australia economic crisis unemployment
australia economic crisis unemployment
How Australia Avoided the Recession
Australia did actually avoid the recession even there were some aspects of the economy that were affected in the country. Even as the world fought the financial crisis and the depression, Australia experienced a 0.4 percent seasonal increase in the first quarter of 2009 as compared with the previous quarter. This was indeed good news that the statistical department released since experts were expecting an increase of 0.2 percent.
The fact that the experts expected an increase itself was considered to be sign of the fact that Australia was not facing the kind of depression that the other parts of the world were. However, it was also noted that the numbers were impacted significantly due to shrinking imports, something that does not indicate a healthy economy.
So while the country did not experience recession in the way that the world did, there were traces of the same. Unemployment increased and business investment declined. The maximum effect of the recession came in from its trading with the Asian continent. Most of the countries were relatively protected from the recession except for Japan which was hot the maximum. Therefore the exposure for the Australian economy as lower and therefore the country emerged relatively unscathed.
The National Bureau of Economic Research in the US states that a recession can be declared when the economic activity slows down by a significant amount. If this continues for more than a few months, it becomes obvious that the recession is for real. Australia did experience a recession in that sense but kept ahead of the rest of the pack.
About the Author
Mel loves shopping and writes about recession among other business related topics.
Do you expect to see the Australian economy really struggle to perform for the next couple of years?
Due to the floods crisis in QLD, food prices will be driven upwards and all this talk about carbon tax will increase electricity bills. Whichever companies are left in Australia will move elsewhere to avoid the high tax costs, so this will cause unemployment. The strong Australian dollar will force (or is forcing) a decline in exports such as tourism, education and other goods and services. Consequently, economic growth will be hurt and it’s only growing 0.7% right now anyway. From what I know about economics, this is what I think will happen..but what do you much more qualified economists think?
Thanks and Regards.
Im not an economist, but i know lot of economics.
SO, since you ask if the Australian economy as a whole will struggle? In short NO, carbon tax maybe (depends).
Why no way, or at least it really not going to be effect that majorly by the flood. Cause the floods are quite small compared to the whole economy. It depends really on what consumers do, since about 60 per cent of GDP is services industry (driven by the Australian consumer). However since we are just coming out of the GFC, i dont see the floods wiping out as much value. So it means that there will be a slow down in growth cause of this, but should be too major.
I cant say that about a combination of thing such as (extreme scenerio, Oil 150+ a barrel plus, carbon taxes no rebates, and EUROPEAN DEBT IMPLOSION, that would make AUS suffer and the whole world)
Carbon TAX, what! OK, maybe its a bit of a crappy way of paying what needs to be done. It, however really isn’t going to dent our growth, why cause were in one of the greatest mining booms ever, which means that we really should look at CHINA and INDIA, and maybe JAPAN. What it does mean for Australian manufacturing, is it’s going to be different, really different or more extreme non-exsistent.
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