The graph above shows the annual percentage growth rate of GDP at market prices based on constant local currency. Historically, from 1959 until 2011, Australia’s average quarterly GDP growth was 0.89 per cent, reaching a historical high of 4.6 per cent in March 1976 and a record low of -2.7 per cent in June 1974.

The GDP in Australia expanded 1 per cent in the third quarter of 2011 over the previous quarter. As a result of an improved economy, the budget deficit is expected to peak below 4.2 per cent of GDP and the government could return to budget surpluses as early as 2015.