Peta Muller reported this story 9 November 2009.
In spite of the recent global financial crisis (GFC) and subsequent economic slump, cosmetic procedures and treatments are on the increase.
According to Peter Liebhold, chairman of the Smithsonian Institution's work and industry division candy stores are ‘recession proof'.
"During the great depression candy companies stayed in business,” said Mr Liebhold.
The American Society of Plastic Surgeons have recently discovered that despite the recent economic downturn, non-invasive cosmetic procedures such as Botox, dermal (wrinkle) fillers and laser treatments were up as much as 17% in 2008.
When it comes to recession proof industries, botox is on the path to becoming the new candy store of the millenium.
Local business woman Dr Alana Rowick of Vice Aesthetics in Claremont believes this is simply because like chocolate, looking good makes you feel good.
"When you look great you have more confidence - most of my clients are looking for a boost and Botox and dermal fillers provide that almost instantly,” she said.
Whether it’s patients looking to eliminate signs of stress from tough economic times or because procedures are gaining popularity through celebrity exposure, Dr Rowick admits business has increased since the onset of the GFC.
"The local job market has definitely changed and perhaps the increase is a reflection of this [because] looking good and feeling confident definitely provides you with a competitive edge," she said.
Increased usage and demand is likely attributed to Botox and dermal fillers being reasonably inexpensive and there is little or no recovery involved.
Major cosmetic surgeries including facelifts can cost over $20,000 whereas procedures such as Botox can range between $230 and $800 per treatment with little or no recovery.
“Botox in particular is relatively painless and takes only 15-20 minutes, therefore you can have a treatment in your lunch break and return to work with a fresh new look," said Dr Rowick.
Peta Muller reported this story 9 November 2009.
The Australian Government’s goal to develop Australia as a regional financial services hub looks set to become a reality thanks to the Financial Development Report 2009 released by the World Economic Forum (WEF).
The Report has ranked Australia second amongst the world’s financial centres moving ahead of the United States, Singapore and Hong Kong.
According to the report’s Financial Development Index, Australia has ranked number one for financial access and rated highly in banking and non banking financial services.
Financial Services Minister, Chris Bowen confirmed that the report has boosted Australia’s profile as a leading financial services power.
"This report highlights what has been a remarkable performance for Australia's financial services sector and gives the nation well-deserved global recognition," said Mr Bowen.
"This is testament to the strength of our financial system; our solid financial skills base and well-run financial institutions; our system of prudential regulation, and proactive regulators,” he said.
Just as important to ensuring Australia’s financial system is fully sustainable and able to survive future downturns, is the skilling up of workers and creating well-remunerated jobs.
It’s important to ensure that unemployment rates remain at a low, and in order to achieve that it’s important to educate and train workers which will continue to strengthen the Australian economy.
The report confirms the potency of the Australian financial services sector in spite of the global financial crisis.
Mr Bowen warned that whilst the report provided an opportune sign to Australia’s improving performance, there is still a great deal to be done and that Australia cannot yet rest on its laurels.
“The upcoming report from the Australian Financial Centre Forum will provide another opportunity for the Government to examine options to remove any remaining obstacles to Australia becoming a financial services hub for the Asia Pacific," he said.
