Global Power | Local Knowledge | Uniquely Personal
中文

Australian economy 'working in ...

Australian economy 'working in all the right places'

Australia is a country that is undergoing transition economically. Over the last few years, the key business sectors have changed significantly, moving away from mining towards the tourism sector and the real estate industry.

However, in spite of the uncertainty such a transition can bring about, according to the latest figures, Australia's economy is performing nowhere nearly as bad as had been predicted over the course of the last few years. 

And according to experts, the most important thing at the moment is that the country is performing well economically in all the right places, chief among which is the labour market, where employment levels are improving all the time. 

Last month was a very strong one for employment, as some 38,500 jobs were advertised in just one month. And even though unemployment sits slightly above targets at an average of 6.2 per cent nationwide, Business Insider's report states that there is a lot to be positive about. 

It said that even though the economy may have been growing below trend for three years across Australia, employment growth in the year to July stood at an impressive 234,974, according to the official Australian Bureau of Statistics figures. 

This means that the nation has created some 20,000 new positions every single month this year, a pace of employment growth that has not been seen at any point since early 2011. Employment in the past year was up 2.04 per cent - a figure that has also not been reached any time since 2011.

The report states that there are also other areas that are performing well at the moment, showing that the economy in Australia is ticking over nicely at present. Tourism is one of these areas, with the number of domestic and international visitors to key destinations having seen a swell in the past year. 

And of course, there's the property market, which has continued to improve year-on-year, driven forward by international investment bringing more and more money into the economy. 

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

Subscribe Now