Doing Business in Australia: Sydney Canberra Adelaide Brisbane Melbourne

Course summary Doing Business in Australia

The continued importance of the Asia-Pacific region as a source of world economic growth means Australia is a strategic location for business opportunities in Asia. In 2009, the Australian economy was ranked in the top three countries in the Asia-Pacific region for its overall competitiveness. Australia is well placed to capitalise on growth in China and India. Its relative proximity to these two countries, plus already strong trade links, mean that Australia’s geographic location now represents a significant asset.

Australia is a serious trade and investment player, generating more than 20 per cent of GDP from exports and more than 36 per cent from FDI stock and its economy is now predominantly services-based, with services accounting for just over 60 per cent of economic activity. Australia has a sophisticated financial services sector and is ideally positioned as a centre for the Asia-Pacific region.

Foreign trade of Australia
- Exports: $176.7 billion, 2009 estimate
- Maine export products: coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment.
- Major Export markets: China, Japan, South Korea, India, United States and U.K.
- Imports: $180.5 billion, 2009 estimate.
- Main import products: machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products.
- Major suppliers: China, United States ($20.05 billion), Japan, Thailand, and Singapore.
- Exchange rate (2010): U.S. $1 = A$1.11 (average for 2010 of A$1 = U.S. $0.90).

International Economic Relations. Australia is member of: Asia-Pacific Economic Cooperation forum, the Association of South East Asian Nations Regional Forum, the East Asia Summit, the Pacific Islands Forum (PIF), United Nations, World Trade Organization, Commonwealth, Economic and Social Commission for Asia and the Pacific (ESCAP), International Monetary Fund (IMF), OECD, Pacific Economic Cooperation Council (PECC), SAARC (Observer), Oceania Customs Organisation (OCO), Ocean Rim Association for Regional Cooperation (IORARC), Boao Forum For Asia (BFA),  Forum for East Asia-Latin America Cooperation (FEALAC), Asia-Europe Economic Meeting (ASEM), Colombo Plan ...

Australia has bilateral Free Trade Agreements FTA with New Zealand, United States (FTA), India - Australia (CECA), Singapore (SAFTA), Thailand and Chile, and a regional FTA with ASEAN -Australia New Zealand Free Trade Area (AANZFTA)- and New Zealand. Australia is currently negotiating seven FTAs - bilateral FTAs with China, Japan, Korea and Malaysia, and regional / plurilateral FTAs with the Gulf Cooperation Council, the Trans-Pacific Partnership (TPP) and a new Pacific trade and economic agreement (PACER Plus).

Asia Pacific economies account for 68.1 per cent of Australia’s two-way trade in goods and services. The USA is one of Australia’s top merchandise trading partners, its largest services trading partner and its leading source of foreign investment. Japan has been Australia’s largest export market for 40 years. Merchandise exports to Japan totaled $52.5 billion in 2008-09, more than the combined value of goods exports to China and the United States. In 2008-9, Australia's trade with China reached $83.0 billion. Australia exported goods and services worth $44.4 billion to China. The bilateral trade relationship remains steady with two-way trade totaling $11.5 billion in 2008, making Indonesia their 13th largest trading partner. Singapore is Australia's largest trade and investment partner in ASEAN. The European Union remains Australia’s largest regional bloc source of FDI, accounting for close to 34 per cent of total FDI stock in 2009.