994-95 2.2 3.5 2.5 1.6
1995-96 3.7 2.0 4.0 4.1
That
part
of
national
disposable
income
not
used
up
by
way
of
private
and
government
final
consumption
expenditure.
Note:
Figures
are
seasonally
adjusted.
Source:
National
Income
and
Expenditure,
ABS
(5206.0)
Household
saving
as
a
percentage
of
household
disposable
income
Click here for graph
September December March June
quarter quarter quarter quarter
1976-77 13.1 12.8 12.1 11.5
1977-78 11.7 11.7 11.8 11.8
1978-79 11.9 12.2 12.2 11.8
1979-80 10.9 10.2 10.0 10.3
1980-81 10.5 10.3 9.6 9.5
1981-82 9.6 9.6 9.1 8.7
1982-83 8.4 7.9 7.5 7.8
1983-84 8.7 9.6 10.0 9.9
1984-85 9.8 9.4 8.7 7.6
1985-86 7.0 7.1 7.3 7.2
1986-87 6.5 5.7 5.7 5.7
1987-88 5.4 5.0 4.8 5.4
1988-89 6.1 6.2 6.1 6.2
1989-90 6.7 7.3 7.5 7.3
1990-91 7.2 6.5 5.5 4.8
1991-92 5.0 5.2 5.0 4.3
1992-93 4.0 4.0 4.0 3.6
1993-94 3.1 3.1 3.4 3.6
1994-95 3.4 2.8 2.4 2.4
1995-96 2.3 2.5 2.7 2.8
Note:
Figures
are
seasonally
adjusted.
Source:
National
Income
and
Expenditure,
ABS
(5206.0)
Ratio
of
private
non-farm
stocks
to
sales
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 1.363 1.353 1.376 1.404
1977-78 1.418 1.413 1.397 1.353
1978-79 1.344 1.318 1.314 1.330
1979-80 1.350 1.374 1.353 1.367
1980-81 1.357 1.345 1.329 1.303
1981-82 1.277 1.282 1.283 1.271
1982-83 1.296 1.279 1.269 1.230
1983-84 1.209 1.165 1.160 1.150
1984-85 1.144 1.141 1.094 1.085
1985-86 1.055 1.064 1.112 1.111
1986-87 1.071 1.044 1.066 1.056
1987-88 1.057 1.036 1.018 1.051
1988-89 1.051 1.027 1.006 0.990
1989-90 1.004 1.009 1.006 1.015
1990-91 1.010 1.007 1.001 1.005
1991-92 0.976 0.974 0.963 0.946
1992-93 0.937 0.910 0.921 0.921
1993-94 0.912 0.910 0.898 0.878
1994-95 0.881 0.882 0.883 0.887
1995-96 0.888 0.904 0.872 0.883
Note:
Figures
are
seasonally
adjusted.
Source:
National
Income
and
Expenditure,
ABS
(5206.0)
4.1
Imports
to
Sales
Ratio
The
imports
to
sales
ratio
is
a
measure
of
import
penetration,
i.e.
the
extent
to
which
imports
are
displacing
or
indicate
an
absence
of
domestically
produced
alternatives.
With
the
exception
of
the
two
recessions
in
1982-83
and
1990-91
which
produced
a
temporary
fall
in
the
ratio,
the
trend
during
the
past
20
years
has
been
one
of
increasing
import
penetration.
4.2
Exports
of
Elaborately
Transformed
Manufactures
Exports
of
elaborately
transformed
manufactures
provide
a
measure
of
the
extent
to
which
Australia
is
exporting
goods
that
have
been
substantially
added
to
in
value
by
production
processes
in
Australia.
Examples
are
telecommunications
equipment
and
motor
vehicles.
It
contrasts
with
primary
products,
still
Australia's
dominant
export
sector,
where
very
little
value
adding
occurs.
Exports
of
elaborately
transformed
manufactures
have
grown
rapidly
over
the
past
decade,
from
10.8
per
cent
of
total
merchandise
exports
in
1984-85
to
23.5
per
cent
in
1995-96.
4.3
Current
Account
Deficit
A
current
account
deficit
occurs
when
payments
exceed
receipts
in
respect
of
transactions
between
Australia
and
the
rest
of
the
world
in
goods,
services,
income
and
transfers.
A
current
account
deficit
means
that
a
country's
aggregate
expenditure
exceeds
its
aggregate
income
and
that
it
is
therefore
a
capital
importer
from
the
rest
of
the
world.
