Australia to benefit most from India growth
|
|
Australia is set to benefit the most from economic growth in the Asian region, with India becoming one of Australia’s fastest growing export markets, according to Federal Treasurer Wayne Swan.
Speaking at the Australian India Business Council last week, Swan said that the rise of India among other emerging markets was continuing to shape G20 discussions. He said the G20 had seen the need for global growth with a focus on productivity.
“After the global stimulus, we also need to develop credible plans for fiscal consolidation, but in a way that does not choke off the economic recovery,” said Swan. He added that India was playing an important role in helping the G20 achieve the consolidation.
Swan noted that India’s economy had doubled in size in the last decade and was expected to contribute about 10 per cent of global growth each year to 2014, adding that it was Australia’s third largest export destination.
“Australia’s total exports to India have almost tripled in the last five years,” he said. “And the [International Monetary Fund] projects that by 2015 India will receive more than one-tenth of Australia’s merchandise exports.”
He noted that by 2014 emerging Asia was expected to account for over a quarter of the world’s output.
“Australia stands to benefit perhaps more than any other nation from the sustained economic growth of our dynamic region,” said Swan.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
