15th September 2008 – US global financial services firm Lehman Brothers Holdings Inc. filed for bankruptcy, highlighting the full force of what would soon be known as the Global Financial Crisis (GFC).
With the most recent population stats released by the ABS today, let’s take a look over our shoulder and see how our nation has developed over the past 10 years.
Australia’s resident population has recently hit 25 million, however backdated ABS data reports it at 24.9 million in March 2018. The newly released ABS data also shows population has grown by 3.75 million in the last decade. Migration has been a significant topic in recent times. It’s good to note that of the additional 3.75 million Australian residents, 2.2 million migrated from another country.
The performance of the Australian economy has been particularly interesting in the wake of the GFC. Gross Domestic Product (GDP) has grown to $1.7 trillion and recently accelerated to its highest annual growth rate in almost six years (3.4%). What is even more interesting is our nation’s economic performance compared to other global markets. The graph below clearly shows the negative impact of the GFC on most nations, whereas Australia was left relatively unscathed. Australia’s reliance on developing markets – particularly China and India – was a clear attributing factor.
You can view other interactive stats on the national and global economy in our Data Room.
The Australian labour force grew by 1.8 million individuals over the last 10 years. A total 451,000 individuals were unemployed in 2008 compared to over 700,000 as at August 2018. Wages growth is now arguably the most topical point, currently recording an annual growth rate of 2.1 per cent – the rate in 2008 was 4.3 per cent.
Over 1.7 million dwellings were built over the past decade, with 210,000 completed in the last 12 months. Despite a recent cooling in the property market, average house and unit prices have increased by $178,000 and $140,000 respectively. Over last 12 months, more than 450,000 dwellings were sold compared to 530,000 dwellings a decade earlier.