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Australia: Economy, Culture, Business

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Economic stability

Australia is considered to be the third richest, eleventh fastest growing and twelfth largest countries by GDP. They GDP is of $1.5 trillion dollar. This steady economic development is the result of effective management of public policies, accompanied by a law and stable inflation rate of 1.6%, lower interest rate and an unemployment rate of 5.6% which means government is able to manage its human resource appropriately. Australia positions fifth in the amount of average disposable income per domestic. That means there are a lot of people spending money, and that creates great conditions for business. Australians are amongst the richest citizens in the world, so there is better chance of profit to be made. One of the world’s richest nations, a lot of the country’s prosperity is owing to the fact that it is rich in natural resources – gold, iron ore, nickel, silver, oil, natural gas, and so on – which benefit both the country itself and other countries. You will not have a problem when it comes to profiting in your business. With its blooming economy, there is no better period than now to start a business in Australia.

Australia leans towards to have a talented workforce. With plenty of university cities creating graduate; Australia is constantly producing a stream of eager, well-educated workers.

Culture Diversification

Australia is a multiethnic country. Diverse outlooks not only make our businesses stronger, but also connect us to new markets.

It gives us fantastic linking to the rest of the world and all the vibrancy that offers, it means there’s a broad range of products and services. We have a variety of tastes we can cater to which means you have multiple niche markets you can serve.

Business Culture

In Australia, it is vital that managers do not appear aloof from or out-of-touch with the members of their team – all members are equally significant to the collective well-being of the group, and everyone is heartened to express their opinions and ideas on a regularly. A pleasing feature of the Australian business world is that this egalitarian ethos provides openings for colleagues to form close personal bonds with each other – even between bosses and junior workforces. It is vital for individuals to be smart, punctual and professional at all times, and also willing to be ‘part of the team’, and to cooperate with colleagues in an interested and respectful manner.

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Australia: Economy, Culture, Business. (2019, April 26). GradesFixer. Retrieved October 19, 2021, from https://gradesfixer.com/free-essay-examples/australia-economy-culture-business/
“Australia: Economy, Culture, Business.” GradesFixer, 26 Apr. 2019, gradesfixer.com/free-essay-examples/australia-economy-culture-business/
Australia: Economy, Culture, Business. [online]. Available at: <https://gradesfixer.com/free-essay-examples/australia-economy-culture-business/> [Accessed 19 Oct. 2021].
Australia: Economy, Culture, Business [Internet]. GradesFixer. 2019 Apr 26 [cited 2021 Oct 19]. Available from: https://gradesfixer.com/free-essay-examples/australia-economy-culture-business/
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