by Susan Steely,
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UNITED STATES, Jul 26 — Strengthened by strong democratic / government / business friendly platforms, Australia’s diverse economy was moderately affected by the recent international recession of 2008 -2010. The country resisted the world wide slow down and was one of the first to display a pattern of growth.
Even though Australia experienced a slow down in aggregate demand during late 2008, government spending helped counter the weaker consumer demand and has resulted in five consecutive quarters of moderate GDP growth. One can understand the tax policies, incentives, cultural advantages, corporate freedoms and can see how the country is planning for progress in the future
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trengthened by strong democratic / government / business friendly platforms, Australia’s diverse economy was moderately affected by the recent international recession of 2008 -2010. The country resisted the world wide slow down and was one of the first to display a pattern of growth.
Even though Australia experienced a slow down in aggregate demand during late 2008, government spending helped counter the weaker consumer demand and has resulted in five consecutive quarters of moderate GDP growth. The quarter through March was (+.5%).
GDP forecasts by the Australian Government’s mid year outlook as well as the Reserve Bank of Australia underscore expectations of (+3.35%) GDP for 2010 and (+3.75%-4%) for 2011 – 2012.
This expansion is expected to be led by increased business investments amounting to the highest per cent of GDP in 50 years.
Australia is supported by a youthful work force well schooled in sound economic fiscal disciplines. These disciplines have produced a solid business law environment that encourages broad public ownership of companies. As a result, Australia possesses a growing skilled financial services sector.
Australia is well positioned financially and geographically to be able to create and produce goods and services designed to meet and solve the needs of citizens living throughout the Pacific realm. Over 50% of the population of the world is well within Australia’s service range.
To meet the demands for funding of plants and equipment, Australia has attracted large capital investments for the development of its rich natural resources. For examples, both ExxonMobil Corp and China National Oil Corp have signed extensive LNG (liquefied natural gas) supply agreements covering many years of future development.
Australia’s government continues to display fiscal responsibility. Government projections are seeking to reduce budget deficit spending down to 3.6% in 2011 from 4.7% in 2010. Expectations are for a fiscal surplus by 2013 but may be as late as 2015-2016.
Its sovereign debt rating remains AAA by Standard & Poors.
Net debt to Gross Domestic Product is 10%.
China looms large in Australia’s future growth. China consumes 25% of exports. This growth in consumption has increased from 5% only 10 years ago.
Australian exports of iron ore are expected to remain strong growing by +9% in 2010 and +7% in 2011. This is in keeping with Australia and Brazil being the two largest exporters of iron ore globally.
Australia’s unemployment remains low at 5.2%. The mild recession treated them well. Additional employment strength has come from
The benefits of recent tax cuts (third round). Modest tax credits may also assist consumer demand.
Australia has not needed to inject capital into its banking system. This argues well for the potential strength of the banking system and may speak well of the managements which to date have not been caught-up in the derivative debacles of many banks of the world.
Australia is a country where one can get to know the nation, know the people, understand the needs and be able to see the development of the products designed to meet these needs. One can understand the tax policies, incentives, cultural advantages, corporate freedoms and can see how the country is planning for progress in the future.
The infrastructure, medical research, biotechnology and world class capacity make Australia a destination of many international companies as they build their platforms to serve the Pacific Realm.
Communicate directly with Susan Steely, the author of this article. Ask questions, send suggestions, comments, engage in conversation, or perhaps you would like to submit a project.
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