US and Australia compared
The same measures for both countries on one chart. Countries define and publish their statistics differently, so each chart says what is and is not comparable.
Latest readings
| Measure | United States | Australia |
|---|---|---|
| Headline inflation, year-over-year | 3.7% | 3.9% |
| Underlying inflation, year-over-year | 3.0% | 3.6% |
| Policy rate, monthly average | 3.75% | 4.36% |
| 10-year government bond yield | 5.15% | 5.31% |
| Unemployment rate | 4.2% | 4.7% |
| Real GDP growth over the year | 2.2% | 2.1% |
Headline inflation, year-over-year
US CPI is monthly and seasonally adjusted; we calculate the year-over-year rate from the index. Australia's long series is the quarterly CPI (original, year-ended change as published), and the ABS complete monthly CPI only starts in April 2025, so it is shown as a separate line. Both are consumer price indexes, but their baskets and housing treatment differ: the US CPI includes owners' equivalent rent, while the Australian CPI counts the cost of buying new dwellings and excludes mortgage interest.
- US CPI inflation
- 3.7%
- Australian CPI inflation (quarterly)
- 3.9%
- Australian monthly CPI inflation
- 4.0%
Data table
| Period | CPI inflation | Source value (CPIAUCSL) |
|---|---|---|
| Sep 2026 | 3.7% | 336.298 |
| Aug 2026 | 3.4% | 334.131 |
| Jul 2026 | 3.3% | 332.813 |
| Jun 2026 | 3.5% | 332.568 |
| May 2026 | 4.2% | 333.979 |
| Apr 2026 | 3.8% | 332.407 |
| Mar 2026 | 3.3% | 330.293 |
| Feb 2026 | 2.4% | 327.46 |
| Jan 2026 | 2.4% | 326.588 |
| Dec 2025 | 2.7% | 326.031 |
| Nov 2025 | 2.7% | 325.063 |
| Sep 2025 | 3.0% | 324.245 |
| Period | CPI inflation |
|---|---|
| Jun qtr 2026 | 3.9% |
| Mar qtr 2026 | 4.1% |
| Dec qtr 2025 | 3.6% |
| Sep qtr 2025 | 3.2% |
| Jun qtr 2025 | 2.1% |
| Mar qtr 2025 | 2.4% |
| Dec qtr 2024 | 2.4% |
| Sep qtr 2024 | 2.9% |
| Jun qtr 2024 | 3.8% |
| Mar qtr 2024 | 3.6% |
| Dec qtr 2023 | 4.1% |
| Sep qtr 2023 | 5.3% |
| Period | Monthly CPI |
|---|---|
| Aug 2026 | 4.0% |
| Jul 2026 | 3.5% |
| Jun 2026 | 3.8% |
| May 2026 | 4.0% |
| Apr 2026 | 4.2% |
| Mar 2026 | 4.6% |
| Feb 2026 | 3.7% |
| Jan 2026 | 3.8% |
| Dec 2025 | 3.8% |
| Nov 2025 | 3.4% |
| Oct 2025 | 3.8% |
| Sep 2025 | 3.6% |
Underlying inflation, year-over-year
The US measure excludes food and energy from the PCE price index (the Federal Reserve's target measure, monthly). Australia's trimmed mean removes the most extreme price changes each quarter, whatever they are (the RBA's preferred measure, quarterly). They strip out volatility in different ways.
- US core PCE inflation
- 3.0%
- Australian trimmed mean inflation (quarterly)
- 3.6%
Data table
| Period | Core PCE | Source value (PCEPILFE) |
|---|---|---|
| Aug 2026 | 3.0% | 130.455 |
| Jul 2026 | 3.0% | 130.133 |
| Jun 2026 | 3.0% | 129.969 |
| May 2026 | 3.2% | 129.796 |
| Apr 2026 | 3.1% | 129.395 |
| Mar 2026 | 3.1% | 129.03 |
| Feb 2026 | 3.0% | 128.701 |
| Jan 2026 | 2.9% | 128.27 |
| Dec 2025 | 2.9% | 127.765 |
| Nov 2025 | 2.7% | 127.363 |
| Oct 2025 | 2.7% | 127.165 |
| Sep 2025 | 2.8% | 126.94 |
| Period | Trimmed mean |
|---|---|
| Jun qtr 2026 | 3.6% |
| Mar qtr 2026 | 3.5% |
| Dec qtr 2025 | 3.3% |
| Sep qtr 2025 | 2.9% |
| Jun qtr 2025 | 2.7% |
| Mar qtr 2025 | 2.9% |
| Dec qtr 2024 | 3.2% |
| Sep qtr 2024 | 3.6% |
| Jun qtr 2024 | 4.0% |
| Mar qtr 2024 | 4.0% |
| Dec qtr 2023 | 4.2% |
| Sep qtr 2023 | 5.1% |
Policy rate, monthly average
The US line is the effective federal funds rate (the rate banks actually pay overnight, which trades inside the Fed's target range), averaged by month. The Australian line is the RBA's cash rate target, averaged by month. Both are overnight interbank rates set or steered by the central bank.
