Jobs Boost From Business Investment16 March 2011 by News Desk
Skilled workers in the construction industry will be needed in future as the Reserve Bank of Australia predicts strong growth in the commercial building construction sector.
It’s good news for potential migrants in the commercial building construction sector as the Bank says that ongoing investment in the industry has excellent growth prospects. The RBA expects businesses to significantly increase capital expenditure this year, with the resources sector set to increase business investment to a level that is unprecedented as a share of the country’s GDP.
At the policy board’s latest meeting – which saw the bank leave interest rates unchanged at 4.75% – the RBA noted that profits were finally back to near pre-crisis levels for Australian banks.
Meanwhile, the retail sector is also showing signs of recovering from the slow spending of the last few months of 2010 and economic data also reveals that business investment increased slightly in the December quarter.
Commenting on the unchanged interest rate, senior economist John Rothfield at Bank of America’s Merrill Lynch said: “Our view is that things would have to get much worse in the Middle East and Japan for a rate cut to be a meaningful risk for the RBA and we assign a much smaller probability than the market.”
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