|
| GDP |
US$10,500+ billion / AUD$530+ billion |
| GDPper head |
US$45,800 / AUD$36,300 (2007) |
| GDP growth |
3.2% (2008) |
| Inflation |
3.5% (2008) |
| Local currency |
Australian Dollar (100 cents = 1A$) |
| Exchange rate |
AUD$1 = US$ 0.9131 (Feb 2008) |
| Capital city |
Canberra |
| Population |
21.1 million (2007) |
| Area size |
7.69 million sq. km |
| Exports (A$m) |
168,055 |
| Imports (A$m) |
187,796 |
| Top import sources |
China 16%, US 13%, Japan 10%, Singapore 6%, Germany 5% (2007) |
| Top export markets |
Japan 19%, China 14%, Republic of Korea 8%, US 6%, New Zealand 6% (2007) |
| Top Australian imports (2007) |
Crude petroleum, passenger motor vehicles, refined petroleum, computers, medicaments |
| Top Australian exports (2007) |
Coal, iron ore, non-monetary gold, crude petroleum, aluminium ores |
A range of information you will need to do business in Australia is listed below. If you need professional advice please click here.
Economy Watch - Australian profile
Australian Cities
The Australian advantage
Establishing a business.
Standards and requirements.
Intellectual property overview.
Exchange control.
Australian taxation office - complete tax guide for small business.
Australia - Income tax system 2009
State taxes.
Imputation system.
Payroll tax.
Superannuation.
Worker compensation.
Land tax.
Financial institutions duty.
Stamp duty.
Company tax.
Fringe benefits tax.
Transfer pricing.
Thin capitalisation provisions.
Partnerships.
Trusts.
Advanced Guide to CGT concessions for Small Business.
Prior year losses.
Tax exempt organisations and funds.
Small business tax concessions.
Foreign investments / non-residents.
Banking.
Australian Stock Exchange.
Australian Venture Capital Association Limited.
Business Entry Point - Government site providing more information on business owners' obligations, including licences and codes of practice.
Australia has a strong and diverse economy which has capitalised on the country's proximity to the fast growing Asian markets and strong links to the United States and United Kingdom to fuel its growth.
Since 1991, Australia has been in a period of expansion, that has been supported by a robust business and consumer confidence and high export prices for raw materials and agricultural products fueling the economy. Australia's emphasis on reforms, stable growth, low inflation, lowering employment and growing ties with China are other key factors behind the economy's strength.
Australia relies on the export of minerals and import of manufactured goods and is therefore essentially driven by global forces. However the drought and strong import demand has pushed the trade deficit up, although more recently the trade balance has improved due to our strong commodity exports.. Housing prices continue to rise and changes in consumer spending also highlight changes in the Australian economy.
With the recent sub-prime crisis in America, it appears that Australia may escape a similar downturn as America experienced. However what we have seen is the increased cost of credit for Australian banks, which in turn is passed onto consumers.
Conservative fiscal policies have kept Australia's budget in surplus since 2002.
Australia's traditional dependence on minerals (including oil and gas) and farm commodities has decreased, although these sectors still account for over 50 per cent of Australia's visible exports. Manufactured goods now account for more than 30 per cent of Australia's visible exports. With Japan, Singapore, other Southeast Asian countries, and the United States, Australia’s leading trading partners.
A number of reforms have been carried out to make Australia's economy more dynamic and internationally competitive. They have included: the floating of the Australian dollar; the deregulation and ongoing reform of the financial system; lower corporate taxation; the introduction of new competition into the telecommunications sector; the deregulation of the air transport industry; and the introduction of greater flexibility into the labour market.
The Australian legal system is based on English common law, with a local overlay of parliamentary legislation and Australian judge-made law. Each state and territory has its own system of local law administered by state or territory Courts, with a state or territory supreme court at the apex of the structure. There is also a system of federal courts operating Australia-wide handling matters of federal law. The summit of the Australian legal system is occupied by the High Court of Australia.
Australia is a federation, similar to the United States of America. There are six states, each with its own local legislature and government. There are two federal territories controlled by the National Government and have important powers of local government. Finally, there is the national legislature and government centred in Canberra. The Australian National Government comprises a Prime Minister and a Cabinet of Ministers, all of whom are members of the National Parliament. The National Parliament is elected every three years.
There are two major political parties in Australia: the Liberal Party which is mildly conservative in orientation, and the Labour Party which is only slightly left-of-centre, with a mildly reformist and progressive social agenda.
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