02 September 2008

Federal treasurer: Aus's economy strengthening, global economy slowing

The Australian Federal Treasurer Wayne Swan said the latest balance of payments data show the Australian economy is continuing to strengthen amidst a global economic slowdown, reports News.com.au.

The continued strong demand for Australian mineral and resource exports has meant that the Australian economy has kept its head above water during the global financial turbulence.  The current account balance narrowed to $12.8 billion in the June quarter, which represents 4.5 per cent of the March quarter GDP. 

"This is the lowest current account deficit - as a proportion of GDP - since the September quarter 2002," Mr Swan said.

"The Rudd Government is focused on addressing capacity constraints, boosting productivity and lifting international competitiveness so we can strengthen our export performance for the long term," he added.

According to Bloomberg, Australia's mining boom helped boost company profits to record levels – the most seen in more than seven years.

The Minerals Council of Australia is desperate for skilled workers to maintain the high level of mineral production and high level of industry expansion.  A recent research report funded by the council (released on the 28 May 2008) found that by 2020, employment in the minerals industry will have expanded by 70%, or 90,000 people.  To meet these workforce forecasts, the Australian Government will need to approve thousands of Australian visa applications so that overseas workers can move to Australia and work in skilled occupations. 

The Australian Visa Bureau is an independent consulting company specialising in helping people apply for an Australia visa.

Article by Jessica Bird, Australian Visa Bureau.

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