May 2010 International Data Comparison 18 May 2010 International Data Comparison (IDC) provides an easy-to-read comparison of Australia’s performance and position across a range of key economic and financial related indicators. This IDC has been updated to include data and information effective to 14 May 2010. Download the May 2010 International Data Comparison (PDF) Points of interest include: - Labour market: Australia’s job growth accelerated in April 2010, mainly driven by growth in full-time employment. Australia's employment rose for the second straight month, by 33,700. The average unemployment rate held at 5.4 per cent. In contrast to Australia, the unemployment rate in the U.S. was 9.9 per cent in April, and 10 per cent in March among European Union. Australia’s participation rate, which measures the labour force as a percentage of the population aged over 15, was unchanged in April from a revised 65.2 per cent in March.
- Interest rates: On 4 May 2010, the Reserve Bank of Australia raised its benchmark interest rate for the sixth time in seven meetings. The Bank increased the overnight cash rate target to 4.50 percent from 4.25 percent.
- CPI Inflation: Australia’s consumer prices rose by 0.9 percent in the March quarter 2010, lifting the annual inflation rate to 2.9 per cent from 2.1 per cent. However, the Reserve Bank’s core inflation measures, which exclude the largest price increases and declines, showed the weighted-median gauge of inflation advanced by 0.8 per cent, lowering the annual rate of underlying inflation to 3.1 per cent in the March quarter 2010 from 3.5 per cent in the December quarter 2009.
- GDP growth: The IMF in its April 2010 World Economic Outlook (WEO) has confirmed that Australia continues to outperform the major advanced. According to the WEO, Australia will grow by 3.0 per cent in 2010 and 3.5 per cent in 2011. Australia's growth outlook is stronger than that for other advanced economies as a whole, which are forecast to grow collectively by 2.3 per cent in 2010 and 2.4 per cent in 2011, after contracting by a record 3.2 per cent in 2009.
- Economic Freedom: Australia’s economic freedom score is 82.6, making the country's economy the 3rd freest in the 2010 Index. Its overall score is unchanged from last year. Australia is ranked 3rd out of 41 countries in the Asia–Pacific region, and its score is well above the regional and world averages
Monthly economic and financial statistics including trade, stock market performance and exchange rates have also been updated. More information |