The recent April 2015 CommSec ‘State of the States’ quarterly report noted that the ACT ranks sixth in Australia in terms of its economy, however the state’s economic growth and output levels were 15.2 per cent higher than the decade average.
This is excellent news for people running a business in the ACT. Moreover, the ACT saw a 9.1 per cent increase in retail spending. This bodes well for SMEs worried about sales and consumer confidence levels.
“Looking forward, the future for the ACT economy is very positive – we are ranked third in terms of economic growth and we have the second lowest unemployment rate in the country”, said Chief Minister Andrew Barr in an interview with The Canberra Times on April 20.
Indeed, the ACT boasted the third-highest economic growth levels as well as housing finance figures compared to the rest of the states and territories. As for unemployment, the ACT ranks second-lowest in the country with a rate of 4.4 per cent. The low unemployment trend seems set to stay in place, but businesses should keep several legal concerns in mind when hiring new employees.
To help businesses in the ACT make the most of this economic growth, there are a few cost-effective and time saving legal tools available online. These eServices offer vast digital libraries of legal documents at the click of a mouse, including business law templates.
Although the ACT is currently the sixth-best performing economy in Australia, businesses can seek tailored and customised legal advice from expert commercial lawyers to devise strategies to improve performance. A variety of legal measures can boost profit margins, such as registering for a trademark or patent to protect intellectual property in a competitive market.
Overall, the report found that NSW has the best economic performance. Given the close proximity between the ACT and NSW, perhaps some domino effect economic activity can be enjoyed.