Australia
has
almost
always
run
a
deficit
on
its
current
account.
From
a
current
account
deficit
of
around
2
to
3
per
cent
of
gross
domestic
product
in
the
1970s,
the
deficit
has
risen
to
between
4
and
6
per
cent
of
gross
domestic
product
for
most
of
the
1980s
and
1990s.
4.4
Terms
of
Trade
The
terms
of
trade
measures
the
relationship
between
a
country's
export
prices
and
its
import
prices.
It
is
expressed
as
an
index.
A
fall
in
the
index
means
that
a
country
must
export
more
to
purchase
the
same
amount
of
imports.
Conversely,
a
rise
in
the
index
means
that
a
country
can
purchase
more
imports
with
the
same
amount
of
exports.
Australia's
terms
of
trade
fell
sharply
in
the
mid
1980s
but
recovered
again
toward
the
end
of
the
1980s.
Further
deterioration
in
the
terms
of
trade
occurred
during
the
first
half
of
the
1990s
with
some
improvement
by
the
mid
1990s.
4.5
Exchange
Rates
The
price
of
one
currency
expressed
in
terms
of
another
currency
is
known
as
an
exchange
rate.
Hence,
the
exchange
rate
can
be
used
as
a
measure
of
a
currency's
value.
The
exchange
rate
between
the
Australian
dollar
and
the
United
States
dollar
measures
the
number
of
US
dollars
required
to
pay
for
one
Australian
dollar.
An
increase
(decrease)
in
the
exchange
rate
for
the
Australian
dollar
against
the
US
dollar
means
that
it
will
buy
more
(less)
of
the
US
dollar.
The
US
dollar
exchange
rate
fell
sharply
during
the
first
half
of
the
1980s,
and
while
there
has
subsequently
been
some
improvement,
it
is
still
well
below
its
level
of
the
late
1970s
and
early
1980s.
4.6
International
Competitiveness
Index
The
international
competitiveness
index
compares
the
change
in
the
ratio
of
wages,
salaries
and
supplements
to
gross
product
in
the
non-farm
sector
of
the
Australian
economy
with
those
of
our
four
major
trading
partners
(US,
Japan,
UK
and
Germany),
after
taking
into
account
exchange
rate
changes.
A
fall
in
the
index
signifies
an
improvement
in
competitiveness,
while
a
rise
signifies
a
fall
in
competitiveness.
The
competitiveness
index
is
most
useful
for
measuring
the
competitiveness
of
Australia's
import
competing
industries.
Over
the
past
20
years
Australia's
international
competitiveness
has
improved
considerably,
most
particularly
during
the
late
1970s,
mid
1980s
and
early
1990s.
4.7
Net
Foreign
Debt
Net
foreign
debt
is
defined
as
the
amount
borrowed
from
non-residents
by
residents
of
Australia,
minus
the
value
of
foreign
reserves
held
by
the
Reserve
Bank
and
minus
lending
by
residents
of
Australia
to
non-residents.
After
being
fairly
stable
through
the
1970s,
net
foreign
debt
as
a
percentage
of
gross
domestic
product
has
increased
more
than
six-fold
since
1981.
4.8
Debt
Servicing
Ratio
A
useful
measure
of
the
relative
size
of
interest
on
foreign
debt
is
to
express
the
interest
as
a
percentage
of
exports
of
goods
and
services.
This
is
also
referred
to
as
a
debt
servicing
ratio
and
it
makes
possible
meaningful
comparisons
over
time
as
both
interest
and
exports
are
affected
by
inflation.
As
well,
exports
of
goods
and
services
provide
a
source
of
foreign
exchange
income
that
can
be
applied
to
meeting
interest
payments.
Australia's
debt
servicing
ratio
rose
steadily
through
the
early
1980s
to
20.5
per
cent
in
1989-90,
after
which
it
fell
to
11.3
per
cent
in
1994-95.
