Australia's economy expected to grow close to capacity

September 17, 2010


Central bank Assistant Governor Philip Lowe has said that Australia’s economy will grow at close to full speed, driving down the jobless rate to a level consistent with full employment. “For the next year I think we’ll be travelling along pretty much close to full capacity, but probably just a little under it,” Lowe said in response to questions at a conference in Sydney . “My judgment would be we’re almost at what would be considered full employment.” The comments come following a mining investment boom which has helped to drive down unemployment to almost half the level of the U.S. Lowe used his speech to “highlight the lack of spare capacity in the economy,” said Craig James, a senior economist at Commonwealth Bank of Australia in Sydney. “As the global economic recovery gains traction it is likely that labour shortages -- particularly in mining and construction -- will become more prominent.” “If the jobs can’t be filled here in Australia , business should be allowed to hire workers from abroad,” James said. Looking for a job in Australia ? Have you registered with www.skilledbritishworkers..co.uk?

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