07/09/2016 World Business Report

with Sally and World Business Report.

The Australian economy has now grown for 25 years in a row.

But how did they actually achieve it?

And tying the knot in front of strangers.

The start-up offering tourists the novel experience

Jobs are going at China's biggest banks.

Rico Hizon will join us to explain why.

Australia is celebrating a remarkable run of economic growth

as second quarter GDP showed the economy had grown

That brings the annualised growth figure to 3.3%.

What is remarkable is that this means the Australian

economy has been growing for 25 years in a row,

weathering all economic crisis during that time including of course

the recent global financial crisis that dragged most major economies

The only other developed country to have achieved a similar economic

feat in recent years, is the Netherlands.

We will be getting an expert view as to how Australia pulled this off.

With me is Jeremy Cook, Chief Economist at World First.

Quote emoji G-Man because we have been discussing for years

Australia's reliance on Chinese growth -- quite an achievement. And

they have continued to whether the headwind. They have weathered it

fairly well, we saw a huge lurch of spending on mining to try to feed

the Chinese machine growth through the 2000s and into the 2010s -- huge

splurge. With the slowing of China we thought we could be heading to a

recession in Australia, the central bank cut interest rates to keep the

recession off. Definitely an accolade to continue this growth.

This continued apace is the fastest for four years, pretty decent, 3.3%,

how have they done this to shift away from the mining sector -- pace.

They have shifted away from the ding the Chinese machine with mining to a

common consumption area, which is what the Chinese want to do. It rose

by 2.9% on the high street, those are the figures we would like the in

Europe and the US, 2.9% consumption is pretty good. Infrastructure

spending from the government has also picked up, government spending

is around .7% of the entire total of GDP. They are spending money and

investing money for the future. I also understand they are heavily

moving to the services sector but interestingly education as well,

which is quite tough on the international field to compete in

that area? Absolutely, they are looking at taking their economy away

from things they put in the ground to putting things in people's heads.

If that is education then it means creating universities, five of the

top 50 universities in the world. Students are obviously looking for

new frontiers and they are looking to push their educational envelope

as it were, that could mean leaving their home country and going to

China or Tokyo, it's a hugely competitive industry obviously but

if the Aussies can get a great university in Perth and Sydney and

Canberra and Brisbane then it will help the sector. What will help them

in the future? I know certain issues like the strength of the Aussie

dollar has been a problem, certainly the housing market has been a

problem with places like Sydney being so expensive, what still needs

to be done? On the currency we have seen the central bank cutting rates

to record lows, around 1.5%. The Aussie dollar isn't creating

inflation within the economy at the moment, so I think the central Bank

and Australians would like a weaker Aussie dollar for the education

sector and the tourism sector, a weaker currency pulls people into

the country. Moving forward, if they can keep a weaker currency then that

will promote investment from abroad as we are seeing in the UK post

Brexit. Jeremy, good to see you and thanks for your time. Very

interesting. Australian market is having a better day today as well.

Les moved from Australia to China. Their four biggest banks have cut

jobs by the biggest number in at least six years

in the first half of 2016. That could be a sign

that employment has peaked in the Chinese

banking sector. Rico Hizon has been

following the story from our Rico, is it all over if you're

a banker in China now? You should be concerned. Banking may

not be one's dream job for now in the mainland, Sally, as the industry

faces some major challenges. You've got tens of thousands of bank

employees losing their jobs as the major banks cut costs aggressively.

You mention the big four, agricultural bank of China, I CBC,

China construction bank and bank of China are feeling the impact of

slowing economic growth in China and of course rising non-performing

loans. The mountain of debt. Margins are also forming as the government

deregulate the industry with online and mobile players starting to eat

into the businesses of the big banks and play a bigger role in the

financial sector. And Sally, besides a reduced number of workers, the

data also points to pressure on pay as workers leave in search of better

salary packages. Chinese banks went through years of expansion but

analysts expect the workforce to continue to dwindle due to

technological advances and cost-cutting as well. So the trends

are not looking positive in the near to medium term with the early

outlook looking quite poor. Interesting, Rico, thanks. See you

soon. How would you like to

attend a wedding in India That's a new business idea that's

been kicking around to help newlyweds recoup their wedding

costs, which can run into tens But would this make their big day

a little less special? Divya Arya went to wedding

in Bangalore to find out. Made Rubia from Australia and make

them from Spain, they are taking part in this wedding but they aren't

related to or even friends with the bride or groom -- meet. In fact they

have paid to be here. I don't know if words describe what we just

experienced. But traditional Indian weddings can run for up to a week.

These wedding tourists have chosen day one, music, dance and a henna

tattoo. It's wonderful to be brought into a family and to see all of this

completely different cultural experience. And their hosts are one

of the first couples to use a new start-up that helps people around

the world in by total strangers to their wedding for a price. She just

called me one day and said let's do this, it looks like a good idea.

Then they said how can you trust people, it could be a crazy person

coming, but then we gave it a go. On day two, more tourists. James and

knees and from Ireland and Luke, who has come all the way from New

Zealand. They have made about $400 from the ticket sales, but that

doesn't go far when you're paying for things like food and transport.

Giving them the experience is more exciting, even my family were

excited about having a foreign person in our wedding. I kind of

feel a little bit bad that we arrived with no flowers or no gift.

We can give them a smile! But to even do that they will have to queue

along with 1000 others. Food is a huge part of an Indian

wedding, and so is stressing up for the occasion. -- dressing. But while

they have enjoyed themselves, would the travellers like the idea of

people they didn't know coming to their own weddings? I don't think it

will be the same in a wedding in New Zealand, especially my family, we're

very small, there is only 50 people. So it's an idea that's clearly not

for everyone. But if this business takes off, weddings may not only be

a big social occasion but for some, a way to earn to two. -- a way to

earn money to two. French car maker Renault may stop

offering diesel engines in most Swiss banking group UBS says up

to 1,500 of its jobs in London may be moved abroad once the UK

leaves the European Union. The bank has previously said that

a "significant %" of its London The bank has previously said that

a significant number of its London workforce would be moved

if Brexit became a reality. The bank employs around 5,000 staff

at its offices in London. The UK is to begin preliminary talks

with Australia about the outline of a future free trade

deal between them. Officials will meet twice a year

to discuss the parameters of what both sides said they hoped

would be an "ambitious Australia has been earmarked

by the UK as its first Japan's winning streak has come to

an end, down by 0.7% at the moment. The yen has strengthened actually on

media reports in Japan that perhaps the Bank of Japan is not poised to

initiate more stimulus. So that has caused the Japanese Yen to

strengthen, and that's hit the big exporters listed in Tokyo. Let's

have a look at how Wall Street ended if I can. It's not moving... As if

by magic. All the markets there slightly higher on Wall Street,

that's how the day ended on Tuesday. Today is Wednesday. I will see you

soon when we look through the papers.

Southern Rail passengers will face more disruption today

as train guards stage their latest 48-hour strike.