Economy faces 'structural shifts'

Thursday, 14 Jun 2012

Structural shifts are currently facing the economy both in terms of trade and the strength of the dollar, prime minister Julia Gillard has said.

Making her closing speech at the economic forum in Brisbane, she explained that there is a growing need to focus on productivity and improving growth across the nation.

There are also challenges ahead as a result of the aging population, which will have an impact on employment in the future.

Gillard continued: "There are thousands of jobs being created in our strong economy, but there are also some areas where industries are struggling and jobs are being shed."

The prime minister urged delegates to address this imbalance for the sake of good economic fortune, as well as a means of improving labour mobility.

This follows comments she made in a blog post, saying that Australia's economic success is due to more than just luck, especially at a time when other developed nations are seeing weak levels of growth.

Meanwhile in Japan and the eurozone, economies have shrunk by 1.7 per cent, positioning Australia's financial markets among the strongest.