Finance Finance News Positive outlook for Hunter economy

Positive outlook for Hunter economy

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Local economists say regional indicators are pointing to a cautiously optimistic outlook as the region transitions from the resources boom.

The Hunter Valley Research Foundation is this morning presenting its economic outlook with business and consumer confidence lifting over the September quarter.

Statistics also show signs of a pick up in housing prices due to continuing low interest rates.

Senior research fellow Jenny Williams says consumer confidence is on the rise for the first time in two years.

“The last read we got from business and consumers in June, everyone was having a dire straights moment almost,” she said.

“We had some very low indices in June.

“But most of them have improved a little or turned around and improved quite a lot in terms of business confidence in terms of how their own businesses re going to track going forward and consumer confidence.”

But Ms Williams says the transition from the mining boom is still expected to take some time.

“The Reserve Bank is starting to say it can see signs of a pick up in housing approvals, partly driven by interest rates,” she said.

“That is certainly reflected in the Hunter region data and New South Wales is picking up as well.”