We may have just faced yet another leadership change and cabinet reshuffle. But our political musical chairs hasn’t seemed to affect our ability to be an appealing investment prospect. With record low interest rates and stable unemployment we are a country with a lot going for it.
Australia is an economy that has proven it is resilient, adaptable and safe. As the world’s 13th largest economy it has a AAA rating by all three global rating agencies and is forecast to have an average annual read GDP growth of 2.9 per cent over the next five years.
So why should foreign investors look at Australia as a promising place to set up their business?
Here are a few compelling reasons why Australia provides a safe, low risk environment in which to do business:
1. Location
Australia’s geographical location makes it well placed to the emerging Asian markets. The trade agreements mean that there is a smooth flow of goods and services. 10 of the top 12 export markets for Australia are within the Asian region.
2. Innovation
Australia has a strong culture of innovation and cutting edge research. Australia is the home of world class research centres and some of the world’s top universities. Our expenditure on R&D has placed us in the top 10 of OECD member nations. This makes Australia the ideal partner for business, investment and innovation activities.
3. Industries
Australia has established global success in 5 diverse and key industries. These include agriculture, energy and resources, financial services and tourism. Australia is the second largest LNG exporter and a world leading producer of gold, iron ore and uranium. It is the 11th largest international tourism market, and the world’s third most popular destination for students.
4. Talent
Australia has a diverse and educated labour force. In fact it is one of the most educated, multicultural and multilingual in the world. Cultural diversity means that almost 30% of workers were born overseas, and 2.1 million Australians speak an Asian language and 1.3 million speak a European language.
5. Business Stability
It may not feel like it at times, but Australia offers a business landscape with political stability. There is a transparent regulatory system and governance frameworks that ensure there is economic resilience. Australia has been ranked 15th out of 190 economies for ease of doing business.
Is it the perfect time to invest in Australia? We say YES!