Section 2: Overview –
Queensland, –2.1 The Australian Context
Overview For a number of years now, Australia – and more specifically
Queensland – has offered a wealth of opportunity for businesses
to succeed. Our geographical location, multicultural population
2:and strong ties with neighbouring Asian countries have led to
Section foreign investors and businesses recognising Australia as an
excellent place for bridging the Asia-Pacific region.
Australia's growing economy, stable political and business
environment, strategic time-zone, competitive cost base and
skilled, well-educated and multilingual workforce provide the
nation with a sophisticated market and the right environment to
drive innovation and technology. Australia's comparatively low
dollar and competitive R&D Tax regime, makes the country an
attractive and cost effective location for international investors.
Australia’s strong life sciences industry is supported and
underpinned by world class infrastructure, a large pool of skilled
researchers and technicians and a culture of collaboration.
Australia has a well-established medical device industry, a strong
position in nano-biotechnology, and is internationally regarded for
its expertise in stem cell research. This demonstrates just a small
number of Australia’s competitive advantages in the life sciences
industry, and why it is the perfect choice for global companies
seeking to penetrate the Australasian life sciences region.
18 Remember – when you contact a Member, please tell them you found them in the 2018 LSQ Member Directory 2.1.1 Economic Stability
The Australian economy has proven its continued resilience in
the face of world economic downturn and uncertainty and it
is this, combined with Australia’s engagement and connections
to the Asia-Pacific region – an area with the most dynamic
growth potential in the world – that offers a strategic advantage
to companies looking to position themselves for global growth
Market research showed that Australia’s economy remained
relatively strong throughout the Global Financial Crisis (GFC)
and that the country (which represents just 0.32 per cent of
the world’s population) has a Gross Domestic Product (GDP) of
1.81 per cent, making it the 12th largest economy in the world,
and the fifth largest in the Asia-Pacific region (please refer to
The Australian economy is now in its twenty-sixth consecutive
year of growth and, according to the Australian Government's
2017 Benchmark Report update, "Australia’s economy is
underpinned by strong institutions, an exceptional services
sector and an ability to respond to global changes. Over the
next five years, Australia’s economic growth rate is forecast
to be the highest among major advanced economies". The
nation’s economic growth is forecast to realise average annual
real GDP growth of 2.9 per cent between 2017 and 2021.
In addition to a strong and stable economy, the progressive and
transparent regulatory and political environment can also be
credited for creating a business-friendly regulatory environment
that foreign investors view as a relatively safe option.
Figure 1: The $74 Trillion Global Economy in One Chart*
(% share of total world GDP in US$)
Source: World Development Indicators database, World Bank, February 2017.