Unlike many other developed and developing nations that are suffering majorly from this current recession, Australia seems to be doing just fine. Reports state that the country's employment levels are on the rise and have been for the past 12 months!
In September itself they added around 50,000 jobs which sent the Australian dollar to 2 year highs, putting pressure on the central bank to tighten its policies.
"The sterling jobs numbers, released Thursday, underscore Australia's position as one of the world's strongest developed economies, with a pressing need to contain demand at a time when many of its peers are toying with extending emergency stimulus measures to kick-start growth".
This is a very positive sign for job seekers as more people are now finding jobs and getting them too!
Furthermore, "Currency strategists say the Australian dollar is now en route to parity with the U.S. dollar for the first time since it floated in 1983, with little resistance expected around its post-float high at US$0.9850".
Why do you think Australia is doing much better than the rest of the world? Should we follow their model?
To be honest it most likely has to do with policies within the workforce that differ from our own in the states. I recently visited Germany where the economy is doing very well and my host father said he believed a lot of their success in comparison to our current recession has to do with the way in which their workforce is treated. For instance, German Pizza Hut employees have better benefits than most corporate employees here in the U.S.
ReplyDeleteI read in an article that one of the factors that's boosting Australian Economy is due to China's demand for Australian Iron Ore and Coal.
ReplyDeleteAlso, Australian household spending accounts for more than 50% of its GDP, and recently the household spending has been on the surge as well.
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