In contrast, conditions are noticeably stronger in the accommodation sectors in some of the large cities which are benefiting from an increase in business travel and an apparent shift in preferences by overseas tourists for city-based experiences. In Sydney, for example, room occupancy rates are at quite high levels.
For many firms and many employees, we know that adjustment can be painful and difficult. But in today’s world, not adjusting is not an option. Fortunately, in both our countries, we are making these adjustments under relatively favourable conditions. Global demand is strengthening, and credit conditions are good. We have a better knowledge of what we need to do.