Long-term outlook strong in Oz, despite floods

The recent floods in Australia are expected to have a positive impact on the property and construction industries in the long-term, one expert has suggested.

Writing for the Gold Coast Mail, Noel Whittaker, director of Whittaker Macnaught Pty Ltd, has explained that although there is likely to be a short-term impact on economic activity, the future looks bright.

"Once the mess is cleaned up, the building industry and industries that depend on it will be flat out as reconstruction and renovation occurs," he wrote.

"One builder even went so far as to tell me that the floods could save the building industry as high interest rates and lack of funds had virtually crippled it."

Furthermore, Mr Whittaker advocated the benefits of diversification and only buying growth assets such as property or shares.

He told investors to keep their financial affairs in order and keep a range of assets that include "residential property, local and international shares and term deposits"

Like this? Then share with your friends and colleagues!