Strategic location, strong economy, opportunities for foreign investment, highly skilled workforce and stable regulatory environment all make Australia one of the safe and top destinations to do business.
Australia is the 13th largest economy in the world in terms of nominal GDP, which accounts for 1.70% of the global economy and has enjoyed economic growth for the past two decades. Due to the Covid-19 outbreak, the GDP dropped in 2020, however, it has seen a positive increase in the last year. The services sector dominates the Australian economy, which contributes approximately 66% to the GDP.
The Australian government openly supports foreign investment and has no restrictions on foreign shareholders, except in regulated industries. The top sectors that attract foreign investment include mining and quarrying, real estate, manufacturing, finance and insurance, and wholesale and retail trade. Australia’s research and development (R&D) tax incentive has attracted industries to conduct new R&D activities and encourages businesses from overseas to use Australia as a hub for R&D. Australia has also been a member of the World Trade Organisation (WTO) since 1 January 1995 and currently has 16 free trade agreements (FTAs) in force to eliminate barriers to trade and investment.
GDP growth (2020)***