Australia has successfully withstood a variety of economic pressures as it enters its 28th year of economic growth without experiencing a recession. Through strong regulatory institutions, the ability to adapt to global change, and a diversified economy, the country has set a record among developed economies for steady progress and expansion. On the world stage, Australia has fostered a reputation as a safe place for businesses and investors to trade.
Moreover, reports show that the country’s economy is proving to be robust as it:
According to the Australian Trade and Investment Commission, there is no better place than Australia to do business. Reports show that there are five key reasons why it’s good to invest in Australia.
1. Robust economy
The country’s economy is expected to be the 14th largest in the world with a nominal GDP estimated at US$1.5 trillion and accounts for 1.7 per cent of the global economy.
2. Dynamic Industries
The country is also developing new technologies in a variety of sectors including agriculture, education, financial services, and healthcare.
3. Innovation and Skills
According to a recent Benchmark report, Australia is ranked 5th in the world for global entrepreneurship making the country an ideal partner for business and investment activities.
4. Global Ties
With an open and globally integrated economy, Australia has become a trusted partner for trade and investment. Nine out of the top 10 Fortune Global 500 companies have operations in the country proving its ability to facilitate smooth business relations across the globe.
5. Strong Foundations
The country’s democratic institutions and sound governance create a layer of trust among companies and investors looking for a low-risk environment to do business.
When it comes to the employment sector, the country’s labour market demonstrated great performance as it is consistently adding and opening more employment opportunities to accommodate the rising demand of the working age population. The robust economy also provides employment opportunities in the housing industries such as real estate agents and builders.
Further, the country’s resource sector has been a contributor to Australia’s growth. Increased resource production capacity will add to the country’s economic growth over the next 12-18 months.
In terms of the housing industry, surging household debt coupled with rising house prices continue to be the country’s challenge in recent years. Sydney and Melbourne are consistent with further price decline while housing credit continues to slow. Despite this, Brisbane suburbs continue to show growth potential this year when it comes to property investments.
While there are always risks on the horizon, Australia’s economic growth remains solid with business investments offsetting subdued consumer spending. Overall, investors will be glad to know that the country’s strong growth in profits, increased capacity utilisation, and low borrowing costs for big business suggest growth over 2019 and 2020.
A9 Property provides you with valuable information to help you make informed decisions when it comes to the Australian and Brisbane Property market.
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