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.

PeakTroughContractionExpansionCycle
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-2013Mar-2016 31 12 31 43
Jan-2017Jun-20175104115
   ongoing  
Average durations221244545
Standard deviations29121318

Notes

  1. 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.
  2. The average durations and standard deviations are rounded to full months.