Country Analysis Australia

...

Legal Environment

There are two types of legal systems. The first one is common law, which is based on the principles of precedents, the same system that the U.S and Great Britain used. The second one is statutory law, which is based on the principle that a law can be created by the two houses of parliament and the federal parliament has the authority to make laws about a limited number of issues. For example taxation, defense, interstate, international trade, marriage, divorce, immigration, bankruptcy, and interstate industrial arbitration. In addition to this, Australia has been working on modifying some of its laws to make the country more appealing for business to come in as well as for entrepreneurs to grow. One clear example is the modifications that are taking place for business laws such as tax breaks for early stage investors, insolvency law (not to focuses so much on business failure) and bankruptcy period form 3 years to 1 year. However, there is a point that is a bit more complicated. The labor laws are created by the federal systems and the local governments have no power over this, making it a very complex situation that could lead to political and legal difficulties. (AG, 2015)

Imports, Exports and Companies overview

Australia is the 19th biggest exporter country in the world, with the primary industry being mining. The top exports are iron ore ($68.2B), coal briquettes ($41.2B), gold ($21.6B), petroleum gas ($15.2B) and crude petroleum ($8.11B) overall exports during 2013-2014 accounted for 265 billion achieving the highest numbers in the country history. Imports had a total 224 billion with the main categories being cars ($17.7B), refined petroleum ($16.7B), crude petroleum ($15.7B), computers ($7.52B) and packaged medicaments ($7.24B) for and overall 40.4 billions positive trade balance (Atals.medi.edu, 2013). The top 5 export locations, China, Japan, Republic of Korea, United Sates and New Zealand, have a combined 63.3% export percentage and imports coming from China, United States, Japan, Singapore and Germany with a combine 43.4% import percentage (Atals.medi.edu, 2013), (Austrade,2014)

Top exporting companies that are generating export turnover are BHP (Metals), Fortescue Metals (iron, steel), Woodside petroleum (oil, gas) CLS (biotech), Amcor (containers, shipping), Santos (oil, gas), Orica (metals) and Newcrest Mining (metals). (World exports, 2014).

The Australian government over the past 10 years has been working on developing a strong economy. One key measurement of a healthy economy is the GDP. In the past 10 years, the Australian GDP has been constantly growing at a 4.7% yearly rate most of this great growth has been a mixture of government trades with other nations as well as FDI establishing the fact that without any international business placing among the top economies in the world is virtually impossible. (ABS, 2015), (AG, 2015)

References

- Australia government (2016). Geographical location. Cultural. Currency Retrieve from http://www.australia.gov.au/about-australia/our-country/the-australian-continent

- Australia bureau of statistics (2016). General information. Retrieve from http://www.abs.gov.au/ausstats/abs@.nsf/mf/1259.0.30.001?OpenDocument

- Australia Business council. FDI Investment 2014. Retrieve from http://www.habc.gr/australia_fdi.asp

- Atlas Media. Country comparison. Retrieve from http://atlas.media.mit.edu/en/profile/country/aus/

- Department of Foreign Affairs and Tread (2016). Trade agreements. Retrieve from http://dfat.gov.au/international-relations/regional-architecture/apec/pages/asia-pacific-economic-cooperation-apec.aspx

- Geert Hofstede. Country comparison. Retrieve from http://geert-hofstede.com/australia.html

- Griffith University. Australia culture. Retrieve from https://www.griffith.edu.au/international/life-in-australia/australian-culture-and-customs

- Heritage (2016). Economic environment 2015. Retrieve from http://www.heritage.org/index/country/australia

- Trending economies (2016). Images on corp tax. Retrieve from http://www.tradingeconomics.com/country-list/corporate-tax-rate

- Transparency agency (2016). Corruption index. Retrieve from https://www.transparency.org/cpi2014/results

- Thomas C Wall Street Journal. Most educated countries in the world. Retrieve from http://247wallst.com/special-report/2014/09/11/the-most-educated-countries-in-the-world-3/3/

- World Atlas (2016). Image #1. Retrieve from http://www.worldatlas.com/webimage/countrys/oceania/au.htm

- World meters (2016). Population. 2015 Retrieve from http://www.worldometers.info/world-population/australia-population/

- World Export. Australia top exports 2013-2014. Retrieve from

http://www.worldstopexports.com/australias-top-10-exports/

Appendix

[pic 1]

[pic 2]

[pic 3]

[pic 4]

[pic 5]

[pic 6]

[pic 7]

[pic 8]

[pic 9]

[pic 10]

[pic 11]

[pic 12]

[pic 13]

[pic 14]

[pic 15]