Nominal GDP for Australia was $1,793bn in 2024, up from $1,743bn in 2023. The Australian population was estimated at 26.7m in 2024 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 PDF publication, we also show selected “comparison forecasters” including the Reserve Bank of Australia, IMF and OECD. The example below is an illustrative historical survey snapshot from September 2022, showing how individual forecasts and the consensus are presented.
Source: Asia Pacific Consensus 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:- Quarterly Forecasts
- Long-Term 5 and 10 Year Forecasts
- Economic Policy Evaluation
- Real Interest Rates and Foreign Direct Investment
- Forecast Probabilities
- Forecasts of Trade and Current Account Balances
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.Explore forecasts across Asia Pacific
Alongside this country forecast, explore the other economies covered by our Asia Pacific forecast publication.