Rapid population growth, foreign investments are the factors pushing the Australian economy ahead. With increase in trading partners the Economy looks to be speeding ahead. This is the era for growth for Australia.
The investors are the driving force behind the rosy scene. They seem confident and willing to invest more resulting in around 4 percent growth. The major trading partner countries are recovering at a normal pace now. The economy is picking up in Asia, and Asia is one of the major export markets for Australia. Australia is one of the hot destinations for immigrants, which adds to the skill level of the workforce. Lesser exports to China have been offset by increasing demands in East Asia.
Household incomes are rising and will support the growing needs for housing. The construction industry is likely to have more appreciated growth. In spite of high rates for property, there is no case for alarms. The debt payment is having very healthy trend. Mortgage credit which has put down major economies is hardly a factor in Australia.
Jobs available to skilled class has shown a growth of 2.7 percent indicating the growth in the economy. The unemployment rate is one of the lowest in the last decade at 4 percent.
It is one of the few economies across the globe where lending cost has gone up. The hope is that the upswing will continue further adding to wealth of the common Australians.
Tourism is also supporting the economy well. With major tournaments like Australian Open Tennis and the World Cup in early 2015 will add to the economy. The early legislations protecting the environment are bearing fruit. People from all over the world are coming over to experience the unique wild life and the scenery.
Australian economy is rocking at the moment!!!!!!!