Economy / Business
Economic growth, driven by the private sector and supported by trade liberalisation, is a key objective of Australia’s engagement with the world. Australia is an advanced market economy and the world’s 12th largest, and considered to be one of the most stable, strongest& diverse economies in the world.
It has a very open market with minimal restrictions on imports of goods and services. It has a competitive edge in a range of goods and services, from high technology products such as medical and scientific equipment to high quality wine and processed food to education, tourism, and professional & financial services.
In 2015, Australia entered its 25th year of uninterrupted annual economic growth. It is rated “AAA” (Triple A) by all 3 global rating agencies and enjoys a level of net public debt that are amongst the lowest in the OECD.
The services sector of the economy which includes tourism, education and financial services accounts for about 70% of GDP. It is an important &growing financial centre, with a sophisticated financial services sector and strong regulation. However, Australia is also one of world’s leading producers and exporters of agricultural produce and natural resources. It is the global leader in FIVE significant and diverse sectors namely Agribusiness, Education, Tourism, Mining and Wealth Management.
Known as one of the great agricultural, mining and energy producers, Australia has the highest median adult wealth in the world. In 2013, Australia’s median adult wealth was $220,000 followed by Luxemberg ($183,000) and Belgium ($148,000). With low unemployment, low inflation and a highly skilled workforce, and with strong links with the fastest growing region in the world (the Indo-Pacific), Australia’s economy is poised to prosper well into the future.
Australia continues to push ahead with trade liberalization – unilaterally, bilaterally, and multilaterally. It has negotiated a number of bilateral and regional trade agreements with a wide range of countries to strengthen trade and investment flows. It a member of the WTO, APEC, the G20 and other trade related forums.
Australia’s highly skilled workforce, robust economy, trusted legal system and stable society make the country an attractive location for foreign investors. A large number of foreign companies are registered in Australia and many have developed close links with local firms. Some of the reasons to invest in Australia are –
- 25 years of uninterrupted annual growth
- World class Innovation
- World’s fastest growing region
- Easy to run a business
- Highly skilled, multi-cultural and multi-lingual workforce