The Context
Australia: a rich business context offering new opportunities in the face of new challenges
There are many advantages to doing business in Australia. It is considered a safe, low-risk, open environment in which to conduct business. Growth is steady, industries are many and varied. The tech stage is active, bringing innovative solutions to health, food or energy issues among others.
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Australia sits in the Indo-Pacific (IP), the world’s most dynamic and digitalised area. Already making 40% of world wealth, the IP is striving for more regional and inclusive economic cooperation. Also, while distressing, the COVID pandemic has equally been a cause for strong policy, digital and economic responses, making the IP a pioneer in pandemic recovery.
At the same time, Australia’s security and national interests are being profoundly challenged by a seismic change in its geopolitical context. Recent trade tensions have forced a new outlook on how national security and economy needs should be prioritised. Another cause for disruption concerns climate change and how Australia should align with a net zero target.
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This new operating context has brought many business opportunities into the spotlight. Protecting Australian sovereignty from malicious interference means more investments are being made in security in many areas. Diversifying exports is now vital, making trade and partnership with like-minded countries more welcome than ever. Investment in infrastructure is recognised as a key driver for diversifying growth. Energy transition can be expected to drive massive investment in renewable energy and mobility.