Facts about the Australian economy

Did you know that Australia's economy is actually doing quite well compared to past figures and other countries around the world?  Unfortunately, the media likes to focus on the negatives so all the good things often get overlooked. 

Well we want to change that!  We want all Australians to be informed with the real facts, without the spin.  So here are some recent statistics and figures about our economy we have collected.  If you have any information, surveys or articles that you think Australians need to see, tell us about it here.

Interest rates

  • If you are paying off a home loan, the year 2008 certainly ended on a positive note. Variable housing rates fell to 6.74 per cent – the lowest levels in five years. And there are good reasons to expect further rate cuts by the Reserve Bank in coming months, possibly taking mortgage rates to the lowest levels in 40 years.  Source: CommSec Economic Insights Report 2/1/09
  • Australian borrowers would have to go back to the times of their fathers or grandfathers find interest rates as low as they are today. Short and longer-term interest rates are hovering at levels around 3-4 per cent – levels last experienced in the early 1950s.  Source: CommSec Economic Insights Report 29/12/08

Banking

  • Australian banks are weathering the global financial crisis. While bad debts have risen sharply over the past quarter in response to the tough conditions, they remain at historically low levels to the amount of business written. Impaired assets are a mere half of one percent of bank assets – a ratio that remains well below the longterm average.  Source: CommSec Economic Insights Report 18/12/08
  • Australia has one of the strongest banking systems in the world, according to a study by the World Economic Forum released in October 2008:  Canada - 1st, Australia - 4th, United States - 40th, Britain - 44th.  Source: www.weforum.org

Unemployment

  • Australia's unemployment rate has gone up slightly over the last few months, but did you know that it's still very low compared to past years?  Nov 2008 - 4.4%, Nov 2000 - 6.3%, Nov 1992 - 10.7%, Nov 1984 - 8.7%.  Source - www.economagic.com

Consumer confidence

  • On November 29/30, 2008 the weekly Roy Morgan Consumer Confidence rating was up 2.9pts to 97.8%, showing that Australians still feel secure about our economy.  27% of Australians say their family is “better off” financially than a year ago and 36% expect their family to be “better off” financially in a year’s time.  Source: www.roymorgan.com

Cost of living

  • If you’re a motorist, you would also be happy about the current state of play. Petrol prices are around the lowest levels in almost four years with the cost of filling up the tank with petrol around $20-25 less than a year ago.  Source: CommSec Economic Insights Report 2/1/09
  • The average Australian will head into Christmas 2008 close to $700 a month better off than they were six months ago. The cost of living in Australia is at a five-year low thanks to plummeting interest rates, and falling petrol and grocery prices - recent interest rate cuts mean that home owners are saving on average $525 a month on their mortgage repayments and $72 a month on petrol.  Source: www.news.com.au