Economists have hailed a positive June business survey from the National Australia Bank as a “turning point” in the economy after a seven-year stretch of slow growth. Good job numbers in June suggest the Australian economy is not affected by what is happening in Greece or China.
Share prices rose in response to the deal between Eurozone leaders and Greek Prime Minister Alexis Tsipras, with the S&P/ASX 200 index up 1.9% to 5577 points. “I’ve been reassured that the leaders in the eurozone have matters in hand, and that has proven to be true,” Treasurer Joe Hockey said. Hockey said budget forecasts for China’s growth slowing from 6.8% this year to 6.5% next year remained unchanged.