31/03/2011
Six Month Economic Outlook
The Australian economic outlook remains largely unchanged with most financial experts still believing that our economy will remain among the best performing of the developed nations, in 2011.Undoubtedly, the Queensland floods and Japanese disaster will have a temporarily slowing effect on domestic growth, before the economy bounces back strongly.
However, Australia is still showing all the signs of a robust economy with strong medium term prospects.
The most outstanding feature of the Australian economy is our low unemployment rate, which remains among the best globally, at 5%. The US economy is still facing an unemployment rate of 9%, Western European is averaging 10% and the UK 8%.
Undoubtedly, the oil, gas and mining sector is ensuring domestically that that are many jobs available, through the establishment of vast projects in Western Australia. However, NSW’s unemployment level in February 2011 was at 4.8%, with data showing a further rise in job advertising despite a continuing mixed performance across a number of business sectors in the State.
Additionally, the Federal Department of Education, Employment and Workplace Relations (DEEWR) Monthly Leading Indicator of Employment has risen for the past two months.
Therefore, while, it is too early to confirm that the pace of employment growth is currently rising in Australia, the signs are suggesting further increases may be possible.
Ross MacMillan holds a Bachelor of Commerce (Accounting, Finance and Systems) from the University of NSW, he is a member of the Institute of Chartered Accountants, member of the Securities & Derivatives Industry Association and a fellow of the Financial Services Institute of Australia.
Important Note: These articles have been prepared for general circulation and are circulated for general informational purposes only; these articles should not be regarded as business or investment advice. The articles represent the views of the writers and are subject to change without notice. Additionally, while every care has been taken in the preparation of the articles no representation or warranty as to accuracy or completeness of any statement is given. An individual or organisation should, before any business or investment decision is made, consider the appropriateness of the information in this document, and seek professional advice, having regard to objectives, situation and needs. This document is solely for the use of the party to whom it is provided.
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