AGN Live Country Guides

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.

 

 

Use the navigation buttons below to access to more live data:
Inflation, Development indicators, Exports, Trade Balance, and more.

OECD Country Comparison Portal

The window below is a direct feed of regularly updated information from the OECD. It provides data concerning everything from GDP growth, fiscal balance, investment, and unemployment rates to consumption, import volume and export volume. The window allows comparisons between Australia and other countries of the OECD average for these factors.

World Bank Development Indicators

Exports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods exported from Australia.

Imports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods imported into Australia.

Trade Balance

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph illustrates the subsequent trade balance of exports and imports to and from Australia.

Destinations

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph shows the destinations of goods and services by country.

 

Business Opportunities in the AP Region:

AUSSIE TECH – BIG OPPORTUNITIES FOR DIRECT INVESTMENT     (Jan 2018)

There are huge opportunities for AGN technology clients in Australia. Between 2014 and 2020, the contribution of digital technologies to Australia's economy is forecast to grow 75% to A$139 billion.

Almost all of this growth (97%) is predicted to take place in a range of traditional sectors such as financial services, agribusiness, life sciences, resources and energy. The Australian government warmly welcomes foreign investment in the some critical areas.

find the firm best prepared to serve you

Vietnam features at No3 in the top 5 best countries to invest in     (August 2016)

Recently free trade agreements have been signed with the European Union and 11 members of the Trans Pacific Partnership (TPP). Most economic indicators show resilience and point towards a continued and pro-longed period of growth. 
As a rising middle class country Vietnam offers many interesting business opportunities. Vietnamese population is a young one with the average age of the Vietnamese people being around 29. Due to the Confucian way of thinking education is highly valued and these young people have a reputation for being very eager to learn and are hard workers. English is the most commonly used language for educational studies and so the language barrier is not often an issue. Economic growth is stable and the country enjoys a stable political environment.

find the firm best prepared to serve you

Top 5 Foreign Direct Investment     (June 2016)

Foreign Direct Investment (FDI) accounts for approximately 11% of global GDP and more than 80 million jobs worldwide. There are four critical motivators that drive companies to pursue direct investment in foreign countries: 
Natural resource seeking, which speaks for itself. Market-seeking e.g. to gain access to new customers. Efficiency-seeking to reduce production costs by gaining access to new technologies or competitively priced inputs, and finally strategic-asset seeking such as valuable brands, new technologies, or distribution channels.

THE TOP 5 BEST COUNTRIES TO INVEST ARE: 
NO 5 - IRELAND - Many viewed Ireland's tax environment as one of the best in the world, scoring just behind Luxembourg and Panama. Business starts ups get 3 years tax free and then move to a 12.5% rate, which is practically half the global average.  
NO 4 - INDONESIA - Due to oil and massive reserves of other natural resources Indonesia has one of the biggest economies in the world. The Indonesian government are pursuing a radical agenda of reforms to assist FDI.
NO 3 - VIETNAM - Recently free trade agreements have been signed with the European Union and 11 members of the Trans Pacific Partnership (TPP).
Most economic indicators show resilience and point towards a good period of growth. 
NO 2 - SINGAPORE - Educated citizens and intellectual property protection law, along with large ex-pat communities make Singapore an attractive launch pad into the broader Asia region.
NO 1 - INDIA - Recently outperforming china as the top recipient of FDI in 2015, the governments campaigns to create favorable investment conditions in 25 key sectors, and the hugely successful Make in India campaign, have both contributed to India taking the number 1 slot.  

find the firm best prepared to serve you

Regional publications:

TRANSFER PRICING 2019

Countries Comparison

A collection of transfer pricing summaries of countries in the Asia Pacific Region

read full publication
 
TAX CARDS 2019

Countries Comparison

General Guide to Asia Pacific Countries Tax Facts

read full publication
 
ASIA PACIFIC TAXPRESSO

A quarterly Tax Publication

2019 - Quarter 3
2019 - Quarter 2
2019 - Quarter 1

2018 - Quarter 3
2018 - Quarter 2
2018 - Quarter 1

AGN News:

October 2019

AGN welcomes new firm in Costa Rica - Cruz & Associates Certified Public Accountants



AGN International – one of the world’s leading associations of independent certified public accounting and consulting firms, announces the addition of a new member firm from Costa Rica - Central South America (CSA) region.

Read the full article
October 2019

Symposium Success: NA Fall Symposium 2019 Press Release


 

This year, AGN NA hosted its annual Fall Symposium in Atlanta GA, on October 20 - 22. The event saw a total of 80 attendees, of which 63 were delegates. 

The event presented attendees with dynamic speakers on current practice management issues such as growth, staff retention, and firm culture, as well as a two-day tax seminar for AGN tax professionals. The Grand Hyatt Hotel in Atlanta’s Buckhead section also hosted AGN’s staff level training and emerging leaders program, rounding out a diverse representation of AGN member firms.

Read the Press Release

AGN Firms in the country

Australia
Ashfords Accountants & Advisory Pty Ltd
Suite 5
14 Garden Boulevard
Melbourne VIC 3172
Time Zone:
Phone: 0061 3 9551 2822
EMail: greg.cusack@ashfords.com.au
Economos Chartered Accountants
Citigroup Centre,Level 38
2 Park Street
Sydney NSW 2000
Time Zone:
Phone: +61 2 9266 2200
EMail: adrian.byrne@economos.com.au
Harding Martin Chartered Accountants and Business Advisors
221 Brisbane Street
Ipswich Queensland QLD 4305
Time Zone: GMT +10
Phone: 0061 7 3812 2233
EMail: dcmartin@hardingmartin.com.au