Australia’s economic data show promising recovery signs. Employment has sharply rebounded with the ending of Melbourne’s virus lockdown. The AIG and NAB business surveys show encouraging activity revivals given the Federal Budget’s investment allowance initiatives. Consumer confidence measures have also made healthy gains on the back of the Federal Budget’s income tax cuts. With the US Presidential election result indicating a clear victory to Joe Biden and the Senate likely to remain Republican and thus deliver a favorable outcome for markets, the outlook is positive, barring Australia’s souring relationship with China.
Article written 3 December 2020.
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