Australian Dollar On the Rise on the Back of Strengthening Economy
The Australian Dollar spiked 0.37% to the US92.96c last Thursday which came alongside optimistic news of the countries growth. Australia has seen greater spending in its manufacturing sector, as well as growth in its housing sector, in recent months that has shown signs of an economy growing stronger.
Sales of homes rose 2.9% in April and higher than expected spending in the manufacturing sector could well be a major encouraging factor to potential investors in the country as signs of growth are evident whilst costs and labour still remain relatively cheap after the global economic downturn. This sentiment was mirrored by the Australian Bureau of Statistics who pointed out that businesses they surveyed were expecting to spend 12% less on the business in 2014-15 than they were in 2013-14.
With further investment confirmed in Australia’s infrastructure recently (a second airport for Sydney was confirmed earlier in the year) there seems to be a stronger business focus emerging from the country as it tries to move away from its traditional reliance on the mining sector.
Close trade ties to nearby Asian countries and a historical link to Europe makes Australia a perfect place to set up if wishing to break into those markets whilst the nation itself is a prosperous country with a large consumer base.
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