With the 14th largest economy in the world, Australia provides an abundance of opportunities for international companies. It's long-term economic strength and resilience make it an ideal place in which to do business.
Covid-19 latest information
This guide is an accurate reflection of the pre-Covid-19 business environment in Australia. Please note that due to the current situation, some circumstances may have changed in this country. Figures and data in the guide were last updated in August 2020.
Australia has one of the highest qualities of life globally. Its diverse range of industries, highly skilled workforce and connections to fast-growing Asian nations give it a unique position among major business destinations.
HSBC was established in Australia in 1965, with a full banking license obtained in 1986. Today, the HSBC Group offers an extensive range of financial services through a network of 45 branches and offices in Australia, including retail and commercial banking, trade finance, treasury and financial markets, global liquidity and cash management, as well as securities services.
As one of Australia's leading international banks, we are very well positioned to help your business thrive.
I very much look forward to working together.
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1 Trading Economics, 2019
2 Organisation for Economic Co-operation and Development, 2019
3 Central Intelligence Agency (CIA), 2019
* Map shows cities of economic significance according to the CIA, 2019
5 Australian Government, 2020
All indices represent the latest 2018/19 rankings
for ease of doing business (in a survey of 190 measured economies by The World Bank)
Resource-rich Australia holds a modern-era record for uninterrupted growth. Between 1991 and 2019 the country's economy expanded steadily without recession.5
Australia’s population has more than doubled since 1966, fuelled by an increase in birth rate, life expectancy and migration. And it’s not stopping at 25 million either, with the population predicted to increase by almost 50% to 35.9 million by 2050.
Australia is located close to Asia, the new epicentre of global economic growth. It has a strong brand in China and is well known throughout Asia as the outpost of the English-speaking world.
Home to many multinational organisations with operations in Asia, Australia is a regional leader that influences business across Asia-Pacific.
Growth in consumer spending is driving the domestic economy. Household wealth is high. And at 66%, Australia also has one of the highest middle-class populations.
Australia’s political stability, transparent regulatory system and sound governance frameworks underpin its economic resilience. It also has a quality of life that is rated among the best in the world.
Situated between the India and Pacific Oceans, Australia is a land of contrasts. From verdant tropical rainforests to its arid red centre, the many incredible beaches and its growing urban spread.
Australia is a truly unique and diverse country. Its multicultural, multiracial landscape is reflected in all areas of society and its indigenous heritage continues to play a defining role.
This vast island continent contains 19 listed World Heritage sites, and is renowned for its landmark architecture including the Sydney Harbour Bridge, along with its ancient geology such as the striking landscapes of Uluru.
Each state and territory of Australia has its own government, though the country is governed by two main political parties.
Although it may appear geographically isolated, Australia’s businesses are becoming increasingly more prosperous by looking outwards onto the international stage.
Australia is the sixth largest country by land mass, with one of the longest coastlines in the world.
All of this combines to make Australia one of the global economic success stories of recent decades with low unemployment, a highly skilled workforce and thriving business community.
Read on to discover more about the dos and don’ts of doing business in Australia. Also find out how trading in or with the country could help boost the future growth of your enterprise.
The distances between Australia’s major cities are huge. Almost 4,000 km separate Sydney from Perth by car, the equivalent of driving for over 60 hours. Even Melbourne is 875 km from Sydney.
While Australia’s climate is a big attraction for many, temperature extremes can pose challenges in many industries. It is estimated that extreme weather costs the economy AUD7 billion a year.
Australia introduced a new Temporary Skill Shortage (TSS) visa in March 2018. This allows a Short-Term stream of up to two years and a Medium-Term stream of up to four years. As part of this programme, it is tightening eligibility requirements for employer-sponsored permanent skilled visas.
The Australian Chamber of Commerce and Industry highlighted paying taxes as a concern for businesses, some of whom raised grievances over the increase in superannuation levy from 9% to 12%.
1 Australian Government, 2018
2 TMF Group, 2018
All indices represent the latest 2017/18 rankings