Australia’s modern and sound regulatory and institutional structure has assisted Australia’s economy to be one of the fastest growing in the world with predictions that in the next two years it will also be the best performing economy. Although Australia’s economy is well diversified it is dominated by its strong service sector which represents 68% of GDP, it is actually the mining sector, representing only 10% of GDP which is driving the growth. In the past twenty years, despite what has been happening on the world’s economic stage, Australian economic growth has been an average of 3.3% real GDP growth annually which has been fuelled by its good relationships within the Asia-Pacific region and particularly with China. As Australian exports of resources increase, it is looking for other opportunities which will sustain economic growth regardless of the boom times for mineral and oil companies. Recently it was suggested by the Prime Minister that Australia could be the future food bowl of the East :
‘‘Building our food-processing industry so that it can supply Asia’s growing consumer markets and developing the research, technologies and logistics that strengthen irrigation, grow higher-yield crops and improve safety’’.
A thriving economic environment such as this makes Australia a very attractive proposition when considering where to start business and where to set up home.