The Ease of Doing Business and the Future of Australia 's Economy Term Paper

Open, View, and/or
Download this Document

Total Length: 1871 words ( 6 double-spaced pages)

Total Sources: 7

Page 1 of 6

Australia Country Paper: Doing Business Down UnderToday, Australia is classified as a middle-income nation that enjoys the unique distinction of being the only island continent in the world. Although an “island mentality” has affected Australia’s relations with the international community over the years, this mindset has not substantively affected its commerce nor its economic and military alliances and the country remains a steadfast ally of the United Kingdom and United States. To help determine the current status of this island nation, the purpose of this paper is to provide an analysis of the unique cultural, political, economic and legal aspects of doing business in Australia, drawing on the peer-reviewed and governmental literature as well as recent mainstream media accounts. Finally, a summary of the research and key findings about doing business in Australia are presented in the paper’s conclusion.Australia’s Geography and HistoryThe map at Appendix A illustrates Australia’s geographic location in Oceania between the South Ocean and the Indian Ocean. Although humans have lived in Australia for tens of thousands of years, it was first discovered by Westerns in 1770 when Captain James Cook claimed possession of the east coast of Australia (Australia history 2021). Great Britain established a penal colony in New South Wales in southeast Australia (Australia’s penal colony roots 2012), and all of Australia was subsequently claimed in the name of Great Britain in 1829 following the creation of Western Australia as a British colony (Australia history 2021). This colorful history has translated into a nation of friendly, hard-working people who share a common heritage with much of the rest of the English-speaking world, but their history has also contributed to a unique culture which is discussed further below.Cultural AspectsThe 26 million people of Australia (Australia population 2021) may live on an island, but their cultural reach is global. Indeed, Australian YouTube influencer Ethan Marrell, better known as “Ozzy Man,” has provided tens of millions of people around the world with first-hand glimpses of some prominent features of Australian culture over the past several years. Given their proximity to the ocean, it is also not surprising that seafood is a popular choice for many Australians, but international cuisine and conventional “fast fooderies” abound across the country (Food in Australia 2021). In addition, there are other, lesser-known aspects of Australian culture that are also relevant for foreign visitors and expatriates, though, including the fact that Australia largely managed to avoid the same types of rancorous and event violent labor-management animosities that characterized the United States in the 20th century.This “we’re all in this together so we might as well get along” attitude has translated into a relatively amicable relationship between Australian workers and managers today. For instance, according to sociologist Geert Hofstede, Australia has a low context culture: “Within Australian organizations, hierarchy is established for convenience, superiors are always accessible and managers rely on individual employees and teams for their expertise” (Australian cultural dimensions 5). Likewise, communications and dress codes in the Australian workplace tend to be informal in nature, there are few silos since information is freely shared and workers and managers alike are consulted for decision-making purposes in organizational meetings (Hofstede 2021).

Stuck Writing Your "The Ease of Doing Business and the Future of Australia 's Economy" Term Paper?

View All Our Example The Ease of Doing Business and the Future of Australia 's Economy Term Paper

Have A Custom Example Essay Written

Beyond the foregoing, there are some other aspects of Australian culture that should be of interest to foreigners seeking to do business there. For instance, Australian culture places a high priority on trusting the government to “do the right thing” to ensure the safety and wellbeing of all Australians through domestic and international policymaking (Abelson 2019). There is also a prevailing sense that the government should promote social justice and “soften the blows” of economic…

[…… parts of this paper are missing, click here to view the entire document ]

…(Doing business in Australia 2021). At present, though, the Australian government has only modest regulations on imports and exports and strongly encourages foreign direct investments (Australia economy 2021). In fact, the World Bank ranked Australia 14 (out of 190 economies) in terms of the ease of doing business in 2019, an improvement from its rank of 18 in 2018 (Ease of doing business in Australia 2021), reflecting a sustained improvement over the past decade as shown in Figure 3 below.Fig. 3. World Bank ranking for ease of doing business in Australia: 2010 to dateSource: https://d3fy651gv2fhd3.cloudfront.net/charts/australia-ease-of-doing-business.png?s= ausicbuseasexq&v=202106092315V20200908Furthermore, Australia continues to be ranked among the least corruption nations in the world and its score of 79/100 by Transparency International ranks it 13 out of 168 countries (Corruption and integrity issues 2021). In sum, Australia is an attractive destination for companies seeking to expand their operations overseas, and American expatriates in particular will likely find themselves “right at home.”ConclusionThe research was consistent in showing that Australia is a prospering island nation that enjoys a wide array of natural resources that have contributed to its sustained economic growth. More important, however, the research also showed that despite its notorious origins as a British penal colony, Australia has earned a global reputation as a country that is serious about doing business, even though its values and other priorities are markedly different from many high context cultures. Given these numerous positive attributes and a reputation as one of the least corrupt nations in the world, it is little wonder that Australia continues to attract significant foreign direct investments despite its ongoing trade dispute with its major trading partner, China. In the final analysis, it is reasonable to suggest that Australia will continue on its path towards economic growth and development based on its demonstrated track record of….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"The Ease Of Doing Business And The Future Of Australia 's Economy" (2021, June 10) Retrieved June 26, 2025, from
https://www.aceyourpaper.com/essays/ease-doing-business-future-australia-economy-2181152

Latest MLA Format (8th edition)

Copy Reference
"The Ease Of Doing Business And The Future Of Australia 's Economy" 10 June 2021. Web.26 June. 2025. <
https://www.aceyourpaper.com/essays/ease-doing-business-future-australia-economy-2181152>

Latest Chicago Format (16th edition)

Copy Reference
"The Ease Of Doing Business And The Future Of Australia 's Economy", 10 June 2021, Accessed.26 June. 2025,
https://www.aceyourpaper.com/essays/ease-doing-business-future-australia-economy-2181152
   

Open, View, and/or
Download this Document
order custom essay example