Australia – the opportunity of the decade?
Australia has everything – resources, landmass, smart people and demographics, but reform is essential, says Saxo's Chief Economist Steen Jakobsen. Steen says an economy can’t grow from unproductive investment into real estate, banking and the service industry, which has been Australia’s response to the collapse in mining investment and growth. Now fast forward to end of 2015 and Australia is flirting dangerously with recession as Q2-2015 GDP QoQ printed a weak +0.2% QoQ only avoiding a negative number due to an increase in government spending of +2.2%. Steen says he remains deeply sceptical of Australia’s own ability to renew and reform but thinks that global macro trends will finally enforce the much needed changes to the Australian “one trick pony economy”. To read more visit: (VIEW LINK)
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