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Business Profile
Economy: Australia has a very diverse economy and a high standard of living. The service sector accounts for almost three-quarters of GDP, but other sectors of the economy contribute significantly to Australian export earnings. Manufacturing is concentrated in the iron, steel and engineering industries. There is a strong agricultural base which contributes 40 per cent of export earnings, although the relative importance of this sector has diminished in recent years owing to exceptional growth in exploitation of mineral deposits. Australia has vast reserves of coal (of which it is now the world’s leading exporter), oil, natural gas, nickel, zircon, iron ore, bauxite and diamonds. Uranium is another key export product: Australian ore fuels many of the Western nations’ nuclear power plants. The main agricultural industry, sheep farming, has suffered a downturn which may prove to be permanent. The country’s service industries, which now account for the major part of the economy, have grown steadily, despite some damage in the wake of the 1997 Asian financial crisis which severely affected many of Australia’s major trading partners. The most important development in the economy during the last ten to 15 years has been a shift in trading patterns towards the Pacific Rim – 60 per cent of Australian exports are now sold in that region. Australia’s single largest trading partner is Japan, which takes about one-third of total exports, followed by the USA, South Korea, New Zealand, Singapore, Taiwan, China and then the EU nations (principally the UK and Germany). Japanese investment in Australia, particularly in property and tourist ventures, has reached the point where most of the eastern seaboard ‘Gold Coast’ is now Japanese owned. Despite indications of impending recession during 2001, the Australian economy has continued to perform well: at over four per cent, the mid-2002 growth rate is well above the OECD average.
Business: Suits are usually worn in Sydney and Melbourne. Brisbane business people may wear shirts, ties and shorts; visiting businesspeople should wear lightweight suits for the initial meeting. Prior appointments necessary. Punctuality is important. A great deal of business is conducted over drinks. Best months for business travel are March to November. Office hours: Mon-Fri 0900-1700.
Commercial Information: The following organisations can offer advice: Australia and New Zealand Chamber of Commerce UK, 393 Strand, London WC2R OJQ, UK (tel: (020) 7379 0720; fax: (020) 7379 0721; e-mail: enquiries@anzcc.org.uk; website: www.anzcc.org.uk); or Australian Chamber of Commerce and Industry (ACCI), Commerce House, Level Three, 24 Brisbane Avenue, Barton, ACT 2600 (tel: (2) 6273 2311; fax: (2) 6273 3286; e-mail: acci@acci.asn.au; website: www.acci.asn.au); or International Chamber of Commerce, Bouganville House, Manuka, ACT 2603 (tel: (2) 6295 1961).
Conferences/Conventions: The Australian Tourist Commission is the first point of contact for information. There is also a nationwide organisation overseeing conference and convention activity throughout the country: Association of Australian Convention Bureaux (AACB), Level 2, 80 William Street, Sydney, NSW 2011 (tel: (2) 9360 3500; fax: (2) 9331 7767; website: www.aacb.org.au).
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