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Current state of the economy


Australia has enjoyed more than 20 years of steady economic growth, but the rollercoaster past few years have left many feeling uneasy.

There’s a good chance you’re feeling a bit unsure about what to expect from our nation’s economy at the moment. News headlines can leave us reeling, with the rising interest rates, supply chain woes, and inflation concerns.

Perhaps you’re feeling the pinch from growing fuel prices and household expenses.

Can we predict the future?

Cast your mind back to the start of 2020. As the pandemic fears gripped our world, many leading economists and property experts predicted a major property market crash.

The opposite happened. We saw property prices surge, reaching record highs in 2021 with an average increase of over 25%.

This was a real life example of how difficult it is to time the market and predict the economy. So keep that in mind when you hear updates or headlines forecasting anything with absolute certainty.

Check your emotions

It’s natural that our feelings towards the current state of the economy might be anything but neutral. If you’re a homeowner, or wanting to buy your first home, or an investor in the stock market – you’re invested and impacted by the rises and falls of the market.

But keep in mind that it is very normal for the economy to ebb and flow. That is why we need to keep a longer term view in mind. While year on year numbers might be up and down, generally in Australia we see steady growth when looking at the bigger picture.

Get your information from trusted sources

It goes without saying that we shouldn’t believe everything we read. So make sure you’re seeking financial advice and information from people you trust.

At Finnia we place a strong emphasis on financial education because we see the power that comes from knowledge.

If you’d like to grow your financial literacy and understanding of the economy, register for our next free Scorecard Workshop. We’d love to help you get more clarity on your own finances and goals.

Disclaimer: The information provided in this blog and video is not legal, taxation or financial planning advice. It has been prepared without considering your specific needs, objectives and personal financial situation. Before acting on this information, we recommend that you consider carefully if it is appropriate for your needs, objectives and personal financial situation. All loan products are subject to lender criteria and approval. Fees, terms and conditions apply.

The average Australian earns $2.07 million over their working life, yet 80% will still find themselves broke after decades in the workforce.

You don’t have to be average. Use property as a tool to get you financially sorted for life!

We look forward to journeying with you on your way to lifestyle choices and wealth.