Will the Australian economic growth continue
During the last months Australian government is very vocal about the growing skill shortages in the economy. It is a no winning situation for the government, because there is immediate need for skilled workers, but at the same time a shortage of skills in the domestic population exists. Therefore as it was in the case with the mining companies, labour must be shipped from abroad. That however upsets heavily the labor unions.
So what kind of options does the government has. Many South American countries such as Brazil have had the same problems. They invested heavily in the development of the local labor force while at the same time tried to attract skilled foreigners. The situation in Australia is not the same but prolonged investment in the domestic workforce, coupled with selective skilled service imports, can further strengthen the backbone of any economy. Currently the resources sector continues to generate attention and grabs the headlines, but there are some concerns that the boom might be ending.
During the last several years however the Australian Government has erred several times in their prediction that the economic growth will end. Even thought the Government is now projecting labour shortages in the short-run, Australia still has one of the lowest unemployment rates. If you take a look back at the Australian economy about 20 years ago it is almost unrecognisable from what we see before us today. While much of this is down to the resources sector, as we commented on above, some credit must be given to the Australian government which has been very proactive with regards to international trade, international relations and the managing of the domestic economy.
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