The latest issue of the Melbourne Institute’s Monthly Bulletin of Economic Trends shows Australia’s current two speed economy is here for the foreseeable future.
Economic growth will continue to slow in Australia over the next four quarters, the Institute forecast today, to reach just 2.2 per cent in the March quarter next year.
Dr Michael Chua, research fellow of the Institute, said this would impact some sectors of the economy more than others.
“We expect a slowdown in labour activities and in 2008, it would have the least impact on employment growth in the mining and constructions sectors and the most impact on employment growth in the services sector,” he said.
“The two speed economy is likely to continue for some time.”
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