News
Future looks bright for Aussie economy
While many countries are making slow progress out of recession, Australia's recovery is continuing apace.
Recently released figures show the balance of Australian trade is far more positive than had been expected, with the country's economy expected to benefit as a result. Australia recorded a foreign trade surplus of AUD$134 million in April, despite market predictions of an AUD$800 million loss. These figures (for April) are a AUD$2.1 Billion improvement on the previous month and even more significantly represented the first surplus since March 2009.
Part of the reason for a glowing economic report card for Australia is the Chinese factor. China imports vast quantities of raw materials from Australia, and its continuing demand for metal ores, minerals and coal should help sustain Australia's strong economy into the future.
As well as strong demand from abroad for Australian products, the importing of goods into Oz for consumption only increased by 3 per cent.
Overall the balance of Australian trade saw an 11 per cent increase in exports which should mean that the country's economy will be stronger, with more money staying Down Under. If this trend continues it should encourage future employment growth, higher income, and more for Australian residents.
06 July 2010