Brief economic report on AustraliaIntroduction:
After researching the economy of Australia, I have listed some key points which will be of asignificant interest to you and have made some comparisons to your current location(Ireland).After reading this report you should get an overview of Australia’s Economy to see if moving some of your manufacturing company will be of a benefit or a costly decision for your company.
Manufacturing / Trade
Australian Business Statistics
Corporate taxes / Treaties
Banking / Money
Wages / Employment
Australia has a strong and enviable economy. The manufacturing sector is forecasted toexperience a marginally better year in 2007/2008. After two consecutive years 2005/2006 of decline in sales volume, this year will see a modest return to volume growth.It is a developed economy but has a lot more potential to
. The Infrastructurebottlenecks and a tight labour market are constraining growth in export volumes and stokinginflation. In order to generate growth, companies will be placing more emphasis onmarket growthand to a lesser extent exports, and less emphasis on cutting Labor and non-labor Costs than inthe previous years.
Source: CIA World fact book /aigroup.asn.au
The contribution to GDP for (2007 EST.) -industry: 25.6% The labour force occupation isindustry: 21.2%(2007 EST.)Ireland’s economy is listed top of Australia for Growth rate, GDP Per Capita and market Values of shares.
TABLE 1 Labour ForceGrowth RateGDP per capitaMarket valueof shares
Ireland2.2m (112)5.3%$45,600 (10)$0.1t
10.9M (46)4%$37,500 (23)$804.1B