2022 Market Report: Summary
|
Economic snapshot |
2022 |
2021 |
2020 |
|
Economic Growthi |
2.75% |
4.2% |
1.1% |
|
Unemployment Rate |
3.5% |
4.0% |
6.3% |
|
Cash Rate Targetii |
0.1% (Jan) 3.10% (Dec) |
0.1% |
0.1% |
|
Wage Price Indexiii |
3.4% |
2.3% |
1.4% |
|
Populationiv |
26.27 million |
25.75 million |
25.68 million |
|
Consumer Price Indexv |
7.8% |
3.5% |
0.9% |
Throughout 2022 the Australian economy entered a period of increasing inflation and interest rates, creating difficult conditions for retail trade in consumer products. Unemployment fell below 4% early in the year and stayed there, reaching a low point of 3.4% and ending the year at 3.5%.i Wages increased at a faster pace than usual, with the Wage Price Index moving above 3% for the first time in almost 10 years. However, higher wages and low unemployment were matched with higher interest rates, with the RBA cash rate moving from 0.1% to 3.1%, and consumer price index reaching a high point of 7.8%. Continue reading
