Australia's economy has become increasingly dependent on mining resources for growth, with manufacturers forced to cut jobs and production as they have contended with the strongest exchange rate in three decades which has made exports prohibitively expensive. The Australian dollar has soared approximately 23 percent in the past two years. Australia is however the only major developed economy to avoid a recession in the aftermath of the global financial crisis. Reserve Bank Governor Glenn Stevens has again kept interest rates at 4.75 percent. Interestingly the RBA board makes decisions on interest rates without publicly revealing the vote of the board. Meanwhile the number of business failures in Australia has risen sharply despite global insolvencies falling to their lowest level in nearly four years. Business failures in Australia rose 12.1 per cent in the June 2011 quarter. Business failures in Australian manufacturing have risen on average by 60 per cent since 2008.
How much do you need to earn to have a similar or better standard of living in another country? We discuss cost of living, quality of life and issues that impact expats. And offer International cost of living index comparison and expat salary calculators.
Wednesday, September 21, 2011
Australia Cost of Living
Australia's economy has become increasingly dependent on mining resources for growth, with manufacturers forced to cut jobs and production as they have contended with the strongest exchange rate in three decades which has made exports prohibitively expensive. The Australian dollar has soared approximately 23 percent in the past two years. Australia is however the only major developed economy to avoid a recession in the aftermath of the global financial crisis. Reserve Bank Governor Glenn Stevens has again kept interest rates at 4.75 percent. Interestingly the RBA board makes decisions on interest rates without publicly revealing the vote of the board. Meanwhile the number of business failures in Australia has risen sharply despite global insolvencies falling to their lowest level in nearly four years. Business failures in Australia rose 12.1 per cent in the June 2011 quarter. Business failures in Australian manufacturing have risen on average by 60 per cent since 2008.
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