X.

1 Combined
Sep-92 3.96472
Dec-92 4.429392
Mar-93 5.737578
Adjusted nominal GDP growth
Jun-93 6.063153 Real GDP+CPI
Sep-93 5.790275 10
Dec-93 5.378272 9
Mar-94 5.645787 8
Jun-94 6.853086
7
Sep-94 7.250631
Dec-94 7.035843 6
Mar-95 7.050163 5
Jun-95 7.161922
4
Sep-95 7.902903
Dec-95 8.597308 3
Mar-96 7.828048 2
Jun-96 7.35099 1
Sep-96 6.083699
0
Dec-96 5.152421
Sep-92 Sep-94 Sep-96 Sep-98 Sep-00 Sep-02 Sep-04 Sep-06 Sep-08 Sep-10 Sep-12 Sep-14 Sep-1
Mar-97 5.287435
Jun-97 4.80642
Sep-97 4.615681 Given the average GDP growth target is between 2.75% and 3.25%, that combined with the RB
Dec-97 4.772544 inflation growth target of 2% to 3% gives us an economic sweet spot of 4.75% and 6.25% in wh
Mar-98 4.444697 “adjusted nominal GDP”.
Jun-98 5.161425 Right now the level is the lowest it has been since the 1990s recession – equal with a point rea
Sep-98 5.999768 during the GFC:
Dec-98 6.645229
Mar-99 6.383376
Jun-99 5.675046
Sep-99 5.883944
Dec-99 5.80152
Mar-00 6.803612
Jun-00 6.80943
Sep-00 8.982531
Dec-00 7.67484
Mar-01 7.410534
Jun-01 8.004569
Sep-01 5.309883
Dec-01 6.94376
Mar-02 7.459908
Jun-02 7.403643
Sep-02 7.496297
Dec-02 6.427608
Mar-03 5.810503
Jun-03 4.720126
Sep-03 5.138489
Dec-03 6.122382
Mar-04 6.720642
Jun-04 7.357421
Sep-04 6.509922
Dec-04 5.904629
Mar-05 5.182632
Jun-05 5.21654
Sep-05 5.959263
Dec-05 5.699936
Mar-06 5.672384
Jun-06 6.598576
Sep-06 6.777381
Dec-06 6.82684
Mar-07 6.742093
Jun-07 6.743034
Sep-07 6.301936
Dec-07 6.788848
Mar-08 7.711081
Jun-08 7.444432
Sep-08 7.40506
Dec-08 5.616142
Mar-09 4.01798
Jun-09 3.048938
Sep-09 3.10649
Dec-09 4.179447
Mar-10 5.138147
Jun-10 5.473217
Sep-10 5.30017
Dec-10 5.201443
Mar-11 5.655207
Jun-11 6.046317
Sep-11 6.432998
Dec-11 6.7733
Mar-12 5.913613
Jun-12 5.488469
Sep-12 5.69444
Dec-12 5.042407
Mar-13 4.730017
Jun-13 4.354205
Sep-13 4.240847
Dec-13 5.191787
Mar-14 5.698341
Jun-14 5.818952
Sep-14 4.94139
Dec-14 4.097483
Mar-15 3.576003
Jun-15 3.823015
Sep-15 3.960405
Dec-15 4.418539
Mar-16 4.223316
Jun-16 3.915506
Sep-16 4.026543
Dec-16 3.910056
Mar-17 4.424762
Jun-17 4.296187
Sep-17 4.332462
Dec-17 4.686673
Mar-18 4.867535
Jun-18 5.086587
Sep-18 4.68613
Dec-18 4.100312
Mar-19 3.071501
P growth Real GDP+CPI growth

ep-08 Sep-10 Sep-12 Sep-14 Sep-16 Sep-18

25%, that combined with the RBA’s

t spot of 4.75% and 6.25% in what I call

cession – equal with a point reached

X.1 Real GDI Per cap
Mar-99 8950.762565
Jun-99 9060.857605
Sep-99 9170.276971
Dec-99 9201.63921
Mar-00 9234.146267
Jun-00 9358.062097
Sep-00 9213.986158
Dec-00 9341.07506
Mar-01 9336.377704
Jun-01 9411.757153
Sep-01 9666.603537
Dec-01 9749.769719
Mar-02 9672.102018
Jun-02 9520.057056
Sep-02 9428.334646
Dec-02 9475.996182
Mar-03 9507.777336
Jun-03 9637.32839
Sep-03 9720.826168
Dec-03 9844.826413
Mar-04 9942.958168 For household living standards, where despite a slight increase, households still have les
Jun-04 10069.22533 income in real terms than they did at the end of 2010
Sep-04 10188.9094
Dec-04 10289.53827
Mar-05 10405.23185
Jun-05 10489.9318
Sep-05 10475.94766
Dec-05 10479.20877
Mar-06 10494.95424
Jun-06 10532.62773
Sep-06 10684.2126
Dec-06 10932.9767
Mar-07 11137.03967
Jun-07 11181.1403
Sep-07 11323.1042
Dec-07 11446.9359
Mar-08 11487.22379
Jun-08 11487.90638
Sep-08 11501.32531
Dec-08 11639.74728
Mar-09 11669.96923
Jun-09 11746.14726
Sep-09 11742.18102
Dec-09 11858.37069
Mar-10 11916.25958
Jun-10 11975.87154
Sep-10 12056.47459
Dec-10 12208.78679
Mar-11 12231.87847
Jun-11 12292.8402
Sep-11 12338.1653
Dec-11 12419.73288
Mar-12 12437.03602
Jun-12 12369.91523
Sep-12 12221.64979
Dec-12 12268.60382
Mar-13 12311.07209
Jun-13 12371.11909
Sep-13 12332.32587
Dec-13 12372.99926
Mar-14 12440.72595
Jun-14 12489.93517
Sep-14 12497.04284
Dec-14 12517.28181
Mar-15 12546.0848
Jun-15 12517.07716
Sep-15 12477.54686
Dec-15 12431.02873
Mar-16 12471.22141
Jun-16 12465.33878
Sep-16 12397.61981
Dec-16 12324.94075
Mar-17 12268.54862
Jun-17 12290.36014
Sep-17 12297.74395
Dec-17 12307.41144
Mar-18 12298.64141
Jun-18 12255.31024
Sep-18 12189.15728
Dec-18 12137.88303
Mar-19 12168.37565
, households still have less disposable