21 June 2010

Deutsche Bank expresses confidence in Australian economy

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The Australian labour market’s strength will provide further growth for the domestic economy, Deutsche Bank's new Australian chief economist, Adam Boyton said.

Australian immigration

The strong Australian labour market is a key indication of the health of the Australian economy.

The Australian unemployment rate has fallen to 5.2 per cent after peaking below 6 per cent, well below the rate of many other developed countries, and the strong performance of the Australian economy has helped to create 280,000 new jobs over the past year.

Mr Boyton said labour force is an indicator of the health of the overall Australian economy, and the labour market has underlying momentum that will encourage private sector spending to pick up as the public stimulus fades away.

Mr Boyton joined Deutsche Bank in 2000 before moving to the foreign exchange strategy desk in New York three years ago. He will replace retiring chief economist Tony Meer next month.

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