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A More Confident Economy Means Better Times Ahead for Australian Manufacturers
Business confidence is expected to return as the Australian Economy is set to grow, making way for improved activity within the construction and infrastructure sectors. Fueled by low interest rates and improving international economic growth led by the US economy, Australia will see a number of changes taking place which means better times ahead for Aussie manufacturers.
Lucas Vear, Chief Financial Officer for Headland Machinery, attended a presentation by Bill Evans, a Westpac Chief Economist who talked about our improving economy.
“The Australian economy is set to up-swing through to 2016 as the US lead recovery trails behind international growth,” Mr Evans said in his Presentation at the CFO Strategy Summit.
“The Free Trade Agreement between Australia and China is also set to benefit the Australian economy, as well as the $150 billion in infrastructure projects waiting for approval.
“The growth in the US economy is expected to lead, due to higher imports from China. China’s economy growth will continue as they focus policy on improving the standard of living and demand for their 1.2 billion people,” Mr Evans said.
Not only is trade impacting on the growth of the economy but Investment and business lending responds to household demand, while business and consumer confidence improves, providing a domino effect on business activity.
This new economic growth will see Australia improving and beginning to compete with international growth. Manufacturers should be prepared for an increase in work and opportunity.