The 2023 Why Australia Benchmark Report released today, reinforces why there is no better place in the world to do business than Australia.
The Report credits Australia’s reputation as an open, stable, globally connected economy – as the reason we’re a leading destination for innovative start-ups, research organisations and large multinationals from around the world.
We are a safe and reliable trading and investment partner and have solidified our position as the world’s 12th largest economy. The International Monetary Fund projects GDP to grow by 1.6% in 2023.
More trade and investment leads to better paying jobs and the type of economic future we want for Australians. In 2021 foreign direct investment in Australia was worth over $1 trillion, around half of our economy.
The Albanese Government’s strong action on climate change has put us back in lockstep with the rest of the world, making Australia among the most attractive markets for renewable energy investment. We are positioned to become a renewable energy superpower with our critical minerals, wind, hydrogen and solar industries powering the global clean-energy transition.
Australia’s strong trade and investment relationships with the world’s fastest growing economies, mean we are a natural gateway for international business, with preferential market access to the dynamic Asia-Pacific region.
And, our strength lies in our diversity. Australia is multicultural and welcoming, with a highly educated and creative workforce. International investors, companies and talent are drawn to our reputation for quality and innovation across multiple industries, including research and education, agriculture and food, health, renewable energy and technology.
Investors are fuelling our burgeoning technology sector that is one of the largest and most innovative in the southern hemisphere. Valued at over $167 billion, technology is now the third largest contributing sector to Australia’s GDP. Our supportive innovation ecosystem has been the incubator for innovations like Google Maps, wi-fi, the black box flight recorder and the Cochlear implant.
The Albanese Government is supporting investors to grow Australian jobs and industry through grants and incentives including $25 billion for clean energy and renewables projects, a $20 billion Medical Research Future Fund, as well as building an investment pipeline of more than $120 billion in transport infrastructure and the National Broadband Network and mobile coverage.
Foreign investment in Australia is growing fast and the Government is focussed on reaching out to the world, to deepen trade ties and explore new opportunities for the benefit of all Australians.
Source: Department of Foreign Affairs and Trade
