29/09/2009

Gone are the days when every channel on TV was about the worsening economy and every conversation we  had was about how bad the future looked.

If you’re a regular reader of Townsend’s Business Law Brief you will be aware that during this year’s GFC, our Good News Stories column has tried to alleviate the negative sentiment that was prevalent at the time.  Gone are the days when every channel on TV was about the worsening economy and every conversation we had was about how bad the future looked. 

Now, newspapers are covered with headlines like “Australia is doing better than expected”, “Business confidence soars” and “Rudd announces recession is officially over” and for the editor at Townsends, spotting a good news article in the general media has become increasingly effortless.  We are glad to see this noticeable shift in general perspective of the public and the media and look forward to a not too distant future where our Good News Stories column will eventually no longer have any purpose. 

We would like to share the following good news stories with you this month: 

Employment Outlook Brightens

A recent survey by Manpower on employment outlook shows a net measure of hiring plans for the fourth quarter rose by 9 per cent.  This trend is remarkable and clearly reflective of demand for more workers as a result of a stronger economy.  

The report stated “Hiring intentions have strengthened across all of the industry sectors in Australia” with an increase by 7 per cent for financial services, 13 per cent for mining & construction and 9 per cent in the wholesale and retail trade sectors.  

A similar report conducted last quarter showed a flat reading.  Consistent with the report, ANZ Bank’s job ads survey showed a 4.1 per cent increase in the number of job ads reaching the highest point since April 2008.

A “mild downturn” says the Reserve Bank Governor

Compared to the downturns experienced in the mid 1970s, early 1980s and the early 1990s, it seems Australia’s contraction was not very significant according to Glen Stevens, the Governor of the Reserve Bank of Australia. 

"People are realising that although things are tough the worst has not occurred and the future is looking brighter" he said.

"I think it is reasonable to conclude, against the benchmarks of historical and international experience, that Australia has done quite well on this occasion" Mr Stevens said.

It is astounding to see how well we’re doing and we are very lucky when compared to the G7 group of economies, which have contracted by nearly 5 per cent.  

Voter Satisfaction Levels High