find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Don't talk Australia down

Don't talk Australia down

A senior Ernst & Young partner has warned that if Australian executives continue to be downcast about the economy, their predictions might come true.Today (10 October), Ernst & Young…

A senior Ernst & Young partner has warned that if Australian executives continue to be downcast about the economy, their predictions might come true.

Today (10 October), Ernst & Young (EY) released its Capital Confidence Barometer Report.

The report is based on a survey of 1000 corporate executives from around the world, with 110 of those respondents based in Australasia.

Despite the relative economic strength of the Asia-Pacific region when compared to the current levels of market volatility in Europe and North America, only 14 per cent of Australasian respondents in the EY report feel positive about growth prospects in the global economy, as compared to 44 per cent of global respondents.

"I think we are running the risk of talking things down too much in Australia," said Graeme Browning, Oceania managing partner, transaction advisory services. "Australians have been unnecessarily cautious and pessimistic. We are more cautious than we need to be and we run the risk of missing opportunities as a result."

According to the financial and legal advisory league tables released last week, the Asia-Pacific M&A market was the only region to show an increase in market activity for Q3 2011.

According to Bloomberg, the Asia-Pacific region had a 4 per cent increase in M&A activity as compared to July to September 12 months ago. This was in stark contrast to Europe, the Middle East and Africa, which experienced a 30 per cent reduction in M&A activity.

Browning believes the continuing resources boom and core fundamentals in the Australian economy, such as relatively low rates of unemployment and inflation, mean the Australian economy is not as exposed to global shocks in Europe and North America.

"In our part of the world, most of our companies are expecting the economy to grow," he told Lawyers Weekly. "While we are not immune to overseas factors, with unemployment being so low, our companies so well capitalised and our government not having the same debt issues that other parts of the world have, there are some good reasons to be cautiously optimistic."

The EY survey revealed that the rest of the world views the Asia-Pacific region as providing the best opportunities for further growth.

Just under half of all respondents (49%) rated the Asia-Pacific as the most fertile area for investment - well ahead of the next best performing area, North America (18%).

Just under one third (30 per cent) of Australasian respondents said they were focused on preserving capital, and that investor confidence of deal financing through equity issues has more than halved since April.

* See Lawyers Weekly magazine on Friday for where the law firms rank in the league tables

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Don't talk Australia down
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Oct 23 2017
How to fail well
The legal profession is due for an attitude adjustment when it comes to perceived failures, accordin...
Oct 23 2017
Lawyers slam rushed consultation for SA repeat offenders bill
The Law Society of South Australia has expressed concern for a proposal to roll out new laws amendin...
Oct 23 2017
The pursuit of happiness in the law
A panel of legal experts have explored how to define success in the legal profession, and how lawyer...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...