Australia No Longer ‘Hypochondriac’

Richard Goyder said Australia’s ‘hypochondria’ is slowly improving. The former chief executive officer of Wesfarmers is referring to Australia’s consumer confidence. 

In a business lunch today, Goyder said the country is becoming more appealing and a great location for business and residence. He added that even though other countries see the appeal of Australia, many Aussies lose sight of this. 

Goyder uses a striking metaphor for Australia—a hospital ward for hypochondriacs. Europe is on life support while the United States is in general ward. 

The former Wesfarmers chief said the country is in a great shape and that Aussies should see this in a positive light. He added that the country has had 18 consecutive years of growth, matched with strong employment rate and fiscal surplus. 

Goyder also said that he thinks there are now more green shots on the country’s consumer confidence, thanks to interest rate cuts. The European economy is also expected to show signs of improvement. 

Goyder, however, conceded that the resources sector may be in a worse state. Aside from gas processing and coal mining, Wesfarmers businesses also include Coles supermarket and Bunnings.