For a lot of Australian visa applicants, the country's economy is definitely one of the biggest reasons to move here. Indeed, the previous year saw the rapid growth of Australia's economy. And this has a lot of immigrants quite hopeful for 2011.
The start of 2010 was definitely the best one for Australia in the past few years. Coming from the wake of the world financial crisis, the country was slowly able to regain its footing. And by the middle of that year, Australia is well on its way to full recovery, much faster than other countries, such as the United States and Japan. Australia's quick recovery was considered as a good sign that it would be having a great economic year.
Indeed, Australia managed to pull off a big one last year. In fact, the Australian dollar has been showing a great deal of strength in the past few months, closing in at almost par with the US dollar in December. This, in turn, also contributed greatly in the rapid growth of the country's industries. The mining and information technology sectors are just to of the several fields that has experienced a significant boom last year.
The economic boom last year also brought a significant amount of growth in the jobs market. Since the middle part of last year, Australia has opened up a lot of opportunities for many foreign workers. Industries like the mining and engineering fields have actually double the amount of workers that they will be needing for this year. And some business groups are hopeful that this growth will continue well into this year.
However, economic experts cautioned the public from being too optimistic about Australia's current economic growth. They said there are still a lot of things that can affect the Australian economy. One of these that they have pointed out is the recent floods that hit the state of Queensland from December last year to early January. While analysts do agree that the disaster is unlikely to make a significant dent to the Australian economy, they argue that its effects would still be felt in the next few months.
Indeed, Australian stocks dropped a bit in the wake of the floods. Tourism in the country also suffered as many tourists opt to cancel out of their travel plans. This one is felt the most in Queensland, where tourism is considered to be one of the biggest industries. The cost of rebuilding after the disaster is also likely to take its toll on the governments finances.
Thus, economic experts urged the country to be well prepared for this in the next few months.
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