John Virgoe - Australian Economy Webinar Presentation

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John Virgoe from the British High Commission joined UKTI to present a webinar briefing on the Australian economy.

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John Virgoe - Australian Economy Webinar Presentation

  1. 1. Australian Economy WebinarJohn VirgoeFirst Secretary, Economic & ClimateChangeBritish High Commission, Canberra5 December 2012 UNCLASSIFIED 1
  2. 2. Outline of Presentation1. Issues facing the Australian economy2. Broad economic trends3. UK-Australia trade relationship UNCLASSIFIED 2
  3. 3. 1. Issues facing the Australian economyElection politics: in reality, much common ground between theparties. But expect fireworks over:• The carbon “tax”• Economic stewardship• Unconventional gas• Labour relations and productivityEconomic gloom: why are Australians so depressed?Risks and worries:• The two-speed economy• The Eurozone crisis• Fiscal contraction UNCLASSIFIED 3
  4. 4. 2. Broad economic trends• Solid economic growth, with structural change.• The shift to Asia.• Changing consumption patterns. UNCLASSIFIED 4
  5. 5. 3. UK-Australia trade relationship Asfd UNCLASSIFIED 5
  6. 6. Trade (continued)• Sterling down 40% against A$ since 2008• UK has 3.9% share of Australian imports.• Strengths in (goods): Cars, pharmaceuticals, sophisticated machinery & equip.• (services) Travel, transport, insurance, business services, construction services.• UK is Australia’s 6th most important importer, and sixth largest two-way trading partner. Australia is our eleventh biggest market. UNCLASSIFIED 6

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