Australia’s economic journey since last recession

Colin Brinsden, AAP Economics Correspondent
(Australian Associated Press)


Australia’s economic journey since last recession*

1991 – Paul Keating’s “recession we had to have” ends. Reserve Bank cash rate 9.5 per cent.

1992 – Jobless rate hits record 11.2 per cent in December. RBA cash rate 5.75 per cent.

1996 – John Howard’s coalition wins government, appoints Peter Costello as treasurer. Ian Macfarlane becomes Reserve Bank governor.

1997-1999 – Asian financial crisis, Australia avoids recession.

2000 – Economy close to a recession in final two quarters of the year after the introduction of the GST.

2001 – bubble bursts. Australia avoids subsequent recession triggered in the US, having been previously ignored by investors as an “old economy” of agriculture and mining rather than making computer chips.

2006 – Glenn Stevens becomes RBA governor.

2007 – Kevin Rudd’s Labor party wins government, appoints Wayne Swan as treasurer.

2008 – Jobless rate falls to four per cent for the first time in February. RBA cash rate seven per cent.

– Growth contracts in the December quarter in initial reaction to the global financial crisis but Australia is one of few countries to avoid the subsequent worldwide recession.

2009 – RBA cash rate cut to three per cent, lowest on record at the time.

2010 – Julia Gillard rolls Rudd for Labor leadership, Swan remains treasurer.

2011 – Economy contracts in March quarter as a result of a series of natural disasters – Cyclone Yasi and the Queensland floods, along with the trade disruption from earthquakes in neighbouring New Zealand and Japan.

2013 – Rudd rolls Gillard, Chris Bowen becomes treasurer for 83 days.

– Tony Abbott’s coalition wins government, appoints Joe Hockey as treasurer.

2015 – Malcolm Turnbull rolls Abbott for prime ministership, Scott Morrison becomes treasurer.

2016 – Negative growth in September quarter due to weather-related disruption and a downturn in confidence after the trifecta of a long Australian election, the Brexit vote and the run-up to the US presidential election.

– RBA cash rate cut to an all-time low of 1.5 per cent in August.

– Philip Lowe becomes RBA governor.

2017 – Economy grows 0.3 per cent in March quarter, keeps record expansion alive.

* A recession is classified as two consecutive quarters of negative growth.


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