While the rest of the world struggles to come to terms with the ongoing global recession, it seems things are very different in Australia.
The Australian Bureau of Statistics today confirmed that February saw an additional 71,500 jobs created in the Australian economy against estimates from experts of just 9,000.
Of the 71,500 increase it seems that 17,800 were full-time positions with 53,700 part-time positions.
So what does this mean for the Australian economy? Australian economy remains strong Over the last few years, there is no doubt that the natural resources industry has kept the Australian economy afloat although the ongoing improvement in economic performance is more widespread today.
Time and time again experts have been trying to talk down the Australian economy only for it to bounce back and surprise on the upside.
It does seem as though the rate of growth will fall during 2013 but when you compare this to the ongoing problems within Europe and North America it is not a real surprise.
Unemployment in Australia remains at 5.
4% which is near a historical low and perfectly illustrates the strength of the economy.
Indeed the Australian government has time and time again come under pressure from various unions and working associations in relation to importing skilled workers.
However, you have to say that with 71,500 additional jobs created in February 2013 the vast majority of these jobs will be associated with the domestic Australian workforce.
Monetary policy Due to the strength of the Australian economy going forward the Australian central bank has been left with a number of options to consider at the first sign of softening economic growth.
There are no alarm bells ringing with regards to a slowdown in economic growth but there is no doubt that the monetary policy of the central bank of Australia has been tweaked on various occasions to give the economy a helping hand.
When you also take into account the fact that Australian base rates are currently 3%, compared to less than 1% in the UK, there is certainly more scope for fiscal support if the economy was to slow further.
There are more options open to the Australian government than the US government and the UK government put together.
This is something which investors have noticed and last month's employment data gives something of a rubberstamp to the government's ongoing employment policy.
Expats in Australia As we touched on above, while the Australian government may well have tweaked and adjusted the various visa systems currently in play there is still a place within the Australian economy for those with skills and experience in short supply.
This is something which the government has retained at the core of its ongoing financial policy and you have to say that with more and more expats moving to the country, it is proving to be very successful.
There were concerns just a few months ago that a downturn in the Australian economy would lead to job losses, friction between expats and non-expat communities and potential racial tension.
So far these worrying events have been avoided and if the economy continues to go from strength to strength, more jobs are created in March then there is no reason to suggest it will come to a head in the short term.
Conclusion The job data with regards to February 2013 certainly caught many experts off-guard.
Nobody had predicted a 71,500 increase in jobs for the month with the consensus forecast somewhere around 9,000 jobs.
The truth is that official statistics and data cannot lie and it would seem as though the Australian economy is going from strength to strength.
Even under the economic cloud bellowing from Europe and North America it seems that Australia is very much turning to the light and in a better place than anybody could ever have imagined.
The Australian Bureau of Statistics today confirmed that February saw an additional 71,500 jobs created in the Australian economy against estimates from experts of just 9,000.
Of the 71,500 increase it seems that 17,800 were full-time positions with 53,700 part-time positions.
So what does this mean for the Australian economy? Australian economy remains strong Over the last few years, there is no doubt that the natural resources industry has kept the Australian economy afloat although the ongoing improvement in economic performance is more widespread today.
Time and time again experts have been trying to talk down the Australian economy only for it to bounce back and surprise on the upside.
It does seem as though the rate of growth will fall during 2013 but when you compare this to the ongoing problems within Europe and North America it is not a real surprise.
Unemployment in Australia remains at 5.
4% which is near a historical low and perfectly illustrates the strength of the economy.
Indeed the Australian government has time and time again come under pressure from various unions and working associations in relation to importing skilled workers.
However, you have to say that with 71,500 additional jobs created in February 2013 the vast majority of these jobs will be associated with the domestic Australian workforce.
Monetary policy Due to the strength of the Australian economy going forward the Australian central bank has been left with a number of options to consider at the first sign of softening economic growth.
There are no alarm bells ringing with regards to a slowdown in economic growth but there is no doubt that the monetary policy of the central bank of Australia has been tweaked on various occasions to give the economy a helping hand.
When you also take into account the fact that Australian base rates are currently 3%, compared to less than 1% in the UK, there is certainly more scope for fiscal support if the economy was to slow further.
There are more options open to the Australian government than the US government and the UK government put together.
This is something which investors have noticed and last month's employment data gives something of a rubberstamp to the government's ongoing employment policy.
Expats in Australia As we touched on above, while the Australian government may well have tweaked and adjusted the various visa systems currently in play there is still a place within the Australian economy for those with skills and experience in short supply.
This is something which the government has retained at the core of its ongoing financial policy and you have to say that with more and more expats moving to the country, it is proving to be very successful.
There were concerns just a few months ago that a downturn in the Australian economy would lead to job losses, friction between expats and non-expat communities and potential racial tension.
So far these worrying events have been avoided and if the economy continues to go from strength to strength, more jobs are created in March then there is no reason to suggest it will come to a head in the short term.
Conclusion The job data with regards to February 2013 certainly caught many experts off-guard.
Nobody had predicted a 71,500 increase in jobs for the month with the consensus forecast somewhere around 9,000 jobs.
The truth is that official statistics and data cannot lie and it would seem as though the Australian economy is going from strength to strength.
Even under the economic cloud bellowing from Europe and North America it seems that Australia is very much turning to the light and in a better place than anybody could ever have imagined.
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