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Irish people fleeing recession find safe haven in Australia
Sydney, September 23, 2009 – SYDNEY LETTER: Unemployment remains steady at under 6 per cent, less than half the rate in Ireland.
Wayne Swan an Australian Treasurer said when he heard the economic growth figure; “The economy had recorded negative growth in the final quarter of 2008, but positive growth in the following quarter meant Australia avoided going into “technical” recession.”
Only six developed countries have a lower rate in line with the percentage of Ireland’s unemployment rate which is 12.5 percent as to the rate in Australia remains steady at 5.8 percent. The US dropped by 15 percent and Japan by 29 percent, but Australia’s exports, buffered by the still rampant Chinese and Indian demand for resources, fell by only 0.2 per cent.
So Australia probably doing the right thing, even the official rate of 3 per cent is still higher than in most other countries, but the cuts were enough to prevent collapse in house prices. A larger supplier has been the government’s $42 billion (€25 billion) economic incentive package.
Last December, families got $1,000 for each child and low-income earners got payments of up to $1,400. A second tranche saw anyone who filed a compulsory tax return last year get an extra $600 to $900, depending on how much tax they paid.
Australia has become a safe haven for many people escaping the recession in Ireland. The number of Irish people getting a one-year working holiday visa – available to those aged 18 to 30 – is up by a third in the past year. Some 22,788 visas were issued in the year to June 30th, up from 17,120 in the previous 12 months.
Source:
irishtimes
