Business

Statistics

• GDP: US$1.02 trillion (2008).
• Main exports: Ores and metals, wool, food and live animals, wheat and minerals.
• Main imports: Machinery and transport equipment, computers and office machines, telecommunication equipment, crude oil and petroleum products.
• Main trade partners: Japan, China, USA, South Korea and Singapore.

Economy

Australia has a very diverse economy and a high standard of living. The country's service industries account for the major part of the economy. The other major export industry is mining; Australia has vast reserves of coal (of which it is the world's leading exporter), natural gas, nickel, iron ore, bauxite and diamonds, as well as uranium (Australian ore fuels many of the Western nations' nuclear power plants).

Most Australian manufacturing is concentrated in the processing of mineral products and in the iron, steel and engineering industries. The traditional agricultural industry is now less important with long-term drought forecasts. Sheep farming appears to be in long-term decline.

China's demand for raw materials has led to a growth market for Australian exports. Japanese investment in Australia, particularly in property and tourist ventures, has reached the point where most of the eastern seaboard 'Gold Coast' is now Japanese owned.

The Australian economy is enviably strong despite the global financial crisis of 2008-2009, and a drop in international trade.  A fiscal stimulus package, confidence in exports and increased economic links within the Asia-Pacific region have meant that Australia has weathered the global economic downturn better  than almost any other advanced nation, reporting positive growth throughout 2009.

Business Etiquette

Suits are usually worn in Sydney and Melbourne. Brisbane businesspeople may wear shirts, ties and shorts; visiting businesspeople should wear lightweight suits for the initial meeting. Prior appointments necessary. Punctuality is important. A great deal of business is conducted over drinks. Best months for business travel are March to November.

Office hours: Mon-Fri 0900-1700.

Business Contacts

Australian Chamber of Commerce and Industry (ACCI)
Commerce House, Level 3, 24 Brisbane Avenue, Barton, ACT 2600, Australia
Tel: (2) 6273 2311.
Website: www.acci.asn.au

Association of Australian Convention Bureaux (AACB)
Level 13, 80 William Street, East Sydney, NSW 2011, Australia
Tel: (2) 9326 9133.
Website: www.aacb.org.au

Australian Business in the UK
Swire House, 59 Buckingham Gate, London SW1E 6AJ, UK
Tel: 0870 890 0720.
Website: www.australianbusiness.co.uk