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Economic report reveals surprising news on jobs and investment

by Staff Reporter8 minute read
The Adviser

Economic growth in Australia is “looking good” thanks to low interest rates and the continuing resources boom, according to a Deloitte economic update.

A surge in export volumes and mining construction, coupled with an increase in housing construction due to low rates, have put Australia in a healthy economic state looking forward.

“The current account deficit just hit its lowest share of national income in a third of a century thanks to a trillion dollars of investment in resources rapidly coming onstream,” said Deloitte.

“And at the same time [while] we’re all in a tizz over evil foreigners buying up Australian housing and other assets, the official figures show that – for the first time ever – Australians actually own more of the world’s assets than they do of ours.”


Deloitte said the job market is doing better than expected, with low interest rates generating employment in the housing construction and retail, and real estate agents benefiting from these effects.

There is a shift in the strength of Australia’s states, with NSW witnessing growth in both retail and housing construction, and Tasmania scoring gains in population and business investment spending.

The “sun belt” of Queensland, WA and the Northern Territory still has growth bragging rights for the year ahead, having registered strong figures in construction and exports.

Despite unflattering numbers for Victoria, South Australia and the ACT, all three states show reasonable prospects for economic growth, according to Deloitte.

[Related: Deloitte unveils reverse mortgages report]

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