7 reasons why Australia is a great place to run a business
Being a business owner has more than its fair share of ups and downs, but this Australia Day Aussie businesses should be feeling pretty content with their place in the world.
There are a lot of things that could make doing business in Australia infinitely easier, and we’ve got some ideas on that.
On the whole though, Australia is a pretty bonza place to do business. Here are seven reasons why.
1. You get an honest shot
Chief Executive of the Australian Chamber of Commerce and Industry, James Pearson, told The Pulse that there was a high correlation between work and success.
“One of the benefits of being in business in Australia is that there’s often a direct correlation between the work you put in and the reward you get out,” he said.
“People don’t always succeed, but they have more control of their own destiny and quite often they’re doing something they love.”
In Australia, if you’re willing to put in the work there are very few reasons why you can’t be a success.
2. We generally have enough money
According to the OECD Better Life Index, Australia ranks fifth in the OECD in the amount of average disposable income per household.
That means there are a lot of people spending money, and that creates great conditions for business.
“We are a high-wage country,” said Pearson.
“For businesses it means that there are people who have money, and Australians like to live well if they can afford it.”
While there’s still work to do in addressing inequality, on a comparative basis we’re a very affluent country.
3. We’re close to Asia
One of the major benefits of being where we are is that we’re mainly in the same time zone as the biggest population centre on the planet: Asia.
We are also very close to some of the fastest-growing economies in the world, which means local businesses have a great opportunity to hitch their wagon to the growth.
Pearson said there was growing recognition of the potential.
“I think in Western Australian businesses have understood that better and longer than businesses on the eastern seaboard, but that’s changing,” he said.
He said part of the reason was that there was a great level of Asian immigration into Australia over the past 20 years, and we are increasingly visiting countries in Asia.
4. We’re culturally diverse
Diverse perspectives not only make our businesses stronger, but also connect us to new markets.
“It gives us fantastic connection to the rest of the world and all the vibrancy that provides,” said Pearson.
“It means there’s a broad range of goods and services. We have a range of tastes we can cater to which means you have more niche markets you can serve.”
5. Look outside
Have you seen Australia lately? Gorgeous place.
You only need to look outside to see the level of natural beauty we’re able to enjoy.
Our cities are among some of the most livable on the planet. In fact, The Economist says that four of our cities are in the top 10.
We not only have a great place to do business, but a great place to live as well.
6. We’re politically and economically stable
“We are the lucky country, but it’s a fortune we’ve made ourselves,” said Pearson.
For over a century Australia has built public and private institutions that Australians can have confidence in.
That may feel like it’s changing, but compared with many other countries we are a beacon of stability – and that makes it a safe place to do business.
“We have a rule of law people can depend on, a high level of transparency in business as well as in the way the legal system operates,” said Pearson.
He also said business had helped contribute to the stability.
“Business people are an essential part of what makes Australia a country we love that is stable and prosperous – they employ almost 90 percent of people with a job,” said Pearson.
7. We have a well-educated workforce
According to the World Economic Forum’s competitiveness index, we rank ninth out of 126 countries for our level for higher education and training.
We’re pretty clever cookies, which means we have all sorts of ideas about how to do business better.
However, Pearson said there was a very interesting dynamic at play.
We have a very specialised knowledge base, and we’re able to apply our knowledge to tasks relating to our knowledge rather than being generalists.
“The level to which people are able to apply their formal education to their work is comparatively quite high,” said Pearson.
“When you get people who are highly intelligent and skilled in their particular area, then you start to see magic happen.”