:00:00. > :00:19.with Sally and World Business Report.
:00:20. > :00:23.The Australian economy has now grown for 25 years in a row.
:00:24. > :00:25.But how did they actually achieve it?
:00:26. > :00:28.And tying the knot in front of strangers.
:00:29. > :00:30.The start-up offering tourists the novel experience
:00:31. > :00:48.Jobs are going at China's biggest banks.
:00:49. > :00:51.Rico Hizon will join us to explain why.
:00:52. > :00:55.Australia is celebrating a remarkable run of economic growth
:00:56. > :00:57.as second quarter GDP showed the economy had grown
:00:58. > :01:02.That brings the annualised growth figure to 3.3%.
:01:03. > :01:04.What is remarkable is that this means the Australian
:01:05. > :01:07.economy has been growing for 25 years in a row,
:01:08. > :01:10.weathering all economic crisis during that time including of course
:01:11. > :01:12.the recent global financial crisis that dragged most major economies
:01:13. > :01:21.The only other developed country to have achieved a similar economic
:01:22. > :01:23.feat in recent years, is the Netherlands.
:01:24. > :01:31.We will be getting an expert view as to how Australia pulled this off.
:01:32. > :01:36.With me is Jeremy Cook, Chief Economist at World First.
:01:37. > :01:41.Quote emoji G-Man because we have been discussing for years
:01:42. > :01:48.Australia's reliance on Chinese growth -- quite an achievement. And
:01:49. > :01:52.they have continued to whether the headwind. They have weathered it
:01:53. > :01:59.fairly well, we saw a huge lurch of spending on mining to try to feed
:02:00. > :02:05.the Chinese machine growth through the 2000s and into the 2010s -- huge
:02:06. > :02:10.splurge. With the slowing of China we thought we could be heading to a
:02:11. > :02:15.recession in Australia, the central bank cut interest rates to keep the
:02:16. > :02:19.recession off. Definitely an accolade to continue this growth.
:02:20. > :02:24.This continued apace is the fastest for four years, pretty decent, 3.3%,
:02:25. > :02:29.how have they done this to shift away from the mining sector -- pace.
:02:30. > :02:37.They have shifted away from the ding the Chinese machine with mining to a
:02:38. > :02:43.common consumption area, which is what the Chinese want to do. It rose
:02:44. > :02:47.by 2.9% on the high street, those are the figures we would like the in
:02:48. > :02:51.Europe and the US, 2.9% consumption is pretty good. Infrastructure
:02:52. > :02:56.spending from the government has also picked up, government spending
:02:57. > :03:01.is around .7% of the entire total of GDP. They are spending money and
:03:02. > :03:05.investing money for the future. I also understand they are heavily
:03:06. > :03:09.moving to the services sector but interestingly education as well,
:03:10. > :03:14.which is quite tough on the international field to compete in
:03:15. > :03:18.that area? Absolutely, they are looking at taking their economy away
:03:19. > :03:24.from things they put in the ground to putting things in people's heads.
:03:25. > :03:29.If that is education then it means creating universities, five of the
:03:30. > :03:32.top 50 universities in the world. Students are obviously looking for
:03:33. > :03:36.new frontiers and they are looking to push their educational envelope
:03:37. > :03:40.as it were, that could mean leaving their home country and going to
:03:41. > :03:44.China or Tokyo, it's a hugely competitive industry obviously but
:03:45. > :03:54.if the Aussies can get a great university in Perth and Sydney and
:03:55. > :03:58.Canberra and Brisbane then it will help the sector. What will help them
:03:59. > :04:01.in the future? I know certain issues like the strength of the Aussie
:04:02. > :04:04.dollar has been a problem, certainly the housing market has been a
:04:05. > :04:08.problem with places like Sydney being so expensive, what still needs
:04:09. > :04:11.to be done? On the currency we have seen the central bank cutting rates
:04:12. > :04:13.to record lows, around 1.5%. The Aussie dollar isn't creating
:04:14. > :04:18.inflation within the economy at the moment, so I think the central Bank
:04:19. > :04:21.and Australians would like a weaker Aussie dollar for the education
:04:22. > :04:26.sector and the tourism sector, a weaker currency pulls people into
:04:27. > :04:30.the country. Moving forward, if they can keep a weaker currency then that
:04:31. > :04:35.will promote investment from abroad as we are seeing in the UK post
:04:36. > :04:38.Brexit. Jeremy, good to see you and thanks for your time. Very
:04:39. > :04:41.interesting. Australian market is having a better day today as well.
:04:42. > :04:44.Les moved from Australia to China. Their four biggest banks have cut
:04:45. > :04:47.jobs by the biggest number in at least six years
:04:48. > :04:50.in the first half of 2016. That could be a sign
:04:51. > :04:52.that employment has peaked in the Chinese
:04:53. > :04:54.banking sector. Rico Hizon has been
:04:55. > :04:56.following the story from our Rico, is it all over if you're
:04:57. > :05:11.a banker in China now? You should be concerned. Banking may
:05:12. > :05:15.not be one's dream job for now in the mainland, Sally, as the industry
:05:16. > :05:22.faces some major challenges. You've got tens of thousands of bank
:05:23. > :05:26.employees losing their jobs as the major banks cut costs aggressively.
