Australia’s GDP growth is leading the world

Australia’s transition into COVID normalcy has taken yet another great leap providing a reassuring outlook for local businesses. The Victorian Government has announced that most COVID-19 restrictions will be removed from 11:59pm, Friday 22 April 2022 which include:

  • Easing of vaccination check in requirements
  • Easing of face mask restrictions
  • Relaxation of quarantine and isolation requirements
  • Reduction of workplace contact tracing measures

A detailed overview of these ease in restrictions can be found on the Business Victoria website.

According to the International Monetary Fund, Australian GDP is projected to be 6.6% larger by the end of 2022 than in pre-pandemic 2019. This increase over the pre-COVID-19 level in 2019 is higher than the average for advanced economies (4.2%).

Australia’s road to recovery continues to astonish the world with the economy outperforming its rich-country peers this year as the global recovery stalls under the strain of war in Ukraine, Covid-19 and supply disruptions. Local businesses are ecstatic over the rate at which consumer demand has recovered fuelled by the announcement of numerous government spending initiatives matched with easing of restrictions.

If you want to take advantage of the current market momentum, whether it be to buy or to sell, First Choice Business Brokers is here to assist you in your endeavours. For a confidential, obligation-free discussion with one of our experienced brokers, simply give us a call on 9899-1888