Doing Business in Australia 2022
laws and government initiatives.
Australia resilience: diversity, prosperity and strong foundations
Australia boasts an established legal, political, financial and social system and has high vaccination rates, strong employment growth and high levels of consumer savings. This underpins global confidence in the Australian economy.
The International Monetary Fund (IMF) highlighted Australia’s resilience in its January 2022 World Economic Update. It says Australia’s ‘strong health and economic policies allowed for a quick economic recovery’. This recovery was ‘faster than in most other advanced economies.’
Australia’s economic growth will remain strong at an estimated 4.2% in 2022. Household consumption has rebounded quickly, now exceeding pre-pandemic levels. Meanwhile, generous tax incentives look set to stimulate the strongest boost in business investment since the mining boom. In 2023, Australia will become the world’s 12th largest economy.
Our vibrant, technology-driven industries are complemented by abundant reserves of resources and energy. Top tech talent gives Australia a dynamic edge in global markets. For example, surveys now rank Australia’s fintech industry sixth in the world – and second in the Asia-Pacific region. Australia is now a magnet for tech investment in critical areas, including finance, regulation, medicine and education.
Strong trade growth
Trade is also growing quickly. Strong commodity prices pushed minerals exports higher in 2021. This created a record trade surplus of more than AU$120 billion in 2021. Our agricultural sector is one of the most productive in the world and is set to deliver a record AU$61 billion export crop in 2021–22.
Australia’s openness to trade and investment is central to our long-term success. We have 16 free trade agreements and have led the formation of multiple regional trade agreements in the Asia-Pacific region. Low tariffs and ready access to
Asian markets make us a natural gateway for inward investment from other global regions. Over 70% of our trade is now with fast growing economies in the Asia-Pacific region.
