The Organisation for Economic Development and Co-operation has released a report that predicts that Australia will grow at a rate of 3.1 per cent this year.

When compared with the predicted growth rate of the USA (2.4 per cent) and Britain (0.5 per cent) things are looking good for people down under.

These positive predictions will come as welcome relief to businesses and consumers who have been expressing concern about the current financial situation in Europe. The report also envisages that Australia’s pace of growth is likely to continue for years to come, thus ensuring Australia’s strong position in the mid-term.

Forecasts up until 2050 rank Australia’s growth rate as the highest in the developed world and in addition, it is expected that China will take over from the United States as the world’s largest economy by 2017.

Despite these positive predictions, the OEDC report has identified that the residential property market is one of Australia’s major weaknesses. It was acknowledged that house prices in Australia, along with other countries including Canada and France, are “very high relative to rents and incomes”. It stated that real estate prices are under threat from the dollar as the persistently high exchange rate is responsible for generating uncertainties that could weigh on employment, confidence and growth.

House prices in Australia have already been declining over the past year.

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