Newspaper article The Northern Star (Lismore, Australia)

Outlook Not All Doom and Gloom; CommSec Economist Looks at Long-Term Trends

Newspaper article The Northern Star (Lismore, Australia)

Outlook Not All Doom and Gloom; CommSec Economist Looks at Long-Term Trends

Article excerpt

Byline: Sue Short sue.short@northernstar.com.au

AUSTRALIA isn't in a recession - yet - according to CommSec chief equities economist Craig James, who spoke yesterday to a packed audience of Northern Rivers businesses.

One of three speakers at the NSW Government's Managing Through Turbulent Times seminars held at Southern Cross University, Mr James said with the share market beginning to recover it was just another economic cycle.

"Australia has talked itself into this situation. Focus on the big picture and look at the long-term trends," he said.

Mr James said it was not all bad news as portrayed in the media and that some areas were doing well.

"Australian banks are making profits and are the strongest in the world," he said. "Australia's population is growing at the fastest rate in 40 years, unlike the US and Japan, which have zero population growth."

Mr James said ordinary people with a job were seeing a 19 per cent lift in after-tax wages, while the average annual increase was around four per cent. …

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