Phases of Business Cycles in Australia
This table outlines the number of months that have passed between different phases of the business cycles1 occurring in Australia.
It covers the period from 1960 to 20171.
Peak | Trough | Contraction | Expansion | Cycle | |
Peak to trough (months) | Trough to peak (months) | Peak to peak (months) | Trough to trough (months) | ||
May-1961 | - | - | - | - | |
Jun-1964 | Feb-1966 | 20 | 37 | - | 57 |
Aug-1969 | Nov-1971 | 27 | 42 | 62 | 69 |
Aug-1973 | Feb-1975 | 18 | 21 | 48 | 39 |
Aug-1976 | Nov-1977 | 15 | 18 | 36 | 33 |
Jan-1980 | Nov-1982 | 34 | 26 | 41 | 60 |
Jan-1984 | Jun-1986 | 29 | 14 | 48 | 43 |
May-1988 | Apr-1991 | 35 | 23 | 52 | 58 |
Oct-1994 | Jul-1996 | 21 | 42 | 77 | 63 |
Dec-1997 | Sep-1998 | 9 | 17 | 38 | 26 |
Jun-2000 | Nov-2001 | 23 | 15 | 24 | 38 |
Nov-2002 | Jun-2003 | 7 | 12 | 35 | 19 |
May-2007 | May-2009 | 24 | 47 | 54 | 71 |
Jan-2011 | Aug-2012 | 19 | 20 | 44 | 39 |
Aug-2013 | Mar-2016 | 31 | 12 | 31 | 43 |
Jan-2017 | Jun-2017 | 5 | 10 | 41 | 15 |
ongoing | |||||
Average durations2 | 21 | 24 | 45 | 45 | |
Standard deviations2 | 9 | 12 | 13 | 18 |
Notes
- These phases of the business cycles are generated using the BBQ methodology applied to the Westpac-Melbourne Institute Leading Index of Economic Activity. Consequently, this is for the growth cycle. For further information of the BBQ methodology, see http://www.ncer.edu.au/data/data.jsp. The averages exclude incomplete phases of the cycle.
- The average durations and standard deviations are rounded to full months.