Shut off from the world, Australia fosters red-hot growth at home

SYDNEY, June 28 (Reuters) – A year after the coronavirus pandemic pummelled Australia’s economy, IT contractor Ashok Ravindran has a nice problem: deciding which of three job offers to accept.

His happy dilemma is a reflection of an economy that is now larger than its pre-pandemic level. Exports are booming, consumer and business confidence are high and employment has beaten all expectations, with job vacancy rates at a 12 1/2 year high.

The Sydney resident only quit his last job two weeks ago.

“The market is really hot right now. I tried a few companies just to test waters and received three offers,” Ravindran told Reuters. “I got counter offers from each of them. That made it harder to say no as you don’t want to burn your bridges.”

Far from last year’s dire predictions, Australia’s unemployment rate has slid to a pre-pandemic level of 5.1%, home building approvals are at a record high and consumer spending is euphoric.

Source: Reuters