Applied Education directors Dan Logan and Brett Thornett attended an Economic Outlook Update on Friday 11 March presented by Bankwest’s chief economist Alan Langford.
Their summary of the presentation was:
- Good news – the economy is still growing and we are NOT in a recession. The rate of growth is, however, slowing. Alan did say that if you are one of those unfortunate to have lost your job then it will certainly feel like you are in a recession!
- There has been a significant drop in building approvals in WA, meaning that the construction industry is in for some tough times ahead. The large drop in approvals will take some time to flow through to actual projects.
- Biggest unknown – WA is heavily reliant on resources and China as a purchaser of iron ore. If there are any surprises coming out of China then this will impact the economy, particularly in WA.
Please note that the above was our interpretation of the presentation, and we would advise you to conduct your own research before acting on any of the above information.