For many successful companies across the world, the prospect of expanding their business into the Australian market might seem daunting. After all, the country is relatively isolated from thriving global industries. But, for an island nation with significant global industrial stance, Australia is one of the most lucrative and exciting territories to expand into today, regardless of your business type.
Australia is a country of around 25 million people but what very few business owners know is that it houses some of the world’s most profitable industries in the world. With a GDP of 1.7 trillion USD as of 2017, the country is low in population and high in resources and has a relatively large upper- and middle-class citizenship. So much so, in fact, that in 2018, the country earned the title of being the country with the largest median wealth in the world.
With political turmoil political at boiling point in the UK and trade wars brewing between China and the United States, the time to expand is now, but it’s essential to make sure that you take the necessary measures to do some successfully. At Australia PEO, we’re big believers in starting small when it comes to expansion into Australia. As leaders in PEO services, we promote gradual growth, instead of creating physical entities within the countries before fully understanding the market scape.
Below we’ve included four reasons why you should consider Australia for your next business expansion opportunity and how Australia PEO can help with that transition
Expansion into Australia will future-proof your business
Having the foresight to expand into developed and lucrative countries like Australia not only allows you to harness the attention of a fresh market and increase profit margins, but it future-proofs your business. With the trade war between the US and China boiling and Brexit unrest in the United Kingdom, a global transformation is occurring, and things can change in the blink of an eye. Keeping your eggs in one basket is a risk you can’t afford in today’s political and economic environment.
Australia, in comparison to other established markets, is an area that few businesses have yet to tap into. So, make headway and rise above your competition in a low-risk economic environment could be the catalyst in ensuring your business’s future success. Though international expansion is a significant task, you don’t have to set up a physical entity in the country to do so; starting the conversation with Australia PEO is as easy as picking up the phone or writing an email.
It’s an easy market to enter
Before you jump into things by hitting the books and doing your heavy research, speak to Australia PEO. With our help, you can effectively employ workers in Australia overnight, without having to set up a physical entity to do so. And, we’re experts in the regulations and rules, so we do the hard work for you!
The mining sector is booming
For many reasons, Australia is widely considered the land of abundance and the country’s thriving mining sector is one reason why. Many international business owners are making a move into the Australian market to take advantage of the land’s abundance of natural resources. Incredibly, mining contributes to 7 per cent of Australia’s GDP, making it the third-strongest contributor to the domestic economy, after insurance and financial services. On top of this, Australia, as a country, has the sixth-largest landmass in the world, opening its doors to 140 trillion cubic feet of natural gas.
It’s a global economic player
Australia’s open trading economy gives it the title of being a major hub for international players who don’t have the legal means to build trade relationships in other countries. The country’s foreign trade agreements with the Asia Pacific are particularly strong, with two-way trade reaching a whopping $673 billion in 2015-16FY.
Australia also has close ties with the US, with increased beef, aircraft parts and alcohol exports year on year. The United Kingdom also imports much of Australia’s gold, lead and coal.
Above all, Australia is a country that welcomes foreign investment (more information on this can be found here). It appreciates and recognises the value of employment and employment opportunities, innovative technologies and steady economic growth. For these reasons alone, expanding into Australia, little by little, with the help of Australia PEO should be strongly considered.
If you need some guidance on how Australia PEO can help you and your business make a smooth transition into the Australian market, speak to us today.
