03 · Historical Graphs

26 years of the Australian economy

Choose any indicator from the six macroeconomic objectives. The shaded bands mark the nine eras since 2000 — hover over any point to see the number and what was driving it. The 5-year view switches to quarterly bars.

Indicator
Time range
Also under Price stability
What it measures

The change over a year in the prices of a fixed basket of goods and services bought by households.

Benchmark

RBA target: 2–3% on average over time, aiming at the 2.5% midpoint. Trimmed mean (underlying) is 3.6%.

HSC syllabus link

Price stability · demand-pull and cost-push inflation · inflationary expectations

Price stability

Inflation

Consumer Price Index, annual % change · ABS 6401.0
3.5%
Latest · July 2026
GST
Mining boom
GFC
Investment peak
The long transition
COVID-19
Surge
Easing
Oil
0%
2%
4%
6%
8%
RBA target 2–3%
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
Headline CPIRBA target 2–3%
Hover any point to see what drove it

Every era, explained

Inflation · the story behind each shaded band
GST & the tech crash
2000–02

The GST, introduced in July 2000, lifted prices once-off, pushing inflation to 6.1% in June 2001. It dropped out of the annual figure a year later and inflation fell back to about 3%.

Mining boom
2003–08

Strong demand kept inflation near the top of the 2–3% target while a high dollar held down import prices — until surging fuel and food prices pushed it higher in 2008.

Global financial crisis
2008–09

Fuel and food drove inflation to 5.0% in September 2008. The crisis then crushed demand and oil prices, pulling inflation down to 2.1% within about a year.

Mining investment peak
2010–12

A dollar above parity kept import prices low. Cyclone Yasi pushed banana prices up about 400% in 2011, and the 2012 carbon price added roughly 0.7 points.

The long transition
2013–19

Weak wage growth, cheap imports and fierce retail competition kept inflation below the 2–3% target for most of 2014–2019.

COVID-19
2020–21

Prices fell 0.3% over the year to June 2020 as childcare was made free and fuel collapsed. By late 2021 supply shortages and a building boom pushed inflation back to 3.5%.

Inflation surge
2022–23

Inflation hit 7.8% in December 2022, the highest in 32 years, as the war in Ukraine lifted energy prices, supply chains jammed and demand ran hot. Building costs surged.

Disinflation & rate cuts
2024–25

Rate rises and energy rebates brought inflation down to 2.4% by late 2024. As rebates expired in 2025, electricity bills jumped and inflation rose back to 3.8%.

2026 oil shock
2026

The Middle East war lifted petrol prices 33% in March 2026, pushing inflation to 4.6%. Halving fuel excise helped bring it to 3.5% by July, but underlying inflation is still 3.6%.

The nine eras at a glance

Ranges across each era. Growth is financial-year; unemployment is the annual average; inflation is the headline CPI.

EraGrowthUnemploymentInflationCash rateCurrent accountWhat defined it
GST & tech crash2000–022.0–4.0%6.3–6.7%3.0–6.1%4.25–6.25%−2.1 to −4.0%A new 10% consumption tax causes a one-off price jump and a building slump
Mining boom2003–082.8–4.2%4.2–5.9%2.4–3.3%4.75–7.25%−4.9 to −7.6%China’s demand for iron ore and coal lifts national income and the dollar
Global financial crisis2008–092.0%5.6%2.1–5.0%3.00–7.00%−5.2%Fast rate cuts and fiscal stimulus keep Australia out of recession
Investment peak2010–122.2–4.0%5.1–5.2%2.2–3.0%3.00–4.75%−3.3 to −4.4%Record mine and LNG construction; a dollar above parity squeezes everyone else
The long transition2013–192.2–2.9%5.1–6.1%1.5–2.7%0.75–3.00%−0.1 to −4.3%Mining investment unwinds; housing fills the gap; wages and inflation stay low
COVID-192020–21−0.1–2.0%5.0–6.4%−0.3–3.5%0.10–0.75%+1.6 to +2.4%The deepest quarterly fall on record, then JobKeeper and a rapid rebound
Inflation surge2022–233.6–4.3%3.7%4.1–7.8%0.10–4.35%+0.3 to −0.4%Energy shock, jammed supply chains and 13 rate rises in 19 months
Disinflation & cuts2024–251.4%3.9–4.2%2.4–3.8%3.60–4.35%−2.3 to −2.7%Inflation falls to target, per-person output shrinks, three cuts in 2025
2026 oil shock20262.4%4.6%3.5–4.6%3.60–4.60%−3.7%War shuts the Strait of Hormuz; fuel and power bills jump; four rate rises