Inflation rate in Australia 2024*
Published by H. Plecher, Apr 21, 2020
The statistic shows the inflation rate in Australia from 1984 to 2019, with
projections up until 2021. The inflation rate is calculated using the price
increase of a defined product basket. This product basket contains
products and services, on which the average consumer spends money
throughout the year. They include expenses for groceries, clothes,
rent, power, telecommunications, recreational activities and raw materials
(e.g. gas, oil), as well as federal fees and taxes. In 2019, the average
inflation rate in Australia was at about 1.61 percent compared to the
previous year.
Australia has one of the world’s largest economies and is a significant
global importer and exporter. It is also labeled as one of the G20 countries,
also known as the Group of Twenty, which consists of 20 major economies
around the globe. The Australian economy is highly dependent on its mining
sector as well as its agricultural sector in order to grow, and it exports the
majority of these goods to eastern Asian countries, most prominently China.
Large quantities of exports have helped Australia maintain a stable economy
and furthered economic expansion, despite being affected by several
economic obstacles.
than doubling its value, and experienced a rather quick recovery from the
2008 financial crisis, which indicates that the country experienced economic
growth as well as higher productivity. One of the primary reasons is the further
development of the nation’s mining industry coupled with the expansion
and success of many Australian mining companies.
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