Migrating to Australia economic outlook

25 July 2016 by News Desk   |   SHARE  

Migrating to Australia involves decisions about economic conditions – and there’s plenty of opportunities Down Under.

Migrating to Australia is not just about sunshine and the beach, “It’s also about good jobs and opportunities for you and your family”, says Darrell Todd founder of thinkingaustralia.

If you are considering migrating to Australia and are looking for the best opportunities, the current power-house of the Aussie economy is New South Wales.

N.S.W has the top performing economy in Australia.

The state remains Number One in the country for population growth, retail trade, residential construction, investment and growth.

N.S.W is ranked third for construction work and housing finance and second in the country when it comes to unemployment.

New South Wales and Victoria, ranked Australia’s second best economy, are maintaining a lead over other states and territories, according to a national report by CommSec Research.

Migrating to Australia – economic outlook

The ACT economy has improved in the past three months and is the country’s third best economy. ACT is ranked top on housing finance and third for economic growth, unemployment and population growth.

Economic activity in the Northern Territory places the state fourth in the national league of growth. But the economy could slow as new resource projects are completed. Slow population growth and weak demand for housing loans could also have an impact.

South Australia has moved up from seventh to fifth place as the state’s job market has improved in the past year, particularly in the last three months. Analysts expect retail spending could rise on this positive trend.

The Queensland economy has faltered of late, taking the state down to sixth place just above Western Australia and Tasmania. Falling value of the Aussie dollar will boost farming exports and the tourism industry.

Victoria is ranked 2nd for economic growth, population growth, retail trade, business investment, construction work and housing finance. The state has dropped two places from second to fourth when it comes to unemployment.

Western Australia has fallen in national rankings over the past two years, from Number One in July 2014 to seventh today. The housing market is expected to flatten due to slowing population growth and higher unemployment.

The report also noted in ACT, Victoria, NSW, South Australia and Queensland trend housing finance commitments are above decade averages.

Want to live and work Down Under? 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

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