Australia marks 21 years of economic growth

Tuesday, 10 Jul 2012

The success of the Australian economy has been hailed once again, as the country sets the world record for 21 years of continued economic growth.

This is a record that is unmatched by any other developed nation in recent years, PricewaterhouseCoopers (PwC) revealed, which may trigger more commercial lending in the country.

PwC economics and policy director Jeremy Thorpe said: "Australia's economic strength is envied across the world.

"Thanks to a resilient natural resources sector, the Australian economy is well positioned for future growth."

Victoria was named as the stand out performer, as it has benefited from investment in high-tech sectors and reinvestment in local economies.

Although the state makes up just three per cent of Australia's land mass, it is responsible for around 24 per cent of the country's economy.

Australia's strength comes at a time when the International Monetary Fund is considering downgrading its global growth forecast.

Managing director Christine Lagarde explained that the outlook has become more worrisome over recent months, as many indicators have activity have started to deteriorate.

This is not only the case in Europe and the United States, but also emerging markets such as India and China.