Ratio
of
merchandise
imports
to
sales
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 0.172 0.170 0.194 0.191
1977-78 0.184 0.172 0.183 0.180
1978-79 0.185 0.194 0.184 0.198
1979-80 0.185 0.203 0.208 0.198
1980-81 0.208 0.209 0.208 0.208
1981-82 0.205 0.208 0.224 0.214
1982-83 0.201 0.198 0.183 0.186
1983-84 0.186 0.183 0.199 0.198
1984-85 0.224 0.212 0.205 0.227
1985-86 0.228 0.231 0.230 0.220
1986-87 0.222 0.220 0.212 0.213
1987-88 0.208 0.216 0.218 0.212
1988-89 0.214 0.226 0.220 0.230
1989-90 0.233 0.219 0.221 0.201
1990-91 0.208 0.212 0.208 0.207
1991-92 0.207 0.216 0.216 0.220
1992-93 0.232 0.236 0.233 0.241
1993-94 0.246 0.244 0.237 0.242
1994-95 0.254 0.256 0.262 0.266
1995-96 0.254 0.252 0.253 0.252
Source:
National
Income
and
Expenditure,
ABS
(5206.0)
Percentage
of
total
merchandise
exports
Click
here
for
graph
Annual
1976-77 ..
1977-78 ..
1978-79 ..
1979-80 ..
1980-81 11.5
1981-82 12.4
1982-83 12.1
1983-84 12.3
1984-85 10.8
1985-86 10.9
1986-87 13.9
1987-88 13.3
1988-89 13.2
1989-90 15.3
1990-91 16.8
1991-92 17.9
1992-93 19.9
1993-94 21.3
1994-95 22.8
1995-96 23.5
..
Data
not
available
Source:
Composition
of
Trade
Australia,
Department
of
Foreign
Affairs
and
Trade
Percentage
of
gross
domestic
product
Click
here
for
graph
Annual
1976-77 2.8
1977-78 3.1
1978-79 3.3
1979-80 1.6
1980-81 3.9
1981-82 5.5
1982-83 3.8
1983-84 3.7
1984-85 4.9
1985-86 6.1
1986-87 4.4
1987-88 3.4
1988-89 5.1
1989-90 5.8
1990-91 4.0
1991-92 3.0
1992-93 3.7
1993-94 3.9
1994-95 6.1
1995-96 4.2
Source:
Balance
of
Payments,
ABS
(5301.0,
5302.0)
Ratio
of
export
prices
to
import
prices
-
index
(1989-90
=
100)
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 111.0 106.7 105.3 104.5
1977-78 98.9 95.7 95.7 97.6
1978-79 96.1 95.4 97.4 101.2
1979-80 100.9 102.2 102.4 100.2
1980-81 100.3 100.3 101.6 100.0
1981-82 101.6 98.6 95.8 98.2
1982-83 97.7 96.8 97.3 98.6
1983-84 98.7 100.0 99.6 100.0
1984-85 99.6 99.2 98.9 92.5
1985-86 93.3 89.3 86.7 84.9
1986-87 81.4 82.0 81.6 82.7
1987-88 85.6 86.1 89.0 92.9
1988-89 98.0 99.0 102.9 101.5
1989-90 99.9 101.0 99.2 99.8
1990-91 99.3 95.3 92.7 92.1
1991-92 92.8 92.0 91.9 92.3
1992-93 90.5 89.5 89.3 88.1
1993-94 87.2 87.4 87.7 88.6
1994-95 89.1 91.2 92.7 93.0
1995-96 94.0 94.0 95.9 97.8
Source:
National
Income
and
Expenditure,
ABS
(5206.0)
US
cents
per
Australian
dollar
Click
here
for
graph
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1976-77 124.1 124.6 123.7 122.6 101.2 108.6 108.7 109.7 110.3 110.5 110.4 111.6
1977-78 112.3 110.5 110.8 112.4 112.7 114.1 113.8 113.7 114.3 113.6 113.0 114.8
1978-79 115.5 115.2 115.7 118.9 113.6 115.1 113.3 112.8 111.8 110.2 110.5 112.1
1979-80 113.0 112.8 113.0 109.7 109.4 110.6 110.7 109.9 108.3 111.5 114.3 115.8
1980-81 115.3 116.6 116.9 117.3 116.4 118.1 117.1 115.7 116.8 115.1 113.9 114.8
1981-82 113.6 115.1 114.1 113.5 115.1 112.8 109.9 107.4 105.0 106.1 104.8 102.2
1982-83 99.6 96.4 94.9 93.7 95.5 98.1 97.2 96.1 86.3 86.8 88.2 87.5
