Economy

xchrom

(108,903 posts)

24. Builders Supplant China Driving Growth as RBA Cuts Work

Wed Mar 26, 2014, 07:41 AM

Mar 2014

http://www.bloomberg.com/news/2014-03-25/builders-supplant-china-driving-growth-as-rba-rate-cuts-kick-in.html

Daniel Klinge is helping Australia shrug off a slowdown in its biggest trading partner China.

Spurred by record-low interest rates, Klinge has added three apprentices, two carpenters and an interior designer to his Brisbane-based home building and renovation company since November, more than doubling the size of his team.

“We’re possibly taking on a couple of major jobs in the next month or two and that basically books us out for the whole year and into next year,” he said. “We’re talking million-dollar renovations that weren’t around 12 or 18 months ago.”

A month of stronger-than-expected economic data has bolstered confidence Australia will withstand China’s slowdown and a drop in mining investment. Reserve Bank of Australia Governor Glenn Stevens today said “we’re going to have a boom in residential construction,” helping spur the Aussie’s climb to a four-month high as the question turns to how long he’ll allow that to go on before he feels the need to tighten policy.

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