But above all, Australia's economy is highly resilient, having navigated its way through the global financial crisis relatively unscathed. So, if you're looking for a new market to invest in, Australia should be on your radar. This article will give you an overview of the key reasons why Australia is such an attractive investment destination.
Australia's Unique Investment Opportunities
Australia is a large and diverse country, with plenty of opportunities for investors to get involved in a wide range of industries. Its political leadership has been stable for many years and the country has a strong focus on education. As a result, Australia is home to many world-class companies and research institutes. Here are just a few of the unique investment opportunities that Australia has to offer.
Australia consistently ranks highly as a destination for doing business. In the World Bank's Doing Business 2019 report, Australia was ranked 14th out of 190 economies for overall ease of doing business. This is a testament to the country's strong focus on creating a business-friendly environment.
The country has a reasonable tax regime, with a corporate tax rate between 25% to 30%. It also has a highly skilled workforce and a commitment to innovation. These factors have helped Australia attract many multinational companies that have set up operations there.
Strong International Trade Ties
Australia has strong trade ties with a number of major economies, including South Korea, China, and Japan. This gives Australian businesses access to a vast customer base. And it's not just goods that are being traded — Australia is also a major destination for foreign investment.
In 2021, Australia's level of FDI rose by AUD 92.3 billion, bringing it to an impressive AUD 4,136.1 billion. This demonstrates the country's attractiveness as an investment destination. And with Australia's economy set to continue growing, this trend is likely to continue.
Highly Educated Talent Pool
One of the key factors that make Australia such an attractive investment destination is its highly educated workforce. The country has over 40 universities, six of which are ranked in the global top 100. Thanks to the government's continued investment in higher education, over 40% of people aged between 20 and 34 years have a Bachelor's degree or higher. This is above the OECD average, and it means that businesses in Australia have access to a highly skilled talent pool.
Dynamic Range of Industries
Australia's economy is highly diversified, with a strong focus on key industries such as mining, agriculture, finance, and manufacturing. This diversity gives investors the opportunity to get involved in a wide range of industries.
For example, Australia is a major producer of minerals and metals. They are the world's largest producer of opal, and they also export the most amount of coal globally. Additionally, they continue to produce significant amounts of iron ore, nickel, gold, uranium, diamonds, and zinc.
In 2021, the country's mining industry was worth over AUD 216 billion, and it is continuing to grow. These natural resources have helped to make Australia one of the world's leading mining nations. With demand for these commodities not set to disappear any time soon, Australia is well-positioned to continue to benefit from this trend.
Australia is a highly attractive destination for businesses and investors. Apart from its stable political environment and highly skilled workforce, Australia’s commitment to creating a business-friendly environment really sets the nation apart. The country has a fair corporate tax rate and is consistently ranked as one of the best places in the world to do business.
Setting up shop in Australia gives businesses access to a vast customer base and provides opportunities to get involved in its dynamic range of industries. Add in its ample natural resources and commitment to innovation, it’s no wonder why Australia is open for business and investors can leverage the many new opportunities there.
To discuss your business growth into the UK, contact Imad Adileh, International Business Leader.