International: Economics and Australia
A PESTEL analysis of the Australian market
Australia is the 15th richest nation in per capita terms and is the 6th oldest continuously functioning democracy in the world. Australia has the 14th biggest overall economy in the world and the 9th biggest economy. Australia’s economy is open and innovative. Over the past decade solid productivity gains have been accompanied by low inflation and interest rates.Also Australia has low barrieirs to trade and investment .Australia foreign and trade policies promote the security and long term prosperity of Australia in a global context. Australia’s economy is highly susceptible to the impact of climate change. In 2008 the Australian Government committed to create an organization called “Infrastructure Australia” to provide a new national approach to planning ,implementing and funding the nations future. Being a safe, stable and prosperous country Australia is an increasingly attractive hub for international and regional business and business operations.
According to recent survey it can be said that Australia’s economic success in the last century was based on its abundant agricultural, mineral and fuels resources.Numerous factors have contributed to this development Informations and communications technology is a key driver in economic growth,other factors such as advances in travel,exchanging of ideas,broader accces to standards to educations etc have also contributed to this success. Australia’s ICT market is worth an estimated $89 billion with more almost 25,000 companies employing 236000 IT specialists
Political environment
In Australia, it is a liberal-capitalistic democracy. The state keeps interfering substantially in the economy through the use of various roles; for instance the parliament might decide to set up importation taxes aimed to protect the national economy, or it might create environmental protection laws aimed to protect the natural heritage of the country. This affects international business because
Australia is the 15th richest nation in per capita terms and is the 6th oldest continuously functioning democracy in the world. Australia has the 14th biggest overall economy in the world and the 9th biggest economy. Australia’s economy is open and innovative. Over the past decade solid productivity gains have been accompanied by low inflation and interest rates.Also Australia has low barrieirs to trade and investment .Australia foreign and trade policies promote the security and long term prosperity of Australia in a global context. Australia’s economy is highly susceptible to the impact of climate change. In 2008 the Australian Government committed to create an organization called “Infrastructure Australia” to provide a new national approach to planning ,implementing and funding the nations future. Being a safe, stable and prosperous country Australia is an increasingly attractive hub for international and regional business and business operations.
According to recent survey it can be said that Australia’s economic success in the last century was based on its abundant agricultural, mineral and fuels resources.Numerous factors have contributed to this development Informations and communications technology is a key driver in economic growth,other factors such as advances in travel,exchanging of ideas,broader accces to standards to educations etc have also contributed to this success. Australia’s ICT market is worth an estimated $89 billion with more almost 25,000 companies employing 236000 IT specialists
Political environment
In Australia, it is a liberal-capitalistic democracy. The state keeps interfering substantially in the economy through the use of various roles; for instance the parliament might decide to set up importation taxes aimed to protect the national economy, or it might create environmental protection laws aimed to protect the natural heritage of the country. This affects international business because