SYDNEY—Australia's move to capture more revenues from its resources sector cleared a key hurdle in the early hours of Wednesday when the lower house of Parliament approved a controversial tax on profits from mining iron ore and coal.
A blog dedicated to all things Australian in the investment space for the Pom reader from a Pom blogger!
Posts going forward will collate some of the biggest weekly Aussie investment news headlines with some editorial thrown in.
Please get on board and comment - all feedback gratefully recieved. Aus is by no means perfect (but then again who is?) but it has the sort of minor concerns that most EU countries would give their veritable right arm to have...
To kick off here's a few facts that show Aus is not just a land of tinnies, koalas, mullet haired aussie rules players and mineable rock:
The most resilient economy in the world 2011
Australia was the only advanced economy to report positive through-the-year growth in the midst of the global crisis and there were no bank bail outs..
OECD survey safest country in the world to invest in, alongside Canada, Norway & Switzerland.
Best Performing Stock Market in the World (average 7.5%pa last 111 years)
Highly diversified with Mining only 7.3% of GDP.
20 Years of uninterrupted economic growth.
S&P AAA Sovereign Credit Rating.
Australia has low levels of debt currently at 5% of GDP (compared to 100% plus European debacle?)
4 of the world’s 8 AA-rated banks.
2nd largest Real Estate Investment Trust (REIT) market in the world.
A higher GDP per capita than the US, UK, Germany, France, Canada or Japan.
AUD is the world’s 6th most traded currency and AUD/USD is the 4th most traded currency pair.
The labour market has remained buoyant, with low unemployment.
Business and consumer confidence has remained strong and Australian businesses continue to employ workers and invest in capacity.