27 October 2008

Western Australian economy predicted to grow despite global slowdown

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A report released by an economic consultancy shows Western Australia's economy will withstand the global financial crisis and help the Australian economy to remain strong, reports ABC News.

Access Economics latest report shows Western Australia's economy will continue to grow so long as China's demand for raw materials continues. 

The report also predicts the State's economy will grow by 0.2 per cent this financial year, while all other states except the Northern Territory and South Australia will experience negative growth. 

"I think the current financial situation is having an effect, but it still is positive and I think the overall growth outlook remains strong for Western Australia," said Paul Frewer from the Chamber of Minerals and Energy.

South Australia also received a positive report from Access Economics.  The report confirmed the September quarter business outlook for South Australia is promising, and is picking up speed rather than following the global economic trend and showing signs of recession.

Access Economics says the biggest indicators in South Australia are the car sales and retail spending, which prove that consumer confidence in the State is still going strong.  They also suggest the State's lower rate of household debt and cheaper house prices are making consumers less susceptible to higher interest rates and are giving residents greater spending power. 

The report predicts the State's farms will produce good profits this year, but that the overall output is growing at a slower rate than the rest of the country.

South Australia's population growth is currently sitting at 1 per cent, which, according to the State Government, is not enough to meet the needs of the local labour market.  As a result, Immigration South Australia is working hard to attract more skilled workers and temporary workers to the State to fill the labour shortages and help the economy to retain its growth. 

Recently, Immigration South Australia amended its job shortage list to reflect the current workforce shortages in the state.

The new immigration list has 10 new jobs added, while 40 jobs that were previously on the list have been removed.  Immigration South Australia revised the List of Occupations for Provisional Visa sponsorship so that it better reflects the needs of the South Australian economy.

Migrants to Australia can apply for a visa for Australia under the Sponsored Work visas scheme, which allows businesses or the government to sponsor overseas workers to live and work in the country in order to fill a vacancy listed on the job shortage list.

The Australian Visa Bureau is an independent consulting company specialising in helping people with their Australian visa application.

Article by Jessica Bird, Australian Visa Bureau.

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