Since the global financial crisis of 2008, a large majority of affected countries have suffered increases in unemployment, and further job uncertainty since then – but Australia has powered ahead. In the years since, though, the economy has slowed, but it hasn’t gone into recession. Indeed, compared to other developed countries, Australia is performing well.
Australia has managed to get through the crisis with negligible inflation. The Australian Government has been quoted as saying that the economy is not doing so well , and will soon collapse because of large budget deficits and rising Government debt – as it is in other relatively wealthy nations, but, as yet, there have been no discernible cutbacks on welfare, health, education and public services.
Due to several mining booms and a large demand from Australia’s biggest trading partner, China, the Australian economy has had continuous growth since 1991. In comparison, most of the other Organisation for Economic Co-operation and Development (OECD) countries fell away in this department, a trend that continued for several years. For example, in the United States, GDP levels did not reach the pre-recession period until 2011, and Germany – renowned for its solid, vibrant economy – did not reach pre-recession levels until the same year.
You can rest assured, the Australian economy isn’t going to collapse any time soon, so have no fear and plan your move.