Economist: Australia is enjoying almost unique economic circumstances. Its banking system has held up well, with some national banks posting healthy profits during the financial crisis. The banks avoided subprime lending and arrears rates remain tiny. Most important, the country’s trading position with Asia, and especially China, is flourishing. China, where growth is booming again, is now Australia’s largest trading partner. Exports of raw materials are strong; minerals have grown from 20% of Australia’s exports to more than 40% in the past decade.
SHOOT: Without reading the article, the difference between Oz and the USA is the closeness of trading ties to the hub of world growth, Asia. This may also stand South Africa in good stead. Over the short to medium term anyway. I believe the recession will be chronic and will eventually drag down every global economy. This is due to the singular source of our troubles remaining the same - growing populations, growing consumers, but unchanged energy production, and the demise of cheap energy.
SHOOT: Without reading the article, the difference between Oz and the USA is the closeness of trading ties to the hub of world growth, Asia. This may also stand South Africa in good stead. Over the short to medium term anyway. I believe the recession will be chronic and will eventually drag down every global economy. This is due to the singular source of our troubles remaining the same - growing populations, growing consumers, but unchanged energy production, and the demise of cheap energy.
Australia’s economy has been broadly protected from the economic storm raging in the rest of the world. Although unemployment is rising fast in many rich economies, the local jobless rate has grown by only 1.4 percentage points in the past year. And since June it has remained flat at 5.8. Although the country saw one quarter of economic contraction late last year, it has avoided a technical recession (generally considered to be two successive quarters of contraction). Since then the economy has been looking up.
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