Emigrating to Australia after Brexit
14 July 2016 by News DeskAnyone emigrating to Australia will want to know - has Brexit and recent political turbulence hit the Aussie economy?
The good news for those considering emigrating to Australia is that uncertainty around the recent Aussie election and fallout from Brexit across financial markets has had little impact on consumer confidence Down Under.
The latest Westpac Bank consumer confidence index shows only a modest fall, most of which is the result of uncertainty surrounding the Aussie general election.
Consumer confidence has fallen by 3 per cent but is still 4.2% above confidence levels recorded in April.
“With Brexit and prolonged election uncertainty it is not surprising to see a fall in the Index,” says Bill Evans, Chief Economist at Westpac.
“In fact, given these developments, the fall appears to be surprisingly modest”.
The Westpac report says the current dip in confidence is due mostly to Aussies being worried about the prospect of an inconclusive election result following the experience of the last ‘hung’ Parliament in 2010.
Emigrating to Australia after Brexit
Potential migrants will be buoyed by the prospect of cheaper housing. The cost of buying a house or apartment is falling, due mainly to over-supply of property following recent construction boom. And it’s also becoming cheaper to rent a home Down Under.
Housing costs are set to fall further next month. Westpac expects the Reserve Bank to cut interest rates following its meeting on August 2. A lowering of interest rates will boost spending and increase consumers’ ‘feel-good’ factor. Confidence rose by almost 9% after the last interest rate cut.
Measures of confidence in the job market have fallen 4% since April but Westpac forecasts a steady improvement in the labour market.
When it comes to family finances, confidence may have slipped by 2.7 per cent but 97% of Aussie still think now is a good time to buy a major household item.
If you are thinking of emigrating to Australia click here for expert help: Skilled Migration to Australia
Want to get a job Down Under? Click here for expert help: How to get a job in Australia
Click here for expert help with travel visas: Travel visas to Australia
Click here for tourist information about Australia: Visit Australia
