Overview

Australian Market Overview

 

Australia is widely recognised as an attractive, open and easy place in which to do business. It is the world’s sixth largest country by total land area and the 13th largest economy globally. Australia is a highly developed, multicultural and prosperous market that benefits from vast natural resources, strong connectedness to fast-growing Asian markets and a skilled, well-educated workforce.

Inward investment and migration have historically been, and continue to be, strong and important contributors and drivers of economic prosperity. As such, Australia encourages productive investment and skilled migration.

Due to sustained economic growth, attractive working and social conditions and the physical environment, Australia has one of the highest standards of living in the world and Australian cities score highly in liveability rankings.

Australia has low barriers to entry and robust legal, corporate and regulatory frameworks with sophisticated & wealthy consumer & industrial sectors.  With nearly 18,000 foreign companies registered in Australia, it is considered relatively straightforward for doing – or establishing a – business.

Key Market Information

Surface Area7.69 million sq kms (2.96 million sq miles)
Capital CityCanberra, Australian Capital Territory
Population24.5 million (March 2017)
Population Growth1.6% (year ended 31 March 2017)
Highest Growth RateVictoria 2.4%
Workforce12.3 million (Sept 2017)
Largest CitySydney Population 5.03 million (June 2016)
LanguagesEnglish + 300 others
CurrencyAustralian dollar (AUD or A$)
TimeEastern: GMT+10hrs Central: GMT+9.5hrs Western: GMT+8hrs
Tax Year1 July - 30 June
Public HolidaysVaries from State to State
Public Holidays

Australia’s Six States & Mainland Territories Population & Growth (end March 2017)

State / TerritoryPopulation at end March 2017 '000Change over previous year
%
New South Wales7 837.71.6
Victoria6 290.72.4
Queensland4 907.61.6
South Australia1 721.00.6
Western Australia2 576.00.7
Tasmania520.10.6
Northern Territory2450.1
Australian Capital Territory409.11.8
Australia(a)24 511.81.6

ABS Australian Demographic Statistics, March 2017

Key Characteristics

  • Transparent and well-regulated business environment backed by rule of law and property rights.
  • Business-friendly for creating a new business and accessing credit
  • Strong, open and resilient economy with 26 consecutive years of annual economic growth
  • Strong linkages to emerging Asian markets through trade, investment, tourism and migration and proximity
  • Growing and diversified industries; primarily service-based together with mining & primary industries
  • Robust building and construction sectors with a strong pipeline of infrastructure projects
  • Highly-educated workforce; innovative, tech-savvy with strong R&D credentials
  • High income and wealth growth; amongst the highest per capital wealth globally
  • Multicultural with a large foreign-born population and strong migration inflow growth

Risks

  • A slowdown in capital investment into the resources sector and slowdown in exports to China is impacting overall growth (but it is still one of the highest growth markets in the OECD).
  • Skills shortages exist in some industries and a relatively inflexible labour market with high levels of employee protection.

 

Sources:

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