Doing business in Australia
By Piper AldermanAustralia is a land of great natural beauty and boundless opportunity. Despite often turbulent global financial conditions, Australia’s economy continues to be one of the world’s most stable. Sound governance creates certainty for foreign investment and Australia’s skilled workforce, ties to Asia and success in key industries makes Australia a great place for doing business.
Why Australia?
Resilient economy – Australia’s Gross Domestic Product (at purchasing power parity) is in the top twenty countries in the world. Australia’s economy has performed better than expected during 2022 amid the fallout from the COVIC-19 pandemic and real GDP is forecast to grow by around 42% in 2023. Until 2020, Australia had only experienced two years of negative growth during the previous 60 years.
Global success in key industries – Australia is globally successful in key industries such as energy, resources, agribusiness, education, tourism and financial services. Australia is among the world’s largest producers of gold, iron ore and uranium and a major producer of agricultural commodities.
Innovative and highly skilled – Australia is ranked 5th in the world for global entrepreneurship, with almost half of all Australian firms active in innovation. Our population is highly educated (with over 40% of the workforce having a tertiary qualification), culturally diverse and multilingual (where nearly 30% of the population was born overseas).
Globally integrated – Australia has an open trading economy with strong business and cultural ties with Asia. Our top 5 trading partners are China, USA, Japan, Republic of Korea and United Kingdom. Asia continues to dominate Australia’s two-way trade flows with 66% of the market.
Ease of doing business – Australia is ranked 12th in the world for economic freedom. Our sound governance and democratic institutions create certainty for foreign investment. We have an economy that is resilient to economic cycles and Australia is a great place to live and work, with five Australian cities ranked in the global top 30 for their quality of living.
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