Business Owner l Director - Trade & Industrial Recruitment l Fueling confidence and growth, from crib to boardroom
We have officially learned Australia is in recession. Figures for the June quarter evidence the worst economic growth in at least 60 years. An anticipated, yet nonetheless somber result, for sure. As we process today's news, it's helpful (for me) to contextualize the "old" data, with contemporary analysis and commentary. Reserve Bank of Australia Governor, Philip Lowe, recently stated "as difficult as this is, the downturn is not as severe as earlier expected and a recovery is now underway in most of Australia." Validating Dr Lowe's comments, the Australian Industry Group (Ai Group) performance of manufacturing index (PMI) reported expansion in July, followed by a Victoria-lockdown influenced fall to 49.3 points in August, just below the 50-point mark that separates a contraction in activity from an expansion. NSW and South Australia remained in expansion territory and Queensland improved. My recent visits and communications with clients and industry contacts has left me with a sense of measured optimism. Business leaders & organisations are getting on with the job. We are, of course, not out of the woods. Today’s news cycle, however, should not overshadow the demonstrated resilience and developing confidence of a business community in pursuit of recovery.
General Manager at Maxwell Recruitment & Training RTO 41350
It’s certainly a different time we’re working through! Agree we are not out of the woods though there’s definitely a level of optimism in the air. Hope you're well mate.