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 – Dot.com 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.