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National Day of Australia
 
Australia: A competitive economy, business & trade location
1/26/2006
 

          Australia has one of the strongest economies in the world-competitive, open and vibrant. The nation's high economic performance stems from effective economic management and ongoing structural reform. Australia has a competitive and dynamic private sector and a skilled, flexible workforce.
In 2003-04, the Australian Government recorded a budget surplus of $8 billion-one per cent of gross domestic product (GDP). The Australian Government's net debt fell by $6.2 billion in 2003-04 to $23.4 billion. At 2.9 per cent of GDP, this is the lowest in 26 years.
With a globally competitive economy and a sound, stable and modern institutional structure that provides certainty to businesses, Australia remains an attractive destination for trade and investment. It offers an open economy with a business friendly tax system and low barriers to trade and investment.
Australia offers an exciting range of advantages as a business and investment location, including:

l Open, robust economy forecast for continued growth
l Low inflation and low interest rates
l Well managed fiscal and monetary policies
l Committed and stable workforce and a low rate of industrial disputes
l Multilingual, highly educated and skilled, computer-literate labour force
l Cost-competitive location with competitive wages, high labour productivity, low property and construction costs
l An open and efficient regulatory environment
l Sizeable domestic markets and strong links to the Asia-Pacific region
l Low research and development (R&D) cost structures and low-cost business infrastructure
l World class information technology and telecommunications infrastructure
l Politically stable environment where foreign direct investment is welcome and government is committed to high quality investment services
Australia's trade in goods and services was valued at almost $311 billion in 2003-04, or 1 per cent of total world trade. Australia has developed new strengths as a supplier of advanced goods and services.
Australia's traditional export strengths - primary products in agriculture, minerals and energy continue to make a strong contribution to national prosperity. In 2003-04 services exports reached $34 billion - 24 per cent of total exports. Personal travel and passenger services exports were valued at $14.1 billion - 9.8 per cent of Australia's total export earnings. Education, professional, communications, insurance and financial services exports broke the $11 billion barrier in 2003-04. Exports of information and communications technology (ICT) services generated $2.2 billion in 2003-04.
In 2003-04, education services exports continued to be a particularly strong performer, reaching around $6 billion. Enrolments by full-fee overseas students in Australia totalled 303,324 in 2003, with most enrolment growth in the higher education and schools sectors. Australia has the third-largest number of international students in the English-speaking world.
One of the most important factors behind greater efficiency in Australia's trade and investment has been the sharp reduction in Australia's average tariff rates on imports. Australia's average applied tariff rate has halved in the last decade, contributing to lower business input costs and raising the efficiency of local producers. From July 1 2003, Australia introduced duty free and quota free entry for all products from least developed countries. Bangladesh can benefit from this access, especially with its garments and textile exports.

 

 
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