With a proven track records of growth, Australia continues to be an attractive and dynamic investment destination. Australia is the 13th largest economy in the world and fifth in the world for economic freedom. According to the World Bank Group, Doing Business 2017: Equal Opportunity for All report, Australia ranked 15th out of 190 economies for easy of doing business and one of the fastest places in the world in which to start a new business – it can take just three days.
If you are serious about bringing your overseas business to Australia, or simply starting a new business down under, it is important to have a close look at Australian top industries, and identify the fast-growing sectors where you should be investing on.
According to the latest Benchmark Report 2017 issued by the Australian Trade and Investment Commission, Australia has proven to be globally successful in 5 key Industries:
Mineral and Energy Resources
Australia is a major producer of minerals and the world’s largest exporter of iron ore. The country also has the world’s largest uranium resources and the fourth-largest black coal resources, as well as large gas reserves.
Australia is also a growing market for renewable, as the country ranked world’s top 20 in solar and wind generation with renewable energy accounted for 14 per cent of Australia’s total electricity generation in 2014–15.
Agribusiness and Food
Agribusiness and food exporter accounts for a total of AU$ 45.1 billion between 2015-16 with China, Japan and US as top export destinations.
Australia is also one of the 10 largest producers for almonds, wool, cotton, lamb, beef, barley, wheat and sugar cane.
Financial Services
Australian’s sophisticated financial services industry is the largest contributor to its economy, generating 9.4 per cent of total gross value added (GVA). The sector has grown 10% a year over the past two decades and its assets are estimated to account around A$7.5 trillion. With a liquid market, Australia has the biggest pool of managed fund assets in the Asia-pacific region and the fourth largest pension pool in the world.
Education
Education is Australia’s largest service export, worth A$19.4 billion in 2015. Australia is the 3rd most popular destination for students and the first-choice destination for higher education across Asia. The country is a hub for business and technology related education with almost 70% of the 363,000 international students studding management, commerce, engineering and IT.
Tourism
Australia is the world’s 11th largest international tourism market. Tourism is one of Australia’s biggest export industries, adding more than A$37.9 billion to the economy in 2015-16 and employing nearly one million people.
Other fast-growing sectors in Australia includes health care, social assistance, manufacturing, professional, scientific and technical services. You can also find out more details about Australia industries at The Australian Trade and Investment Commission – Austrade.
How we can help
Australian Immigration law can be quite complex, and it takes time to research what will be required, per your individual needs. As a registered migration agent, we have the necessary skills to navigate this complex system and support you during the entire process.
Our initial consultation is free of charge. Contact us or call +61 2 9262 4707 for a full assessment of your current situation to determine the best pathway and visa option for you and your business.
Australian Landmark Immigration Solution Team
Sources
- Australia in brief, 51st edition, Australian Government Department of Foreign Affairs and Trade – http://dfat.gov.au/about-us/publications/pages/australia-in-brief.aspx
- Why Australia Benchmark Report 2017 – https://www.austrade.gov.au/International/Invest/Why-Australia