21 Years Without A Recession22 October 2012 - Phoebe Robinson
21 Years Without A Recession
This is 21st year in a row that Australia has survived without a recession; this is a record growth period for any nation. This announcement was made in a positive assessment of Australians economic health, the director of Deloitte Access Economics, Chris Richardson, said this July marks 21 years since Australia last had a recession. "It is remarkable and things in Australia are better than you think," he told an Australian Petroleum Production and Exploration Association (APPEA) conference in Darwin on Wednesday. He went on to say that, "Australia is expected to be in the next decade exactly what we were in the last decade - the fastest growing rich nation in the world."
But it has also been questioned how long Australia will continue to get large investments in the resource sector. "We see that in two or three year’s time that investment phase starts to peak, in part because of rising costs," Richardson said. It is thought that the rising cost of labour would pressurise the sector as would governments which see the sector as an easy way of squeezing money out of the economy.
In further Australian economy news, Australia is pursuing membership of the African Development Bank and African Development Fund in order to support Australia’s efforts to overcome poverty and achieve the Millennium Development goals in Africa. The aim of the African Development bank promotes sustainable economic growth to reduce poverty in Africa. Australia is at the moment the only developed G20 country not currently a member of the bank.