Because it’s open for business
With solid economic credentials and a positive outlook for growth, Australia is a great place to do business.
Australia’s strong economic growth, highly skilled workforce and world-class research and development (R&D) capabilities create a wide range of investment opportunities. The country is well into its 23rd consecutive year of annual economic growth and its average real GDP growth from 2013 to 2019 is expected to exceed all other major advanced economies.
Although Australia is known worldwide for its mining industry and abundant resources, its predominantly services-based economy consists of numerous globally significant industries, many of which are growing in size and reputation.
Australia’s trade, investment and cultural links with the fast-growing Asia-Pacific region are a major reason for its ongoing growth. Australia also has well-established links with traditional trading partner nations and a status as one of the world’s most transparent and well-regulated business environments.
For investors, there is no better place to do business.
Australia’s economic resilience and potential provide a safe, low-risk environment in which to do business.
Over the past 22 years, Australia has experienced economic growth at a real GDP average growth rate of 3.4 per cent per annum, unmatched by any other major advanced economy.
This growth is largely driven by Australia’s position within the booming Asia-Pacific region and its strong economic foundations and globally significant industries, including agribusiness, education, mining, tourism and wealth management.
The country’s economy is much more than mining and resources, with almost 80 per cent of economic output generated by the services sector. Growth in the Australian services sector is also outpacing the all-industries average. Australia is rated triple ‘A’ by all three global rating agencies and enjoys levels of net public debt that are among the lowest in the OECD.
Australia is a world-class innovation destination, built on solid foundations of modern ICT infrastructure, high levels of investment, generous R&D tax incentives for businesses and strong intellectual property protection.
Australia’s research institutions have enhanced the nation’s reputation for innovation by delivering high-quality research outcomes, and increasing R&D contribution and collaboration both domestically and internationally.
Robust economic performance over the past two decades has also encouraged Australian businesses to invest strongly in R&D.
This has helped Australia develop an impressive track record of world-class outcomes and capabilities. Importantly, the country also provides numerous R&D collaboration and technology investment opportunities for international partners.
The Australian labour force is one of the most educated, multicultural and multilingual in the world.
Investors can access highly skilled, innovative workers who are equally at home in both Western and Asian cultures.
Australia’s education system ranks in the global top 10. The country’s world-class universities attract students from across the globe and produce high-quality research outcomes.
Growth in labour productivity continues to outpace labour costs. Labour productivity growth in terms of GDP per person employed within Australia is also expected to outperform many other developed economies in 2014.
Australia is geographically close to and has longstanding trade, investment and cultural links with the fast-growing Asia-Pacific region.
Ten of Australia’s top 12 export markets are within the Asian region. Australian businesses have been trading with AsiaPacific companies for more than half a century and understand these markets,
offering the benefits of experience and established trade and investment ties.
This has helped position Australia to play an important role in the region’s ongoing development.
Australia remains a top destination for foreign investment and for overseas visitors.
Australia also provides a useful bridge across the world’s major time zones, offering 24-hour access for global organisations and a quality of life that is well regarded around the world.
Doing business in Australia is easy. With one of the most transparent and well regulated business environments in the world, Australia’s political stability and regulatory framework provide investors with confidence and security. For six years in a row, Australia has ranked third on the Index of Economic Freedom.
The country has a sophisticated financial sector that offers access to the world’s third largest pool of investment funds and one of the region’s largest pools of bank assets.
More than 18,000 foreign companies are registered in Australia, including 18 of the Top 20 FT Global 500 companies and eight of the Top 10 Fortune 100.
The Australian Trade Commission – Austrade – contributes to Australia’s economic prosperity by helping Australian businesses, education institutions, tourism operators, governments and citizens as they:
- develop international markets
- win productive foreign direct investment
- promote international education
- strengthen Australia’s tourism industry
- seek consular and passport services.
Austrade helps companies around the world to identify and take up investment opportunities in Australia as well as to source Australian goods and services. Our assistance includes:
- providing insight on Australian capabilities
- identifying potential investment projects and strategic alliance partners
- helping you to identify and contact Australian suppliers.