Table 5.1: Output Growth and Inflation Forecastsla) Per cent Year-ended Dec 2019 Jun 2020 Dec 2020 Jun 2021 Dec 2021 Jun 2022 GDP growth 2 2 24 3 3 (previous) (24) (22) (24) (3) (3) (n/a) Unemployment rate(b) 5.2 5 44 44 (previous) (5%) (5%) (5%) (5) (5) (n/a) CPI inflation 1.8 14 14 2 2 (previous) (14) (2) (1%) (14) (2) (n/a) Trimmed mean inflation 1.6 14 14 2 2 (previous) (12) (14) (14) (14) (2) (n/a) Year-average 2019 2019/20 2020 2020/21 2021 2021/22 GDP growth 14 2 24 24 3 3 (previous) (1%) (24) (2%) (24) (3) (n/a) (a) Technical assumptions include the cash rate moving in line with market pricing, TWI at 58, A$ at US$0.67 and Brent crude oil price at US$54 per barrel; shaded regions are historical data; figures in parentheses show the corresponding forecasts in the November 2019 Statement on Monetary Policy (b) Average rate in the quarter Sources: ABS; RBA Table 6.1: Output Growth and Inflation Baseline Forecasts(a),(b) Per cent Year-ended Jun 2020 Dec 2020 Jun 2021 Dec 2021 Jun 2022 Dec 2022 GDP growth -6 -6 4 5 4 4 (previous) (-8) (-6) (7) (6) (5) (n/a) Unemployment ratel 7.0 10 82 (previous) (10) (9) (8%) (7%) (6%) (n/a) CPI inflation -0.3 3 1 (previous) (-1) (4) (2%) (14) (1%) (n/a) Trimmed mean inflation 1.2 1 1 14 (previous) (12) (14) (14) (14) (1%) (n/a) Year-average 2019/20 2020 2020/21 2021 2021/22 2022 GDP growth 4 -3 2 5 4 (previous) (-1) (-5) (-3) (4) (6) (n/a) (a) Forecast assumptions (May Statement in parenthesis): TWI at 61 (57), AS at US$0.72 (US$0.64), Brent crude oil price at US$46/bbl (US$35/bb); the cash rate remains at ts current level and other elements of the Bank's monetary stimulus package, indluding the 0.25 per cent target for the 3-year Australian Government bond yield, are assumed to remain unchanged. (b) Rounding varies: GDP growth to the nearest whole number; unemployment rate to the nearest half point; inflation rates to the nearest quarter point. Shaded regions are historical data. Figures in parentheses show the corresponding baseline scenario forecasts in the May 2020 Statement. (C) Average rate in the quarter Sources: ABS; RBA From 2008 until 2019, the average GDP growth rate has been approximately 2.5% and inflation has been approximately 2.1%.