Economic Update

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Running Time: 7:09

Date: 01/09/2012

Self-confessed maverick Neville Norman offers a positive economic forecast for 2013. Good news at last? He's usually right!

Europe's a mess, China's growth is stalling and we're facing serious consequences here in Australia. But are we? Respected economist Professor Neville Norman has been pitting his forecasts for the coming year against those of his economist colleagues. On Europe, Neville says that few small businesses will be affected - so stop worrying about it. On China, Neville's forecast is a positive 9.6% growth in the coming year - not so gloomy after all. However, Neville does anticipate that investment in equipment and consumer durables will be back in 2013 and that IS something worth taking note of. Neville's been a maverick before when comparing his forecasts with other leading Australian economists. And he's usually been right. This year, he's done it again. His growth figure of 4.1% for Australia is more positive than most. Now, he says, it's time to start thinking about fixed versus variable interest rates and how to get the best deal from the bank.