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Business Environment in Australia
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Business Environment in Australia

Australia has one of the most transparent and efficient regulatory environments in the world. Through proactive reforms, the Australian Government has shown a strong commitment to providing businesses with the right conditions for growth and investment. Australia was identified as having the fewest restrictions on product markets of the 30 OECD countries, the least public ownership of business and the least restrictive impact of business regulation on economic behaviour.

Australia's reputation as a highly competitive economy continues to strengthen. In 2009, the Australian economy was ranked in the top three countries in the Asia-Pacific region for its overall competitiveness. Among countries with a population of 20 million or more, Australia ranks second in the world, behind only the United States. (Source: IMD, World Competitiveness Yearbook, 2009).

Businesses can invest in Australia with confidence in the security and transparency of Australia's regulatory systems. This provides predictability and certainty for business planning. Unlike many countries in the region, there are no foreign exchange controls in Australia and the currency is fully internationalised.

Capital flows, profit remittances, capital repatriation, transfer of royalties and trade related payments remain largely free from regulation.

Transparency in government policy is considered third best in the region, and Australia's legal and regulatory framework has been rated one of the top six economies in the world for encouraging enterprise competition (Source: IMD World Competitiveness Yearbook 2009).

The Australian Government's commitment to continuous improvement in areas such as intellectual property reform and business immigration ensures a streamlined, business-focused regulatory environment. Recent reforms focus on greater labour market flexibility, trade liberalisation, industry deregulation, reductions in tariff barriers and the development of a better tax system.

The intellectual gene pool of Australia's workforce is constantly replenished by an internationally acclaimed tertiary education sector, in combination with an immigration policy that is attuned to the needs of industry. Australia's 41 universities have trained hundreds of thousands of scientists, architects, engineers, financial advisors and other professionals now working in Australia, the US, Europe and Asia. These universities have diverse and rigorous research programs backed by quality facilities. Australia has been ranked equal first in the world for general literacy (Source: Ibid), and on average across all industry sectors, 24% of Australia’s workforce holds a tertiary qualification.

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