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Australian growth reliant on mining boom

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While the Australian economy remains robust in comparison to the rest of the world, BIS Shrapnel’s managing director Robert Mellor has warned Australians not to become “complacent”.

Speaking to Smart Property Investment's sister publication The Adviser, Mr Mellor said the housing sector is sluggish at the moment and it is the mining sector that is keeping Australia’s growth forecasts in positive territory.

“If we stripped the mining sector away, overall growth – driven by housing and retail sales – is sluggish, sitting around 1 per cent,” he said.

“Moreover, there is no data to suggest either of these areas will improve any time soon.

“While we have reason to be happy about the state of the economy, we cannot become too complacent, because times are still tough.”

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