Australia

Nominal GDP for Australia was A$2,173bn in 2021, down from A$1,969bn in 2020. The Australian population was estimated at 25.9m in 2021 according to the IMF, while China is Australia’s biggest trading partner.

Variables Surveyed for Australia

Variables covered in our monthly analysis of Australia include:

  • Gross Domestic Product
  • Household Consumption
  • Business Investment
  • Gross Operating Profits
  • Industrial Production
  • Consumer Prices
  • Wage Cost Index
  • New Housing Approvals
  • Unemployment Rate
  • Trade Balance
  • Current Account Balance
  • Commonwealth Budget Balance
  • Interest Rates
  • Monetary Policy Evaluation
  • Australian dollar Forecasts

Consensus Forecasts for Australia

Individual panellist forecasts are shown for each of the variables surveyed, along with the consensus (mean) forecast. The rows of forecasts are ranked by the GDP growth estimate for the current year, highest to lowest. In the hard copy and pdf version of the publication, we also show selected “comparison forecasters” including the Reserve Bank of Australia, IMF and OECD. The table below shows a small example set of forecasts for GDP growth and Consumer Prices (CPI), taken from our survey of September 2022.

Source: Asia Pacific Conensus Forecasts, September 2022

 

Special Surveys

In addition to the regular surveys for the variables listed above we also undertake a number of Special Surveys for Australia on topics such as:

Main Data Sources for Australia

  • Australian Bureau of Statistics: They are Australia’s national statistical agency and an official source of independent, reliable information. They tell the real story of Australia, its economy and its people by bringing life and meaning to numbers.
  • Reserve Bank of Australia: The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people.

Comprehensive Forecasts Coverage

Consensus Economics has collected forecasts for more than 30 years, building up a comprehensive catalogue of historical forecasts data. Please enquire at editors@consensuseconomics.com should you wish to find out more about these data offerings, pricing and the different platforms by which you can access them.
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