Some say tourism is synonymous with Australian business, since the tourism, service and financial sectors account for 69% of the country’s GDP. The good news about Australian capital is that it’s been continually growing over the past 15 years, with low unemployment, low inflation and a strong mining industry.Drought has been a wrench thrown in Australian agriculture this year, although the streak of bad luck is forecasted to improve. Australians live in a very global economy, having become powerful players in the Asian markets, especially since many of the immigrants in Oz are from Japan, the Philippines, mainland China and South Korea.Globalization is a big part of business in all industrialized countries, but more so with regard to business in Australia. Liberal immigration policies following the world wars has added thousands of citizens from Japan, mainland China, Vietnam, Fiji, South Korea and the Philippines to its shores. For this reason, there is a good working relationship with these other nations and the Chinese industrial world has a growing demand for Australian minerals and fuels.The rise of China’s middle class added another agricultural market to Australia’s list, which previously exported mainly to Japan. It is estimated that one out of two… Read full this story
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