Australia's economy expands more than expected

[alp227]

Source: BBC

Australia's economy expanded more-than-expected in the first three months of the year allaying fears of a global slowdown hurting its growth.

Growth was 1.3% during the period from the previous three months. Analysts had projected a 0.5% expansion.

Compared with the same period last year, the economy grew by 4.3%.

There have been fears that slowing global demand for commodities and a stagnant domestic market may hurt Australia's growth.

Read more: http://www.bbc.co.uk/news/business-18336521

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hmm, any disappointed Wisconsinites want to move to Australia until Walker is impeached? Besides, Australia has a high minimum wage and universal health care...aka in Luntz speak...SOCIALISM!!!!

[leftyohiolib]

1. do they need phone techs

[wildeyed]

2. Nice weather, beaches, universal healthcare.....

I could think of worse place to live.

[Arugula Latte]

3. My emigration dreams have kicked into high gear tonight.

[wildeyed]

4. My sister lives there, so we have an in if we ever actually want to move.

Problem is, I have elderly in-laws and my husband is an only child, so we need to be here for them. There is also the job thing. Our skills are not highly portable. But still fun to dream. The economy continues to be good there. Everyone votes. There is a law that you have to. You get a significant fine if you skip. Healthcare is reasonable. The weather is sunny and so are the people. Sigh.

[Arugula Latte]

5. We have the same situation with elderly parents

I can't quite yet see a realistic path for us to get out of this country...But, like you say, dreaming is good. And in my dreams there aren't umpteen poisonous critters waiting to sting me in Oz.

[Nye Bevan]

6. I guess capitalism and free trade can be made to work well (nt)

[Prometheus Bound]

7. Apparently Australian business costs are 40% more than the US's.

I found that kind of amazing.

Cost of doing business in Australia soars to 40% higher than the US and threatens growth

.....The study found resources projects are 40% more expensive to deliver than in the US Gulf Coast, and Australian labour is typically 35% less productive for resources projects near cities and 60% less productive for projects in remote locations

Infrastructure is estimated to cost much more to deliver in Australia than the US, with airports 90% more expensive, hospitals 62%, shopping centres 43% and schools 26% more expensive.

The report found that major productivity problems, labour shortages and planning approvals and conditions are all contributing to delays and project costs......

http://www.smartcompany.com.au/advertising-and-marketing/050098-cost-of-doing-business-in-australia-soars-to-40-higher-than-the-us-and-threatens-growth.html

[pampango]

8. And their minimum wage is now $15.51 an hour.

They have a trade surplus overall and in particular with China and Japan (though they have a trade deficit with the US).

Goes to show that a modern economy can do well with high wages and "costs of doing business" - kind of like in Germany.

[DVDGuy]

9. As usual, the actual situation is a more more complicated ...

Australian poster here, so I thought I'd offer a bit of an explanation.

We have a two track economy happening here, where the mining states are booming (at China levels, not surprising considering we export a lot of raw materials to them), and the rest aren't doing very well at all. House prices have dropped as much as 8% in the last year (in Melbourne, where I live), and retail is on its knees due to weary consumers and cheap online imports (thanks to the high dollar, which is a direct consequence of the mining exports). Manufacturing and construction is suffering badly too due to the dollar, been a couple of high profile closures recently in the car and building industries. A classic case of Dutch Disease, some say.

So the national average looks good, but once you look into the details, it's not as rosy. In fact, our reserve bank has started dropping interest rates (still high compared to the rest of the world) to spur on the economy. Even the mining states have been a bit jittery lately, due to the slowdown in China.

But with that said, compared to the rest of the world, we're still doing great despite our "socialist" health care policy (which has unanimous support from all sides of politics), our "socialist" attempt to build a public owned wholesale national broadband network (being bitterly opposed by the conservative side of politics), a (unfortunately, not very popular) carbon tax, and other benefits and policies that will no doubt have been the target of intense Republican attacks.

[NickB79]

10. Strip-mining your country to sate China's appetite will do that

Of course, that only lasts as long as Australia has plenty of minerals and coal to mine, and as long as China's economy keeps growing rapidly.

It also royally fucks your environment in the long-term, but just ignore those cargo ships running over the Great Barrier Reef, cause there's money to be made, boys!