We offer a supportive, business-friendly environment with plenty of potential for growth.
Australia is a strong and stable economy with a positive outlook for growth. We’ve been growing for the past 30 years at an impressive average rate of 3.1%, above the 2.1% average for advanced economies (International Monetary Fund, 2023, World Economic Outlook, April 2023 database).
This growth has helped Australia become the world’s 12th largest economy (International Monetary Fund (IMF), 2023, World Economic Outlook, April 2023 database). Despite global challenges, the IMF forecasts the Australian economy will continue to grow at a stronger rate (1.6%) than the average of 1.3% for advanced economies in 2023 (World Economic Outlook, April 2023).
Australia offers transparent, dependable and efficient governance.
The 2023 Heritage Foundation Index of Economic Freedom ranks Australia fourth in the Asia-Pacific region, noting: “The foundations of economic freedom in Australia are strong and supported by a widely respected rule of law. Australia’s regulatory environment is one of the most reliable, transparent, and efficient in the world.” Globally, the 2023 Heritage Foundation ranked us equal first for financial freedom and third for trade freedom. This reflects our strong banking system and commitment to open trade.
Australia’s success is built on strong institutions. We have the equal highest quality bureaucracy in the world (Economist Intelligence Unit, 2022). Corruption is low (13th out of 180 countries, according to the 2022 Corruption Perceptions Index). We have one of the most transparent and fair legal systems in the world – ranking equal first alongside a handful of peer countries (Economist Intelligence Unit, 2022). Australia also has the equal lowest risk of social unrest in the world (Economist Intelligence Unit, 2022).
Australia also has a competitive, efficient and fair financial system. Our independent financial regulators work together to ensure the financial system runs smoothly (Reserve Bank of Australia 2023). We rank equal first alongside Switzerland for financial freedom, a measure of banking efficiency and the absence of interference (Heritage Foundation, Index of Economic Freedom 2023). This gives businesses confidence that they are operating within a reliable economy and their investments are protected. It’s no wonder the Australian dollar is the sixth most traded currency globally (Bank for International Settlements 2022).
Australia is a great place to do business. Our systems set you up for success. Whatever your business, Australia’s support can make your goals a reality.
Australia is a wealthy nation. We have the fourth highest average wealth per adult (Global Wealth Report 2023, Credit Suisse). We also have high levels of disposable income. According to the Economist Intelligence Unit (EIU), almost 6 million households generate an income above US$75,000 per year. This places Australia sixth in global rankings. The EIU forecasts continued growth, with 7.6 million high-income households expected in Australia by 2030.
Australia has one of the lowest overall tax rates of any high-income country (OECD, Tax revenue, 2023). Our tax revenue represents 29% of our GDP, compared to 34% across OECD countries. Taxes on goods and services represent 8% of Australia’s GDP, compared to 11% across OECD countries. Globally, Australia is the 11th most competitively taxing country (Tax Foundation 2022).
Austrade's team of business and investment specialists can support your journey to success in the Australian market. We offer local intelligence about competitive advantages and potential investment opportunities within your industry.
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