It’s not a secret that Australia has a very strong economy. It outperforms many other countries. Even very advanced economies in Western Europe struggle to keep pace with the Australian development. While Europe has a very difficult time from economic point of view, Australia seems to be the promise land for many people who decide to change their country and their continent, and migrate to the land of Oz.
There are several reasons why Australia out performs so many developed countries. One of them would be that it still has a construction sector in full development. With all the immigrants coming to settle in Australian cities, there’s an increased need for habitation space.
As actual buildings aren’t enough to accommodate all those who need a place to live in, there’s no wonder the constructions industry is thriving. All good builders who can’t find jobs anymore in Spain, France, Germany and Italy look forward to moving to Australia, in order to be able to put bread and butter on their table. As they don’t migrate alone, they also need schools for their children and workplaces for their wives. Australia is today what the Wild West once was. Experts and specialists from many industries and sectors find themselves in the impossibility of finding good jobs in their countries of residence. It’s not their fault that the real estate market collapsed, leaving them without work. It’s also not their fault that banks don’t give mortgages and other types of loans as easily as they did in the past. This new policy makes it very difficult for the young generations to own a house or an apartment.
This means there’s no demand for new buildings. Besides, even if it were, big cities are already overpopulated, so it’s very hard to find a plot of land to erect another residential building on. All these have thrown millions of expert builders and those involved in related industries in the claws of unemployment. As this trend isn’t going to reverse any time soon, there’s no wonder good specialists from all these areas seek a better life across the ocean.
As life in Australia is expensive, salaries have to follow. Experts earn more here than in their countries of origin. Moreover, this makes Australia enjoy a low budget deficit and debt to GDP. They have enough workforce to generate a very good income, thus maintaining the country at a level most European countries don’t even dream to achieve. As this is one of the economic indicators that show the sustainability of a country’s debt, it’s very easy to see Australia’s performance is nothing short of amazing.
Although Australia’s budget balance has seen negative figures within the past few years, it’s worth noticing that the peak in Europe was much higher. This makes credit rating agencies to give Australia the AAA score. Very few countries enjoy this kind of rating. When you are rated this high, you can find cheap loans wherever you want, so you can boost your economy even further.