2019 2020 2021 2022 2023
Australia Forecasts  2019   2020   2021  2022 Q1  Q2  Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4  Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4 
Real GDP - qtr %         0.4 0.6 0.8 0.4 -0.3 -7.0 3.6 3.2 1.9 0.7 -3.5 1.8 1.9 1.0 0.8 0.6 0.4 0.5 0.5 0.6
Real GDP - ann % 2.1 -0.9 0.8 4.3 1.9 1.6 1.9 2.1 1.4 -6.2 -3.6 -0.9 1.3 9.6 2.1 0.8 0.8 1.1 5.6 4.3 2.8 2.4 2.2 2.0
CPI headline - qtr %         0.0 0.6 0.4 0.5 0.3 -1.9 1.5 0.8 0.5 0.4 0.4 0.4 0.4 0.3 0.1 0.4 0.4 0.3 0.4 0.4
CPI headline - ann % 1.8 0.9 2.5 1.5 1.3 1.6 1.7 1.8 2.2 -0.3 0.7 0.9 1.1 3.8 2.7 2.5 2.2 1.8 1.5 1.5 1.5 1.5 1.8 1.8
CPI underlying - qtr %         0.2 0.4 0.3 0.4 0.5 0.0 0.3 0.5 0.4 0.5 0.4 0.5 0.4 0.4 0.1 0.6 0.5 0.4 0.5 0.5
CPI underlying - ann % 1.4 1.3 1.8 1.6 1.6 1.5 1.4 1.4 1.6 1.2 1.2 1.3 1.2 1.7 1.8 1.8 1.8 1.7 1.5 1.6 1.7 1.6 2.0 1.9
Wages (Pvte WPI - ann %) 2.2 1.4 2.8 2.6 2.4 2.3 2.2 2.2 2.1 1.7 1.2 1.4 1.4 1.9 2.7 2.8 2.9 3.1 2.8 2.6 2.6 2.7 2.9 3.1
Unemployment Rate (%) 5.1 6.7 5.2 4.4 5.2 5.1 5.1 5.1 5.2 8.2 6.5 6.7 6.0 5.1 4.8 5.2 4.8 4.4 4.4 4.4 4.3 4.2 4.0 4.0

Effective 9 July 2021

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This document has been prepared by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 ("NAB"). Any advice contained in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this document, NAB recommends that you consider whether the advice is appropriate for your circumstances. NAB recommends that you obtain and consider the relevant Product Disclosure Statement or other disclosure document, before making any decision about a product including whether to acquire or to continue to hold it.

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