30/11/2010

We’ve had more downs than ups this year.  We heard stories of the Global Economic Crisis being the second Great Depression; we faced many uncertainties of how Australia will perform in this global phenomenon.  It has affected us in one way or another but we are now confident that Australia is on the track to recovery along with other developed countries. 

We now draw an end to that chapter by concluding our Good News Column in Townsends’ Business Law Brief.  We hope our optimism has rubbed off on our readers and would like to say thank you for reading our stories. 

 

Here are a few last good news stories we’ve seen this month.

 

EMERGING GLOBAL RECOVERY

The RBA noted that Australia and many of the major trading partners is expected to make a steady recovery.  

 

"While the world economy as a whole is forecast to remain relatively sluggish next year, economic growth for the group of countries that comprise our major trading partners is expected to recover to a relatively normal pace," Mr Ric Battellion, the Deputy Governor of RBA said.

 

He also said "with the economy having only recently entered a new upswing, it is reasonable to assume that we will see this growth extended for a few more years yet".

 

BUSINESS CONFIDENCE SOARS YET AGAIN

A recently survey by the National Australia Bank showed business confidence is up again after a minor dip in September. 

 

NAB found that this rising confidence was justified with “sharply higher” business conditions as reflected by a survey conducted by the Australian Chamber of Commerce and Industry (ACCI) small business survey.  

 

“While confidence has surged in recent times, business conditions had remained significantly below long term averages, that has now changed.  After the surge from early 2009 the ongoing strength of confidence is remarkable.”

 

BUNNINGS KNOWS NO LIMITS

Bunning’s says it will open 12 new stores across NSW in the next three years.  The new stores are expected to create about 2,000 new jobs in Bunning’s and approximately 2,400 additional jobs during the construction period.

 

The investment is expected to cost over $420 million and it will be a significant boost to the Australian economy.

 

PROFITS ACROSS ALL INDEX STRONGER

Strong improvement in all parts of NAB’s monthly business index was seen recently with profits nine index points higher at 13, employment at seven points up trading at 15.

The GDP forecast also looks promising growing by 0.5 per cent to one per cent in 2009 and 2.5 per cent in 2010.