Economic Snapshot - February 2023

Key Economic Indicators

The rolling annual change of 10 key indicators feature in the Economic Snapshot for February 2023.

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


Cash Rate

February 2022

0.10%

February 2023

3.35%

The cash rate has increased from 0.10% in February 2022, to 3.35% in February 2023.


GDP Growth

March 2022

2.9%

September 2022

5.9%

GDP growth has increased from 2.9% in the year ended March 2022, to 5.9% in the year ended September 2022.


Unemployment

February 2022

4.0%

January 2023

3.7%

Unemployment has decreased from 4.0% in February 2022, to 3.7% in January 2023.


Inflation

March 2022

5.1%

December 2022

7.3%

Inflation has increased from 5.1% in the year ended March 2022, to 7.3% in the year ended December 2022.


Wage Growth

December 2021

2.3%

December 2022

3.4%

Wage growth has increased from 2.3% in the year ended December 2021, to 3.4% in the year ended December 2022.


Average Weekly Earnings (Full-Time Adult Ordinary Time)

November 2021

$1 748.40

November 2022

$1 807.70

Average weekly earnings (full-time adult ordinary time) have increased from $1 748.40 in November 2021, to $1 807.70 in November 2022.


Australian Dollar

February 2022

0.72 USD

February 2023

0.72 USD

The Australian Dollar has remained unchanged between February 2022 and February 2023.


Population Growth

March 2022

25.9 million

February 2023

26.3 million

Australia's population increased from 25.9 million people in March 2022, to 26.3 million people in February 2023.


Household Wealth as a Share of Income

December 2021

966%

September 2022

884%

Household wealth as a share of income has decreased from 966% in December 2021, to 884% in September 2022.


Household Debt as a Share of Income

December 2021

187%

September 2022

188%

Household debt as a share of income has increased from 187% in December 2021, to 188% in September 2022.


Economic Data Sources

Cash Rate

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

GDP Growth, Unemployment & Inflation

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

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

https://tradingeconomics.com/australia/indicators

Wage Growth

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

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

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

Household Wealth & 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.


CONTACT US

0477 318 318
Head Office
Corporate One
Suite 104A, 84 Hotham Street,
Preston VIC 3072

ACT Office

The Realm, Canberra
Level 1, 18 National Circuit,
Barton ACT 2600
Thank You For Subscribing!
SUBSCRIBE
Thank You For Subscribing!
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram