Aussie Economy Sets Record with 26 Years of Growth!
Australia has officially broken the world record for the longest time to not sink into a recession. During the last 103 quarters, which is almost 26 years, the country has been able to avoid a technical recession. A technical recession is two quarters in a row with negative growth rates. The Australian economy grew by 0.3% in the first quarter, which was the growth needed to break the world record. Australia Immigration Professionals serves foreign nationals who want to move to Australia to find new jobs and start new lives.
The growth in Australia is greater than expected because the forecast was for the economy to only grow 0.1% in the first quarter. Peter Switzer, Australian financial planner, stated, “Doomsday merchants can eat our shorts!” Scott Morrison, treasurer, went on to explain that this record-breaking success is just proof that Australia has remained strong in the face of economics ebbs and flows. According to Morrison, seventeen of the twenty sectors in Australia grew in the first quarter. With Australia’s stable economy, it’s easy to see why people consult with Australia Immigration Professionals to find new jobs.
Australia’s last recession was back in 1991. It is believed that economic reforms in the 1980s and 1990s partly attributed to the country’s stability throughout the next several years. These reforms included lower tariffs, a flexible labor market, deregulations of financial sectors and capital markets, and floating of local currency. Due to the stability of the country, Australia Immigration Professionals encourages skilled foreign workers to contact them to see if they qualify for employment in Australia.
In addition to these growth factors, China’s desire for the country’s natural resources and their own growth has helped Australia to see a boom in mining investment and also increases in commodity prices. Contact Australia Immigration Professionals to see if you meet the qualifications to work and live in Australia.