Doing Business in Australia
Published in April 2019
Australia is the 20th largest export economy in the world and the 59th most complex economy according to the Economic Complexity Index (ECI). In 2017, Australia exported $243B and imported $199B, resulting in a positive trade balance of $44B. In 2017 the GDP of Australia was $1.32T and its GDP per capita was $48.5k.
The top exports of Australia are Iron Ore ($48.2B), Coal Briquettes ($47B), Gold ($29.1B), Petroleum Gas ($20.3B) and Wheat ($4.88B), using the 1992 revision of the HS (Harmonized System) classification. The top export destinations of Australia are China ($85B), Japan ($34.6B), South Korea ($18B), India ($14.8B) and Hong Kong ($14.2B).
Its top imports are Cars ($18.1B), Refined Petroleum ($14.4B), Special Purpose Ships ($9B), Broadcasting Equipment ($7.22B) and Delivery Trucks ($6.8B). The top import origins are China ($47B), the United States ($20.5B), South Korea ($18.7B), Japan ($16.3B) and Thailand ($10.6B).
FDI helps power some of Australia’s leading industries, creating more opportunities and jobs. It supports local businesses, develops infrastructure and builds regional economies, and drives greater competitiveness, innovation and productivity through new technologies.
Investment from overseas means:
- Jobs for Australians – with 1 in 10 Australian jobs supported by foreign direct investment – employing 1.2 million people.
- Greater growth for the Australian economy – businesses supported by FDI hold $2.7 trillion in assets – almost a quarter of Australia’s total assets. They contribute to more than a quarter of Australia’s economy – $286 billion in Industry Value Add (IVA).
- Increased productivity and exports – FDI has also contributed to generating two fifths of Australia’s goods and services exports.
There are a number of important considerations for investors when deciding on how to enter the Australian market or when establishing a business in Australia. Investors will generally need to choose between establishing a new company, registering as a foreign company or acquiring an existing company.
If establishing a new business, a variety of business structures are available, each with their own regulatory and tax considerations. Businesses may also need to establish their identity through a trade mark, online and/or physical presence.
This portal incorporates live data feeds from:
•The Organisation for Economic Cooperation and Development (OECD)
•The World Bank
•The observatory of Economic Complexity
The intention is to provide access to live information extracted from the regularly refreshed databases maintained by these organisations.