- RBA cash rate target, monthly average
- 4.36%
Data table
| Period | Cash rate (monthly) |
|---|---|
| Sep 2026 | 4.36% |
| Aug 2026 | 4.35% |
| Jul 2026 | 4.35% |
| Jun 2026 | 4.35% |
| May 2026 | 4.31% |
| Apr 2026 | 4.10% |
| Mar 2026 | 3.96% |
| Feb 2026 | 3.83% |
| Jan 2026 | 3.60% |
| Dec 2025 | 3.60% |
| Nov 2025 | 3.60% |
| Oct 2025 | 3.60% |
10-year government bond yield
US: constant-maturity 10-year Treasury yield (Federal Reserve H.15). Australia: 10-year Australian Government bond yield interpolated by the RBA, available from May 2013 in table F2. Both are daily, but they are recorded in different time zones, so a move on the same calendar date may reflect different news.
- US 10-year Treasury yield
- 5.15%
- Australian 10-year government bond yield
- 5.31%
Data table
| Period | 10-year Treasury |
|---|---|
| 19 Oct 2026 | 5.15% |
| 16 Oct 2026 | 5.09% |
| 15 Oct 2026 | 5.10% |
| 14 Oct 2026 | 5.19% |
| 13 Oct 2026 | 5.21% |
| 9 Oct 2026 | 5.24% |
| 8 Oct 2026 | 5.22% |
| 7 Oct 2026 | 5.28% |
| 6 Oct 2026 | 5.27% |
| 5 Oct 2026 | 5.31% |
| 2 Oct 2026 | 5.28% |
| 1 Oct 2026 | 5.24% |
| Period | 10-year bond |
|---|---|
| 14 Oct 2026 | 5.31% |
| 13 Oct 2026 | 5.29% |
| 12 Oct 2026 | 5.32% |
| 9 Oct 2026 | 5.33% |
| 8 Oct 2026 | 5.39% |
| 7 Oct 2026 | 5.40% |
| 6 Oct 2026 | 5.39% |
| 2 Oct 2026 | 5.33% |
| 1 Oct 2026 | 5.40% |
| 30 Sep 2026 | 5.34% |
| 29 Sep 2026 | 5.37% |
| 28 Sep 2026 | 5.41% |
Unemployment rate
Both are monthly, seasonally adjusted household-survey measures using the international (ILO) definition. The US survey covers people aged 16 and over, the Australian survey people aged 15 and over.
- US unemployment rate
- 4.2%
- Australian unemployment rate
- 4.7%
Data table
| Period | Unemployment rate |
|---|---|
| Sep 2026 | 4.2% |
| Aug 2026 | 4.1% |
| Jul 2026 | 4.1% |
| Jun 2026 | 4.2% |
| May 2026 | 4.3% |
| Apr 2026 | 4.3% |
| Mar 2026 | 4.3% |
| Feb 2026 | 4.4% |
| Jan 2026 | 4.3% |
| Dec 2025 | 4.4% |
| Nov 2025 | 4.5% |
| Sep 2025 | 4.4% |
| Period | Unemployment rate |
|---|---|
| Sep 2026 | 4.7% |
| Aug 2026 | 4.7% |
| Jul 2026 | 4.5% |
| Jun 2026 | 4.4% |
| May 2026 | 4.4% |
| Apr 2026 | 4.5% |
| Mar 2026 | 4.3% |
| Feb 2026 | 4.3% |
| Jan 2026 | 4.1% |
| Dec 2025 | 4.1% |
| Nov 2025 | 4.3% |
| Oct 2025 | 4.3% |
Real GDP growth over the year
Both lines are growth over four quarters, so they are comparable. US headline GDP growth is usually quoted as an annualised quarterly rate, and Australian growth as a plain quarterly rate; neither is used here. The US figure is calculated by us from real GDP; the Australian figure is as published.
- US real GDP growth over the year
- 2.2%
- Australian real GDP growth over the year
- 2.1%
Data table
| Period | Real GDP (year) | Source value (GDPC1) |
|---|---|---|
| Q2 2026 | 2.2% | 24,408.011 |
| Q1 2026 | 2.6% | 24,274.383 |
| Q4 2025 | 2.0% | 24,125.479 |
| Q3 2025 | 2.6% | 24,112.966 |
| Q2 2025 | 2.4% | 23,884.563 |
| Q1 2025 | 2.3% | 23,650.213 |
| Q4 2024 | 2.6% | 23,641.759 |
| Q3 2024 | 2.9% | 23,501.76 |
| Q2 2024 | 3.3% | 23,320.074 |
| Q1 2024 | 2.9% | 23,115.975 |
| Q4 2023 | 3.4% | 23,033.25 |
| Q3 2023 | 3.2% | 22,828.796 |
| Period | Real GDP (year) |
|---|---|
| Jun qtr 2026 | 2.1% |
| Mar qtr 2026 | 2.5% |
| Dec qtr 2025 | 2.6% |
| Sep qtr 2025 | 2.1% |
| Jun qtr 2025 | 1.9% |
| Mar qtr 2025 | 1.3% |
| Dec qtr 2024 | 1.2% |
| Sep qtr 2024 | 0.8% |
| Jun qtr 2024 | 0.9% |
| Mar qtr 2024 | 1.1% |
| Dec qtr 2023 | 1.3% |
| Sep qtr 2023 | 2.2% |