-Extract-Benchmark Report 2020
Strong foundations and an effective COVID-19 response position Australia as a preferential location for productive foreign direct investment.
Australia finished 2019 strongly with a balanced budget, relatively low global debt levels, a AAA global credit rating and historically low unemployment. 2020 of course has presented global challenges. From a strong foundation, Australia’s effective and proactive response to the global economic downturn has protected the Australian economy. Australia’s ability to adapt is our great strength, and it helps us meet current challenges. We have a flexible and resilient economy, strong institutions and open markets, which help us respond effectively to all manner of disruptions.
Australia’s network of 14 free trade agreements – covering approximately 70 per cent of trade and working towards 90 per cent – gives Australian business preferential access to fast-growing markets, including in the proximate Asian region. Before lockdowns interrupted global supply chains, fast-increasing exports created record trade surpluses for Australia. In new industries like Fintech and Agtech, Australian businesses are pioneering new ways of adapting technology. In the biotech sector, our research teams attract global investment. Meanwhile, our minerals reserves create fresh prospects for investment and growth. New sectors include lithium mining and processing for electric vehicle batteries, and rare-earth minerals. Perhaps our greatest asset is our diverse, highly skilled and entrepreneurial workforce. As one of the most multicultural and multilingual countries in the world, we use our global ties to connect with the best the world has to offer. Australia remains globally focused and open for business.
“We help match international businesses to Australian customers and navigate this new world as our Competitive Advantage”