26th year of consecutive growth. Globally competitive industries. A smart, skilled workforce. Integrated in the Asia-Pacific region.
Now in its 26th year of consecutive economic growth, Australia’s resilient economy is underpinned by strong institutions and sound regulatory policies, plentiful natural resources, a sophisticated services sector, and an ability to respond nimbly to global changes.
In 2017, Australia is set to retain its position as the world’s 13th largest economy (in US dollar terms). Over the next five years, Australia’s economic growth rate is forecast to be the highest among major advanced economies.
Australia’s integration with the dynamic Asian region is driving growth. Ten of our top twelve export markets in 2015-2016 were in Asia. Trade with Asia-Pacific Economic Cooperation (APEC) member countries was strong, at around 72 percent of Australia’s total trade. The ASEAN region is emerging as a significant market, with total export values making up around 14 percent of Australia’s two-way trade in 2015-2016.
Enduring ties to the Asia-Pacific has helped Australia prosper. Our natural resources support industrialisation in the region and our agricultural products and premium food are meeting the demand for clean, green and safe products. With large reserves of mineral and energy resources, Australia is a world-leading producer of gold and iron ore; and is ranked in the world’s top 20 for solar and wind generation.
Australia is also a global top 10 producer of major agricultural goods.
Australia’s services sector is well-equipped to provide the financial, professional, education, healthcare and tourism services that our neighbours are now seeking.
In financial services, Australia has one of Asia-Pacific’s largest pools of bank assets, as well as significant wealth management and infrastructure financing expertise.
Australia is an attractive destination for education – it is the world’s third most popular location for students choosing to study overseas, and education services are one of Australia’s leading exports. Across Asia, Australia is a ‘first choice’ education destination, and hub for business and technology-related education, with almost 70 percent of international students studying management, commerce, engineering or information technology.
Australia recognises the contribution of innovation and science to economic growth, prosperity and job creation. Our Commonwealth Scientific and Industrial Research Organisation (CSIRO) ranks in the top one percent of the world’s scientific institutions in 14 fields.
Australia is the world’s 11th largest international tourism market, and, in 2016, welcomed 8.19 million international visitors, up 11.3 percent compared to the previous 12 months, according to the Australian Bureau of Statistics.
Australia’s network of free trade agreements, and strong business and cultural ties with Asia provide a secure platform for expansion. For trade and investment there is no better partner than Australia.
(Source – Australian Trade and Investment Commission, Why Australia Benchmark Report 2017)