Business in the Land of Oz
“World’s smallest continent”, “sixth largest country” are some of the annotations that one associates with this wonderful Land of Oz.
With a population of about 20 million, Australia today stands for its stable, democratic society comprising of a strong, competitive and skilled work force. It is a country known for its high growth, low inflation, low interest rate economy; Oz is more vibrant than before. All this is coupled with a highly competitive business sector and an efficient government to render support. A unique feature of this country is that it is the only nation in the world to govern an entire continent and its outlaying islands.
If one looks at the economy of the country, it has a very prosperous western style capitalist economy. Australia is a major exporter of minerals, metals, fossil fuels. Over 57% of the commodities are accounted by commodities. Though the competition in international markets is severe, the government seems to be pushing hard for increased exports in manufactured goods segment. Though Australia suffered in the early 90’s owing to low growth and during the financial crisis in East Asia, the country has pulled up its socks and have had consistent growth pace in the last few years.
It is expected that the business investments are to remain strong. Substantial surpluses are being projected by the government for the year 2005-06 and this would be utilized by the government in reducing the pressure on the current account and interest rates.
Mr. Alexander Downer, MP and Minister for Foreign Affairs, Australia during his recent visit to the capital stressed on the need of a bilateral relationship between India and Australia for the economic, strategic and for the people to people links to grow.
History
Aboriginal and Torres Strait Islanders inhabited most areas of the continent before the European settlers arrived. The people spoke one or more hundreds of separate languages and displayed a variety of cultural traits and lifestyles.
European contact with Australia began in March 1606, when Willem Janszoon, a Dutch explorer arrived at the West coast of Cape York Peninsula, Queensland. This was only the beginning, which was followed by continuous charting of the Australian coastline by European travellers for the next two centuries.
The year 1901 saw the birth of Commonwealth of Australia through the federation of six states under a single constitution. The founders of the nation wanted Australia to be progressive in terms of human rights, observance of democratic procedures and a value of secret ballot were being exercised. The world wars that occurred made Australia give birth to enduring ideas and values. The period between the two world wars were marked by widening of social and economic divisions and instability.
Post war, Australia saw millions of refugees and migrants arriving here to embrace their lives with vigour and energy.
Australian economy today – economy and business competitiveness
With over 200 languages being spoken, a nation having a thriving ethnic media, an innovative artistic community, a wide cultural diversity and a high variety in food, Australia is one of the most cosmopolitan and dynamic societies in the world.
Some Exciting Information
Australia is the world’s leading wool producer, is one of the world’s leading meat-exporting countries, and has a booming iron-ore mining industry.
Australia is sometimes called ’’the land down under’’ because it lies in the Southern Hemisphere. This great distance from large European population centres and heavily travelled trade routes also helps account for Australia’s late discovery by Europeans and its being the last habitable continent populated by them.
Covering an area of almost 3 million square miles, Australia ranks sixth in area among the countries of the world, behind the Soviet Independent States, Canada, China, the United States, and Brazil. With a population of only 18 million, however, Australia is one of the world’s most sparsely populated countries. Much of its land is almost uninhabited, with the bulk of the population concentrated along the east, southeast, and southwest coasts.
Now this is one country which you would not want to miss being a traveler!