Economic Outlook Briefing with Paul Bloxham, HSBC Chief Economist
The French-Australian Chamber of Commerce and Industry is delighted to invite you to its2018Economic Outlook Briefing with Paul Bloxham, Chief Economist at HSBC Australia & New Zealand. This national event will be taking place with a light lunch in Brisbane, Sydney, and Melbourne, and a morning tea in Perth.
Please see further details below for each location.
Australia's economy has outperformed most of the developed world in recent years, having completed 26 years of continuous growth. Both luck and good management have played a role. A key element of the story has been Australia's growing ties to the Asian economies and shift in the ‘centre of gravity’ of the global economy towards Asia. This is set to continue as Asia's demand for commodities, such as iron ore, coal and liquefied natural gas continues to rise.
However, the story is not just about resources. Asia's rising middle classes are demanding more services, such as tourism and education. In addition, although services account for only 20% of export values, compared with 55% for resources, services are a larger share of 'value-added', so they drive more downstream growth in Australia than commodity exports. Australia's high-quality food exports, such as meat and dairy, are also being supported by rising Asian demand. Along with broadening trade links, Australia continues to see growing financial and population ties to Asia. While starting from a low base, capital inflows from Asia are continuing to rise as other linkages grow. Businesses and policymakers ought to strive to take better advantage of these broadening growth opportunities.
About Paul Bloxham
Paul Bloxham is HSBC's Chief Economist for Australia, New Zealand and Global Commodities. He is chief spokesperson for HSBC on forecasts and trends for the Australian and NZ economies and their interaction wih global financial markets and international economies. Prior to joining HSBC in 2010, Paul Bloxham spent 12 years as an economist within the Reserve Bank of Australia's Economic Analysis Department where he headed up the overseas economies and financial conditions sections, as well as working on domestic forecasting and prices. Paul is a regular commentator on local and international business television and a frequent contributor of opinion editorials to the Australian newspapers. Paul is also a member of the Australian National University's Shadow Reserve Bank Board and is and Adjunct Professor at Curtin University. He holds a Master's degree in public financial policy from the London School of Economics.
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