When establishing a company in Australia, it’s crucial to comprehend the business environment to ensure your entity operates legally and securely, aligning with your long-term goals.
Political Landscape: Australia, ranked 12th in Transparency International’s Corruption Perceptions Index (2019), is actively engaged in global organizations like the World Trade Organization, OECD, G-20, and Commonwealth of Nations.
Economic Overview: Australia, rated 16th most competitive nation by the World Economic Forum, exhibits a score of 78.75%. As the 14th largest global economy and 11th in GDP per capita, it sustains steady growth with low unemployment, public debt, and inflation rates.
Social Factors: With a 99% literacy rate, Australia offers access to a highly skilled labor force, enhancing business prospects.
Technological Trends: Australia embraces technological advancements, evident in policies like the Australian Financial Services (AFS) license for FinTech and cryptocurrency businesses. Cryptocurrencies are legal and subject to capital gains tax since 2017.
Legal Framework: English being the official language minimizes communication challenges. Australia, ranking 14th globally for ease of doing business, maintains fair trading, competition, and consumer laws, fostering a level playing field and preventing monopolies.
Environmental Considerations: Ranked 21st in the Environmental Performance Index, Australia prioritizes sustainable growth while addressing challenges like natural climate change. Water insecurity and infectious diseases remain concerns.
By considering these facets, you can navigate the Australian business landscape strategically, setting up your company for success.