Why Australia is the benchmark for trade and investment
Australia’s economic resilience, globally competitive industries, enterprising workforce, global ties and sound governance are spotlighted in Austrade’s latest Why Australia Benchmark Report 2019.
Now in its 19th year, the report provides a wide range of economic and financial data that demonstrates 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 sets out Australia’s credentials against other major economies in each category.
Globally significant industries
An important feature of the 2019 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 below). Australia is rated as a global leader in all of these rapidly growing and dynamic sectors. Ongoing demand for our goods and services is expected to drive trade and investment both in Australia and globally.
Australia is renowned for its mineral and energy resources, which have long been a significant contributor to Australia’s growth and prosperity. In addition, the sector has helped power emerging Asia’s urbanisation and economic growth.
With global food demand booming on the back of a rising global population and growing middle class in the Asia-Pacific region, Australia is ideally placed to become a premium food supplier and a reliable, long-term partner of choice in food security.
A leading education provider, Australia attracted more than half a million students in 2018 from around the world, particularly from the Asia-Pacific region.
Australia is the world’s seventh largest international tourism market, benefiting more from the contribution of tourism receipts to its GDP than the USA, France, the UK and Italy. Increasing numbers of inbound overseas visitors are driving demand for new tourism infrastructure.
Australia is home to one of the world’s major and most sophisticated financial sectors, providing investors access to capital and financial expertise, particularly in wealth management.
A stable trade and investment destination
Australia’s robust trade growth, attractive investment environment and strong business and cultural links with the Asian region, as well as well-regulated business environment, are also compelling reasons for international companies seeking a stable destination to do business.
The report also highlights Australia’s advanced research and innovation capabilities and highly educated, multilingual and multicultural workforce.
In this year’s report, we have included several new charts highlighting Australia’s credentials in new technologies; the economic contributions of foreign and Australian-owned businesses by industry; and the economic activity of foreign-owned businesses by industry.
In future posts, we will look in more detail at each of the five factors the report highlights as contributing to Australia’s attractiveness as a trade and investment partner.
You are welcome to download charts from the Benchmark Report 2019 for use in presentations and reports.