Austrade’s 2018 Benchmark Report (BMR) was launched by the Minister for Trade, Tourism and Investment, the Honourable Steven Ciobo MP in San Francisco on 2 February. An electronic version of the report is now available on the Austrade website, allowing content to be downloaded for use in presentations and reports.
Now in its 18th year, Austrade’s BMR provides a wide range of economic and financial data that aims to demonstrate why there is no better partner for trade, investment and collaboration than Australia.
Structured around five main reasons for trading with and investing in Australia – Robust Growth, Dynamic Industries, Innovation and Skills, Global Ties and Strong Foundations – the Report clearly sets out Australia’s credentials against other major economies across each category.
Some important points to note
An important feature of the 2018 edition is an updated chart that provides snapshots of five of Australia’s globally significant industries - Resources and Energy, Agribusiness, Education, Tourism and Funds Management (see chart below). Australia has now emerged as a global leader in these rapidly growing and dynamic sectors. Ongoing demand for our goods and services across these sectors is expected to drive trade and investment both in Australia and globally.
- Australia is of course renowned for its successful resources and energy sector, which has helped power emerging Asia’s urbanisation and economic growth;
- With global food demand booming, Australia is ideally placed to become a premium food supplier and a reliable, long-term partner of choice in food security;
- As a leading education provider, in 2016 Australia attracted more than half million students from around the world, and particularly from the Asia-Pacific region;
- Australia is the world’s 10th largest international tourism market, benefiting more from the contribution of tourism receipts to its GDP than nations such as the USA, France, the UK and Italy. Increasing numbers of inbound overseas visitors are driving demand for new tourism infrastructure; and
- Australia is also home to one of the world’s major and most sophisticated financial sectors, providing access to capital and financial expertise, particularly in wealth management.
In addition, the 2018 report highlights our advanced research and innovation capabilities; educated and multicultural workforce; trade, investment and cultural links within the fast-growing Asian region; stable, transparent and well-regulated business environment; and sophisticated financial sector.
In the this year’s report, I have also included several new charts including Australia’s Record of Innovation, Free Trade Agreements in Force, Major Languages Spoken in Australian Homes and International Students by Region.
In future posts, I will look in a bit more detail at each of the five key factors the report highlights as contributing to Australia’s attractiveness as a trade and investment partner.