Our economy is on a small-ish roller-coaster, but what is often ignored is that the roller-coaster has long been operating far above ground-level in Australia. We have an enviable economic status worldwide. It is close to three full decades since Australia last entered a recession. The GFC hit with full force in September of 2008 – 11 years ago!
Australian annual economic growth has slowed in recent years, bringing to some a sense of gloom and even unfamiliarity. There are now many who have never experienced a significant economic downturn in Australia through their whole careers – whether as an employee, a business owner, a politician, or an organisational leader.
There is (to my mind, needlessly alarmist) talk of upcoming recession for Australia. National retail figures for July indicate a downward spend Australia-wide. However, there are indications from some of my sources that retail spending has increased through August and into September. It may be that as the general population receive a bonus in their tax returns it may provide a micro-stimulus to spending. There are, of course, numerous other factors impacting our overall economy. It is the cross-impact of different factors that is, however, creating the analytical uncertainty and negative interpretations of trends.
In the face of economic uncertainty, however, what can be our local response?