Why Australians generally had a prosperous year. What does 2022 look like?

The Age 24 Dec 2021 reports that Australians have experienced a number of remarkable economic achievements in 2021.

We were much better off generally as a result of the following factors despite the impact of Covid-19 lockdowns, travel restrictions and protests.

Those factors include:

1. Australian household wealth rose by 20% over the past 12 months due to rising stock markets, superannuation portfolios and property boom.
2. Australians are more likely to be in a job today than at any other time in our history. Unemployment fell to 4.3% in November, which is the lowest rate since the mining boom in 2008.
3. Australian farmers had their best year in decades.
4. Entrepreneurship is at record highs. New business registrations increased by 30% above pre-pandemic levels.
5. Wages growth is starting to trend up with RBA forecasting 3% over the next two years.

So what does the new year 2022 look like for us?

The RBA and most major economic indicators are pointing towards strong economic growth which is expected to hit its fastest rate in 25 years with an average growth for the calendar year of 5 per cent.

Whether you are buying more shares, a property and perhaps starting a business.

Have a great prosperous New Year 2022 from all of us at Gobbill!