:05:27. > :05:30.You mention the big four, agricultural bank of China, I CBC,
:05:31. > :05:36.China construction bank and bank of China are feeling the impact of
:05:37. > :05:40.slowing economic growth in China and of course rising non-performing
:05:41. > :05:44.loans. The mountain of debt. Margins are also forming as the government
:05:45. > :05:49.deregulate the industry with online and mobile players starting to eat
:05:50. > :05:53.into the businesses of the big banks and play a bigger role in the
:05:54. > :05:58.financial sector. And Sally, besides a reduced number of workers, the
:05:59. > :06:02.data also points to pressure on pay as workers leave in search of better
:06:03. > :06:06.salary packages. Chinese banks went through years of expansion but
:06:07. > :06:09.analysts expect the workforce to continue to dwindle due to
:06:10. > :06:14.technological advances and cost-cutting as well. So the trends
:06:15. > :06:20.are not looking positive in the near to medium term with the early
:06:21. > :06:21.outlook looking quite poor. Interesting, Rico, thanks. See you
:06:22. > :06:24.soon. How would you like to
:06:25. > :06:27.attend a wedding in India That's a new business idea that's
:06:28. > :06:30.been kicking around to help newlyweds recoup their wedding
:06:31. > :06:33.costs, which can run into tens But would this make their big day
:06:34. > :06:37.a little less special? Divya Arya went to wedding
:06:38. > :07:01.in Bangalore to find out. Made Rubia from Australia and make
:07:02. > :07:05.them from Spain, they are taking part in this wedding but they aren't
:07:06. > :07:09.related to or even friends with the bride or groom -- meet. In fact they
:07:10. > :07:14.have paid to be here. I don't know if words describe what we just
:07:15. > :07:18.experienced. But traditional Indian weddings can run for up to a week.
:07:19. > :07:24.These wedding tourists have chosen day one, music, dance and a henna
:07:25. > :07:28.tattoo. It's wonderful to be brought into a family and to see all of this
:07:29. > :07:32.completely different cultural experience. And their hosts are one
:07:33. > :07:36.of the first couples to use a new start-up that helps people around
:07:37. > :07:43.the world in by total strangers to their wedding for a price. She just
:07:44. > :07:47.called me one day and said let's do this, it looks like a good idea.
:07:48. > :07:54.Then they said how can you trust people, it could be a crazy person
:07:55. > :07:57.coming, but then we gave it a go. On day two, more tourists. James and
:07:58. > :08:04.knees and from Ireland and Luke, who has come all the way from New
:08:05. > :08:07.Zealand. They have made about $400 from the ticket sales, but that
:08:08. > :08:12.doesn't go far when you're paying for things like food and transport.
:08:13. > :08:15.Giving them the experience is more exciting, even my family were
:08:16. > :08:19.excited about having a foreign person in our wedding. I kind of
:08:20. > :08:25.feel a little bit bad that we arrived with no flowers or no gift.
:08:26. > :08:27.We can give them a smile! But to even do that they will have to queue
:08:28. > :08:40.along with 1000 others. Food is a huge part of an Indian
:08:41. > :08:50.wedding, and so is stressing up for the occasion. -- dressing. But while
:08:51. > :08:56.they have enjoyed themselves, would the travellers like the idea of
:08:57. > :09:00.people they didn't know coming to their own weddings? I don't think it
:09:01. > :09:04.will be the same in a wedding in New Zealand, especially my family, we're
:09:05. > :09:09.very small, there is only 50 people. So it's an idea that's clearly not
:09:10. > :09:13.for everyone. But if this business takes off, weddings may not only be
:09:14. > :09:19.a big social occasion but for some, a way to earn to two. -- a way to
:09:20. > :09:22.earn money to two. French car maker Renault may stop
:09:23. > :09:25.offering diesel engines in most Swiss banking group UBS says up
:09:26. > :09:31.to 1,500 of its jobs in London may be moved abroad once the UK
:09:32. > :09:34.leaves the European Union. The bank has previously said that
:09:35. > :09:37.a "significant %" of its London The bank has previously said that
:09:38. > :09:40.a significant number of its London workforce would be moved
:09:41. > :09:43.if Brexit became a reality. The bank employs around 5,000 staff
:09:44. > :09:46.at its offices in London. The UK is to begin preliminary talks
:09:47. > :09:49.with Australia about the outline of a future free trade
:09:50. > :09:51.deal between them. Officials will meet twice a year
:09:52. > :09:54.to discuss the parameters of what both sides said they hoped
:09:55. > :09:57.would be an "ambitious Australia has been earmarked
:09:58. > :10:07.by the UK as its first Japan's winning streak has come to
:10:08. > :10:11.an end, down by 0.7% at the moment. The yen has strengthened actually on
:10:12. > :10:17.media reports in Japan that perhaps the Bank of Japan is not poised to
:10:18. > :10:21.initiate more stimulus. So that has caused the Japanese Yen to
:10:22. > :10:25.strengthen, and that's hit the big exporters listed in Tokyo. Let's
:10:26. > :10:30.have a look at how Wall Street ended if I can. It's not moving... As if
:10:31. > :10:35.by magic. All the markets there slightly higher on Wall Street,
:10:36. > :10:39.that's how the day ended on Tuesday. Today is Wednesday. I will see you
:10:40. > :10:45.soon when we look through the papers.
:10:46. > :10:50.Southern Rail passengers will face more disruption today
:10:51. > :10:54.as train guards stage their latest 48-hour strike.