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Economic growth is up, but what does that mean for ordinary Australians?

Ross Greenwood
Article image for Economic growth is up, but what does that mean for ordinary Australians?

The government announced almost 400,000 jobs were created in Australia last year off the back of strong economic growth.

But what does that mean for the ordinary Australian’s hip pocket?

Paul Bloxham, Chief Economist at HSBC, tells Ross Greenwood the outlook for 2018 is positive.

“I’ve been quite upbeat about the outlook for Australia. The big drag was the end of the mining boom…and now that’s all really turning around.

“The overall growth story¬†will pick up pace.”

Mr Bloxham says ordinary Australians should experience wage growth as the economy continues to improve.

“The key element for households is…if growth is lifting there’ll be more job creation coming. That, in turn, will push the unemployment rate down…wages growth should start to pick up and then household incomes will start to rise.

“That will help to protect households.”

Click PLAY below to hear more from Paul Bloxham

Ross Greenwood
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