AUSTRALIAN IMMIGRATION NEWS

Australian Economy Shows Strong Growth in First Fiscal Quarter

Monday, 9 July 2007

The Australian economy has shown another quarter of strong fiscal growth - growing 3.8% compared to the first quarter last year.

Much of Australia's economic grows comes as a result of its booming natural resource sector, notably the meteoric rise of the Australian mining industry. The massive growth in the resource sector has had a knock-on effect, causing growth in a number of other key economic areas as well, including commercial and residential construction and household spending.

Australia's economic growth would have been higher, but for a protracted drought across much of the country, causing large economic losses across the agricultural centre. Australia's ability to post strong gains despite the drought are seen by many as a testament to the economic strength of the country and it's status as an economic “safe bet” for investors.

One of the main benefits of the latest economic growth for migrants to Australia is the extremely low rate of unemployment: only 4.2% in May, 2007. Generally, an unemployment rate below 6% is considered as close to 0% as possible, meaning for all practical purposes, almost all job seekers are able to find work relatively quickly.