In early March 2016, the Australian Bureau of Statistics (ABS) reported that Australia’s economy enjoyed an impressive Gross Domestic Product (GDP) growth rate of 3.0% during 2015.
Driving economic growth in Australia last year was construction, household consumption, information technology, manufacturing, media, public spending, recreation, retail trade and telecommunications, according to the ABS analysis.
The strength of these and other sectors of Australia’s economy helped to compensate for decreased revenues from Australia’s mining industry, which used to be a prime engine for economic growth in Australia, but which has recently been making less of a contribution, due in part to the slowdown in China’s economy and reduced demand for commodities.
Australia’s economy has done a good job of adjusting to these and other changes in the global economy and this has helped to make Aussies some of the most prosperous people on Earth.
Not only did the strength of the Aussie economy in 2015 beat the expectations of financial experts, but Australia’s economy is performing better than many of the world’s largest economic powers.
According to Australia’s Treasurer, Scott Morrison, “We are growing faster than every economy in the G-7, and growing well above the OECD average. We are growing faster than the US and the UK, more than twice the pace of Canada (a comparable resource-rich advanced economy) and we’re matching growth rates in economies like South Korea.”
In December 2015, data provided by the ABS indicated that Australia has enjoyed an incredible 24 consecutive years of positive GDP growth and that Australia had avoided recession for an amazing 288 months in a row!
The impressive Australian track record of sustained economic growth is continuing in 2016, generating new jobs in Australia and creating great employment opportunities for skilled foreign workers from around the world.
If you and your family would like to live and work in Australia, our MARA-registered Migration Agent that we collaborate with can evaluate your details and let you know if you are likely to qualify for Australia’s General Skilled Migration (GSM) program. To learn more, click here!