26/08/2018
The ‘people boom’ that will support Australia’s economy
Getty Images It’s been more than 26 years since Australia last saw a recession. Along with past reforms, a floating exchange rate and China’s rise to economic prominence, a major factor behind Australia’s economic success is strong levels of population growth. UBS says while this will continue to underpin headline GDP growth in the years ahead, it won’t necessarily lead to faster wage growth,
Millionaire migrants pouring into Australia
The number of millionaires streaming into Australia has surged to 7260 in the past year, new figures show, delivering a multibillion-dollar investment boost as Australia becomes the destination of choice for thousands of the world’s wealthiest individuals. The Department of Home Affairs data challenges claims that Australia’s high-income tax rate is discouraging international investors as an Asian-led millionaire boom drives investment in Sydney and Melbourne.