August 19, 2024 
Big island, massive opportunity – Australia is catching the eye of people of all corners of the Earth, from tourists and migrants to traders and investors.
Ranked amongst the top 10 countries in the world for quality of life, the sunny country-cum-continent has more to offer than just a laid-back lifestyle…
Whether you’re thinking of exploring a new market for stock exchange or expanding your own ventures by setting up shop overseas, Australia is one destination you’ll want on your bucket list.
Check out the 8 reasons Australia may soon become more famous for its investment capital and business potential than for its kangaroos and koalas.
That’s saying something – considering how cute and fluffy they are!
1. Booming Economy
Australia’s economy is currently the 13th largest in the world and is set to reach 11th place within the next decade.
With over 30 consecutive years of annual economic growth, the rate of annual GDP growth has been robust, averaging around 2.5% in recent years.
Furthermore, the International Monetary Fund (IMF) predicts Australia will continue outperforming many other major advanced economies.
2. Secure Market
Not only is the Australian market promising, but it is relatively safe and low-risk.
Australia is ranked 13th in the world for economic freedom, making it the ideal environment for trade and business both internally and internationally.
Due in part to government regulation and organisation, Australia is also classified 14th out of 190 economies for ease of doing business (2024).
3. Unique Location
Though it may look a little isolated on a world map, Australia is anything but sad and lonely.
Located in the Southern Hemisphere, specifically in the Asia-Pacific region, Australia holds an extremely advantageous place in the global marketplace.
For many, Australia is often considered the gateway to Asia, mediating between both Western and Eastern countries.
In fact, thanks to Australia’s convenient location, countries such as China, Japan and South Korea can get their feet wet with English-speaking countries closer to their time zones.
Meanwhile, Western countries across Europe and North America can more confidently approach Asia by using Australia as their ‘middleman’.
The country’s deep business and cultural ties with other Asia-Pacific nations also reflect this. Australia is currently engaged in Free Trade Agreements with The Association of Southeast Asian Nations (ASEAN), Chile, Brunei, China, Hong Kong, Japan, Korea, Malaysia, Singapore, and Thailand.
The countries involved in these FTAs account for approximately 67% of Australia’s total trade. Asian countries also make up 10 of its 12 leading goods and services export markets.
4. Dynamic Industries
Australia is internationally renowned for five key industries: resources and energy, agribusiness, financial services, education, and tourism.
Australia is the world’s largest iron ore producer and a significant coal producer. However, it is the second-largest producer of lead.
As of 2024, Australia is the third-largest exporter of LNG, following the United States and Qatar. This shift occurred after the United States took the top spot in recent years.
Total exports (goods and services) in the 2023-24 Financial Year reached approximately A$659.4 billion.
Thus, industry remains at the forefront of the Australian business landscape, powering the Australian economy.
5. Strong Workforce
Both the job market and the working population in Australia are highly active and diverse. The unemployment rate in Australia currently stands at around 4%.
As for the workforce, 53% of Australians are of ‘working age’ – that is, between 25 and 64 years old. Of the working population, almost two-thirds (63%) hold a tertiary qualification.
Australia is classified as one of the top countries in the world for its elite skills and openness to immigration, according to the Global Talent Competitiveness Index (GTCI). In 2023, Australia climbed to 8th place, cementing its position in the top 10 for the fifth time since the index’s launch. The country excels in Global Knowledge Skills, ranking 3rd overall, with high rankings in High-Level Skills (2nd) and Talent Impact (4th).
However, there is room for improvement in Vocational and Technical Skills, where it ranks 19th. Australia’s key strengths include its ability to attract and grow talent (ranked 6th in both), driven by high external openness (10th), strong higher education (5th for Formal Education), and opportunities for lifelong learning (6th).
Furthermore, the country’s human capital is also unique due to its multicultural (and multilingual!) population.
Half of all Australians were born overseas themselves or have at least one parent who was, and 27% speak an Asian or European language.
6. Democratic Government
The pluralist democracy maintains long-standing trade agreements, immigration laws, diplomatic relationships, and institutional frameworks against corruption and discrimination.
The country is ranked highly in terms of legal rights, soundness of its banks, regulation of securities exchanges and efficacy of corporate boards.
Australia is also in the world’s top 10 for its business legislation (tariff on imports and protectionism) and judicial independence.
7. Ongoing Development
Australia is ranked 11th in the world for global entrepreneurship, with around 46% of Australian firms active in innovation. Certain Federal Government incentives are also in place to maintain a dynamic and technologically advanced setting for business development and industry.
In 2022-23, the Federal Government invested A$12.3 billion in research and experimental development, placing it among the world’s leading innovative countries. Tax incentives for Innovation and Research & Development (R&D) also work to promote innovative organisations and projects.
The Innovation incentives offer a 20% tax offset for ‘innovation companies’ (capped at $200,000 per investor per year). The R&D Incentive offsets costs with a 43.5% refundable tax for organisations with a turnover of less than $20 million per annum.
With growing interest from founders and support from the government, the start-up ecosystem is growing rapidly.
The country is known for disruptive technologies, using automation and quantum computing to modernise its major industries such as mining and agriculture.
8. Reliable Infrastructure
Australia’s strategically located ports, well-planned rail and road transport networks, and efficient logistics chains have been designed with the needs of business in mind.
Australia remains in the world’s top 25 competitive nations for infrastructure (ranked 18th globally) thanks to the government’s ongoing commitments to national infrastructure investment.
Particularly notable is expenditure and investment in telecommunications, with significant investments in 5G and other advanced technologies. Thanks in part to its technology infrastructure, Australia ranks 16th globally for digital readiness.
The country continues to plan for smart cities, improved transport infrastructure (with Intelligent Transport Systems, or ITS), and renewable energy generation and storage.
As globalisation continues to connect people, industries, governments and markets across the world, Australia only becomes an ever-more viable (and desirable) option for doing business.
With steady growth, stable trade, unparalleled location, lucrative industry, sustained labour market, sound governance, ongoing research, and future-proof developments, Australia is showing true potential.
But why not find out for yourself? Download our FREE ebook on How to Expand Your Business to Australia to kick-start your business expansion today.
