Australia has one of the strongest and most open economies in the world
If you are considering doing business in Australia, please explore our top tips to enter the market below and also be sure to reach out to our team in Australia.
- Australia has one of the strongest, most competitive and open economies in the world. Historically seen as suffering from its remoteness from Europe, today Australia benefits from its strategic location on the doorstep of Asia.
- As Australia’s economy has developed, it has put a greater emphasis on professional services and technology. Telecoms, financial services, education and scientific and technical services all constitute an increasing share of the Australian economy.
- The Australian Government is developing a national Technology Investment Roadmap that will drive investment in low emissions technologies to strengthen the economy and support jobs and businesses. This is a key priority on the road to recovery from COVID-19 and provides opportunities for innovative offerings in the energy sector.
- Australia is the third most popular destination in the world for foreign students enrolled in higher education and has the third-highest number of universities in the world’s top 100.
- Significant infrastructural investments in telecommunications and transport infrastructure are underway by state and local government.
- One of the biggest challenges for Irish companies is how to service customers 15,000 km away. In most cases, a local presence should be established, or partner secured, as directly servicing the market from Ireland is difficult in most industries. Companies should be prepared to invest time to come to the market to meet with possible partners before selecting a company which is the best fit.
- Irish businesses should have little difficulty traversing cultural barriers in Australia.
- The Australian egalitarian approach to life is reflected in its business culture and can be seen in both corporate structures and communication style. Australians can be quite direct and matter of fact in their tone and prefer if this approach is reciprocated
- Hiring someone with industry knowledge can be an excellent way to build a presence. Companies should take a hands-on approach to onboarding and supporting their hire as the time difference can leave them isolated from the wider organisation.
- Avoid visits to market from mid-December to the end of January as these are prime holiday times. Be aware the Australian financial year runs from 1st July to 30th June and therefore many key decisions are made between mid-May and mid-July.
- Australia’s highly-skilled workforce and business-friendly policies have led to a growing tech ecosystem and is ranked 1st globally for technological readiness.
- The Asia-Pacific region is the fastest-growing region in the world for financial technology with Sydney and Melbourne acting as financial hubs for the wider Asian-Pacific region. This makes Australia and attractive market for fintech businesses.
For more be sure to check out our Going Global Guide