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Australia

More good new for the economy – here are the facts!

Accomplished financial commenter, Peter Switzer has once again given us reason to be optimistic about our economic future.  

 

On the back of the latest Reserve Bank of Australia (RBA) meeting, RBA Governor Dr. Phil Lowe has a positive tune about what’s to come, said Mr Switzer. Here’s why:

  •  Jobless rate has dropped 0.6% since April to 5%.
  •  Job advertisements have increased by 3.6% compared to 12 months ago.
  •  The Australian dollar has reduced to 72 US cents, dropping by 10 cents in the past year.
  •  The NAB business conditions index hit a 3-month high in September, rising by 1 point.
  •  The weekly ANZ consumer confidence index is above long-term average, sitting at 116.8.
  •  Expansion in manufacturing is the longest since 2005.
  •   International tourism visitor numbers hit a record high of 8.4 million for the year to June 2018, a 6% increase.
  •  AiGroup indicated services activity has expanded for 20 months in a row, the longest stretch since March 2008. The service sector gauge dropped slightly to 51.1, but anything of 50 point shows expansion.
  •  Retail trade grew by 0.2% in September, following a 0.3% rise in August. Spending growth for the year was steady at 3.7%.
  • Annual imports from China to Australia are at record high levels.
  • Non-bank financial intermediary loans and advances grew by 11.4% to the 12 months to September which is the strongest yearly growth in 11 years.

Mr Switzer has indicated the factors that are working negatively on the economy include; credit growth which is the slowest in 4.5 years, petrol prices, national property prices, a drop of new vehicle purchases, personal credit was down 1.5% over the year, and building approvals are down year on year.

 

Weighing up the positives versus negatives, Mr Switzer has indicated that Dr Lowe and RBA team are on the right track and while positivity is there….the doom and gloom that some are reporting is unwarranted. 

 

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