CHRONICLE COLUMN | 12 JANUARY 2021
Economists throughout Australia are spruiking that Australia is out of recession.
Stephen Johnson, Economist for the Daily Mail outlined in a recent article that:
· Australia’s economy expanded by 3.3 percent during the September quarter; and
· the ecomomy expansion was the strongest quarter growth since March 1976.
This was on the back of Victoria’s extended lockdown, with the Federal Government advising that this impacted on the economy by reducing growth by an estimated 5 percent.
The growth has been primarily attributed to an increase in consumer spending. The Age, reports spending on services increased by 9.8 percent attributed to easing of restrictions on hotels, cafes and restuarants, whilst the demand for goods rose 5 percent.
Other business pundits are expecting further positivity when the figures are released in the next quarter highlighted by the current spending data by Australian banks. This cominbined with low interest rates, ongoing stimulus packages and evidence of increase domestic savings have reassured us continued economic growth is a real possibility.
Overall, the positivity, by economists, is very welcomed.
But the Insider reminds us, that we should still play our hand, with care. Outlining, the levels of unemployment across the nation are still heading north, with many jobs remaining part-time or casual as the business sector takes a cautious approach to 2021, as they sit and watch the state of the nation and its health unfold.
In Toowoomba, the robust and diverse economic base, continues to be the city’s biggest asset, as we move thoughtfully into 2021. Overall the December employment figures improved and significantly, we saw a small decrease in the youth unemployment levels.
I agree, with the Chief Executive Officer of the Toowoomba and Surat Basin Enterprise, driving employment through investment will be key in 2021. This will be a regional enabler, stimulating the local economy which will contribute to local jobs creation and increased business opportunity.
As we head full steam into 2021, we take a deep breath and watchful eye, knowing the positivity outweighs the negatives.
Todd Rohl, Chief Executive Officer