1983-84 88.1 87.9 89.7 91.6 91.3 90.2 91.8 94.3 93.5 92.0 89.9 86.1
1984-85 83.0 84.9 83.3 84.9 86.0 82.8 81.5 71.4 70.5 65.2 65.8 66.6
1985-86 72.7 70.3 70.8 70.0 68.5 68.1 71.6 70.1 71.2 73.9 71.7 67.7
1986-87 59.8 60.9 62.7 64.2 64.9 66.5 66.1 67.5 70.5 70.5 71.4 72.0
1987-88 69.8 71.2 71.9 67.6 70.5 72.3 71.4 72.0 73.9 75.9 80.5 79.4
1988-89 80.5 80.7 78.3 82.6 87.8 85.6 88.9 80.0 81.9 79.3 74.8 75.5
1989-90 75.2 76.6 77.6 78.3 78.2 79.3 77.1 75.9 75.4 75.1 76.9 78.9
1990-91 79.0 81.6 82.7 78.5 77.5 77.3 78.5 78.5 77.5 78.2 76.1 76.8
1991-92 77.8 78.5 80.0 78.4 78.5 76.0 75.0 75.5 76.8 75.9 75.9 74.9
1992-93 74.4 71.3 71.4 69.5 68.2 68.8 67.9 69.6 70.6 71.2 67.7 67.2
1993-94 68.3 67.1 64.5 66.6 65.9 67.7 71.1 71.8 70.1 71.2 73.6 72.9
1994-95 73.9 74.3 73.9 74.2 76.7 77.7 75.8 74.0 72.8 73.0 71.4 70.9
1995-96 73.9 75.2 75.5 75.7 74.7 74.5 74.5 76.4 77.9 78.5 79.8 78.9
Source:
Reserve
Bank
of
Australia
Bulletin,
Reserve
Bank
of
Australia
Index
of
adjusted
unit
labour
costs
Click
here
for
graph
September December March June
quarter quarter quarter quarter
1976-77 140.7 132.8 126.2 125.5
1977-78 124.9 122.9 119.4 115.4
1978-79 109.9 106.0 105.4 106.0
1979-80 105.6 105.8 107.0 107.3
1980-81 109.4 108.2 115.1 118.4
1981-82 124.2 122.5 127.4 127.5
1982-83 128.5 124.3 122.7 110.2
1983-84 113.9 116.9 121.5 119.5
1984-85 117.6 119.3 110.7 96.1
1985-86 96.8 91.6 90.1 88.4
1986-87 75.9 78.8 79.7 81.6
1987-88 84.4 78.8 80.1 86.9
1988-89 93.5 96.1 100.8 96.9
1989-90 97.3 100.7 98.8 103.1
1990-91 103.8 95.3 96.4 98.3
1991-92 99.6 96.4 91.0 91.7
1992-93 85.2 82.4 81.9 79.6
1993-94 75.1 75.3 79.2 80.8
1994-95 79.6 81.1 80.4 75.1
1995-96 80.0 83.7 85.4 91.5
The
ratio
of
unit
labour
costs
in
the
non-farm
sector
of
the
Australian
economy
to
the
weighted
geometric
average
of
the
exchange
rate
adjusted
unit
labour
costs
in
the
business
sector
for
Australia's
four
major
import
sources
(US,
Japan,
UK
and
Germany).
A
fall
in
the
index
means
an
improvement
in
international
competitiveness.
Source:
Economic
Roundup,
Commonwealth
Treasury
Percentage
of
gross
domestic
product
Click here
for
graph
Annual
1976-77 4.4
1977-78 6.5
1978-79 7.3
1979-80 5.6
1980-81 6.1
1981-82 10.4
1982-83 13.6
1983-84 15.3
1984-85 23.6
1985-86 31.4
1986-87 32.6
1987-88 32.3
1988-89 34.6
1989-90 35.6
1990-91 37.5
1991-92 39.8
1992-93 41.4
1993-94 38.1
1994-95 39.9
1995-96 38.6
Source:
International
Investment
Position
Australia,
ABS
(5306.0)
Interest
on
net
foreign
debt
as
a
percentage
of
exports
of
goods
and
services
Annual
1976-77 2.3
1977-78 3.2
1978-79 4.0
1979-80 4.1
1980-81 4.2
1981-82 6.5
1982-83 8.9
1983-84 10.0
1984-85 12.2
1985-86 15.2
1986-87 16.4
1987-88 15.1
1988-89 17.2
1989-90 20.5
1990-91 19.0
1991-92 15.6
1992-93 12.0
1993-94 11.3
1994-95 12.2
1995-96 11.3
Source:
International
Investment
Position
Australia,
ABS
(5306.0)
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