The mining boom that has been occurring since 2003 is considered Australia’s largest mining expansion since the Victorian Gold Rush of the mid-1800s.
If the headlines are to be believed then the Australian economy is about to hit some headwinds. In January we’re seeing more weak numbers: house prices are down, equity markets are volatile, retail foot traffic is falling, the Aussie dollar is under pressure and residential building approvals are in free fall. With the September quarter 0.1% drop in GDP and the weakness looking set to continue well into 2019, economists are wondering: Has Australia fallen into recession?
Was the recent federal budget all bark but no bite? The Australian economy remains in 'steady as she goes' mode and it was clear that, some election sweeteners aside, the budget wasn't going to make any radical changes or funding promises.
Against a backdrop of the lowest unemployment rates since 2012, the construction industry is responsible for employing 8.9 per cent of Australian workers. In the five years from 2014 to 2019 it’s estimated that the construction industry has created 137,900 jobs.
This month’s economic update has a theme: the more things change, the more they stay the same. It’s an old French proverb – and a Bon Jovi song – and it’s tailor-made for the times we find ourselves in. Read the latest Economic and Financial Market update from BOQ Chief Economist Peter Munckton.