Economic Snapshot - August 2022

Key Economic Indicators

The rolling annual change of 10 key economic indicators feature in the Economic Snapshot for August 2022.

Please note that some indicators are not measured monthly, hence there may be some delays in the data that is readily available.


Cash Rate

August 2021

0.10%

August 2022

1.85%

The cash rate has increased from 0.10% in August 2021, to 1.85% in August 2022.


GDP Growth

March 2021

1.8%

March 2022

3.3%

GDP Growth has increased from 1.8% in the year ended March 2021, to 3.3% in the year ended March 2022.


Unemployment

July 2021

4.6%

July 2022

3.4%

Unemployment has decreased from 4.6% in July 2021, to 3.4% in July 2022.


Inflation

June 2021

3.8%

June 2022

6.1%

Inflation has increased from 3.8% in the year ended June 2021, to 6.1% in the year ended June 2022.


Wage Growth

June 2021

1.7%

June 2022

2.6%

Wage Growth has increased from 1.7% in the year ended June 2021, to 2.6% in the year ended June 2022.


Average Weekly Earnings (Full-Time Adult Ordinary Time)

May 2021

$1 736.80

May 2022

$1 769.80

Average weekly earnings (full-time adult ordinary time) have increased from $1 736.80 in May 2021, to $1 769.80 in May 2022.


Australian Dollar

August 2021

$0.74

August 2022

$0.70

The Australian Dollar has weakened relative to the US Dollar from $0.74 USD in August 2021, to $0.70 USD in August 2022.


Population

June 2021

25.7 million

August 2022

26.0 million

Australia's population increased from 25.7 million people in June 2021, to 26.0 million in August 2022.


Household Wealth as a Share of Income

March 2021

841%

March 2022

957%

Household wealth as a share of income has increased from 841% in March 2021, to 957% in March 2022.


Household Debt as a Share of Income

March 2021

179%

March 2022

187%

Household debt as a share of income has increased from 179% in March 2021, to 187% in March 2022.


Economic Data Sources

Cash Rate https://www.rba.gov.au/

GDP Growth, Unemployment and Inflation

https://www.abs.gov.au/statistics/economy/key-indicators

https://www.rba.gov.au/education/resources/digital-interactives/snapshot-comparison/

Wage Growth

https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/wage-price-index-australia

https://www.rba.gov.au/education/resources/digital-interactives/snapshot-comparison/

Average Weekly Earnings

https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/average-weekly-earnings-australia

Australian Dollar

https://www.rba.gov.au/

https://www.rba.gov.au/education/resources/digital-interactives/snapshot-comparison/

Population

https://www.abs.gov.au/AUSSTATS/abs%40.nsf/Web%2BPages/Population%2BClock?opendocument=&ref=HPKI

https://www.rba.gov.au/education/resources/digital-interactives/snapshot-comparison/

Household Wealth as a Share of Income & Household Debt as a Share of Income

https://www.rba.gov.au/education/resources/digital-interactives/snapshot-comparison/


You can find previously completed Economic Snapshots here.


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