Considering doing business in Australia? Could be a good move. The country has the 13th largest economy in the world, is a major regional financial center, and its 5.8% unemployment rate means that there is still some slack in the workforce.
Having weathered the raw materials price slump caused by China’s industrial slowdown and ultimate rebalance, Australia’s economy continues to march forward with a 26-year growth streak and 3.1% increase in GDP. As the slump began to slow the country’s rapid growth, Australia let its currency depreciate, making exports, particularly food going to Chinese consumers, far more appealing. Making the most of every economic opportunity, Australia rode the wave of the biggest mining boom in history and as that winds down is capitalizing on the increase in tourism and housing construction. Australia’s geography and proximity to China may make the country “lucky”, but solid fiscal management has made Australia smart. Unlike Brazil and South Africa, Australia has continued to grow despite the raw materials slowdown.
Despite Australia’s sound fiscal management, continued growth and vibrant educated workforce, expanding there and making a legal hire isn’t simple, but we can offer you a few tips:
Laptops and mobile phones for business use are exempt from the fringe benefits tax.
Get cultural tips and more info on doing business in Australia by visiting our Countrypedia.
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