TRUMANS, Australia – Global Accounting Alliance Member
Economic Overview & Business Opportunities
The social critic Donald Horne once called Australia the Lucky Country. The name wasn’t meant to be flattering, it was delivered with acerbic irony, implying that Australia’s flourishing economy was a consequence of natural resource rather than ingenuity or innovation. But nothing could be further from the truth.
Australia’s economy could be described as prosperous. Inflation is low and interest rates are attractive. The per capita GDP is very good – higher than that of the UK. But on the other hand, the country has a large current account deficit as a result of a lack of exports, especially in the manufacturing sector. However, this is negated to a certain extent to the high prices it receives for some of its exports.
Small business is an important part of the Australian economy. There are 1.2 million small businesses in Australia, and they account for 42% of goods exporters.
The main industries in Australia are mining, tourism, industrial equipment and mining equipment. The last decade has seen GDP growth of 3.3% per annum. There are also low inflation rates in Australia of 2-3%.
According to the World Bank, the fastest place in the world to start a business is Australia – just two days worth of regulatory procedures.
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