Australia has the ideal economy for you to establish or expand your business. We offer a supportive, business-friendly environment with plenty of potential for growth.
A strong, stable and growing economy
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, 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).
Economic freedom and certainty
Australia offers transparent, dependable, and efficient governance.
The 2023 Heritage Foundation Index of Economic Freedom ranks Australia 4th 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 1st for financial freedom and 3rd for trade freedom. This reflects our strong banking system and commitment to open trade (The Heritage Foundation, 2023, Index of economic freedom).
World-class institutions of governance
Australia’s success is built on strong institutions. We have the equal highest quality bureaucracy in the world (Economist Intelligence Unit, viewpoint database, 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 1st alongside a handful of peer countries (Economist Intelligence Unit, viewpoint database, 2022, Austrade, 2023). Australia also has the equal lowest risk of social unrest in the world (Economist Intelligence Unit, 2022, Austrade, 2023).
Sophisticated financial institutions
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 1st 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 6th most traded currency globally (Bank for International Settlements, 2022).
It’s easy to do business in Australia
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.
- Globally, Australia ranks 1st for country credit rating, indicating a high level of trust in the economy by international financial institutions (IMD World Competitiveness Yearbook, 2022).
- Australia ranks equal 6th globally for our policy towards private enterprise (Economic Intelligence Unit, 2023).
- We make it easy to start a new business. Australia ranks 5th in the world for the number of days to start a business. We also rank 6th for our easy process to start a business (IMD World Competitiveness Yearbook, 2022).
- We’re 3rd in the world for trade freedom and 4th for business freedom, a measure of how regulatory and infrastructure environments support the efficient operation of businesses (The Heritage Foundation, Index of Economic Freedom, 2023).
- Oxford Insights ranks the Australian Government 1st in our region for our ability to benefit from artificial intelligence (Government AI Readiness Index 2022, Oxford Insights).
- Australia ranks equal 1st in the world for commercialisation of IP assets (US Chamber of Commerce, International IP Index, 2023).
- We have the 2nd highest level of cyber security in the region (Comparitech, 2022).
Consumers to support your business
Australia is a wealthy nation. We have the 4th 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 6th in global rankings. The EIU forecasts continued growth, with 7.6 million high-income households expected in Australia by 2030.
Australia offers competitive taxes
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).
