The Australian economy has enjoyed over twenty years growth with low inflation, high employment figures and a strengthening currency. The OECD expects the growth rate to slow temporarily to 2½ per cent in 2013 and then pick up to around 3¼ per cent in 2014.
As the mining business slows Australia is examining new industries such as tourism, agribusiness, energy as sources of growth.
In comparison with other developed economies Australians employment rates are strong but recent unemployment figures have reached 6%, the highest in a decade. The highest unemployment rates have been in the key mining states and in the manufacturing sector. The mining sector is expected to stabalise in 2014 and growth is expected in the oil and gas sector.
Property is expensive in Australia and economists are predicting a property burst in the next two years with some economists expecting house prices to fall by 30% in 2014.
Researchandexperts.com is a leading source of market research on Australia.
Australia - CIA World Factbook
Australian Bureau of Statistics