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Strategy, Business, International Business - 6 min read
Overall, the Australian business market is growing and thriving in many different industries. With a highly skilled and educated population, businesses are having no trouble finding the talent they need to launch on the front foot. And with opportunities and capital available through Australian government grants and loans, all kinds of entrepreneurs are starting businesses across the country.
In this post, we’ll look at the Australian Business Market in five states: New South Wales, Victoria, Queensland, Tasmania and Western Australia.
With a high concentration of investment and vigorous government support for businesses, New South Wales has achieved an impressive 26 years of uninterrupted economic growth. NSW is Australia’s largest state economy, and it’s a regional powerhouse with easy access to Asian markets. Additionally, the political and regulatory environment in NSW is extremely stable, making it an attractive place to do business.
Sydney, the capital of NSW, is known for its professional and financial services, information and communications technology and creative industries such as museums, publishing, media production and broadcasting. Sydney is also home to the Australian Securities Exchange (ASX), and a staggering 60% of all Asia-Pacific regional headquarters have chosen Sydney for their home bases.
Other NSW cities specialise in other industries. Newcastle (162 km north of Sydney) is known for wine-making and coal mining. To the south, Wollongong is experiencing growth in manufacturing, aquaculture, engineering and agriculture. Biotechnology, agribusiness and renewable energy are additional industries that are growing in New South Wales.
The local government in Victoria has provided a wealth of resources to business owners to help with all aspects of their operation. There are programs to help businesses experiencing rising electricity costs, workshops to assist small business owners, grants for start-up funds and online tools to help you easily take care of permits, registrations and government licenses.
Melbourne (the state’s capital city) has large industries in professional and scientific services, financial and insurance services, accommodation and food, health care, public administration and information media.
The Victorian government has prioritised four programs to innovate and grow certain industries. These programs include the Sector Growth Program, the Future Industries Manufacturing Program (which offers funding for implementation of new manufacturing technologies), the New Energy Jobs Fund (for Victoria-based renewable energy generation) and the Victorian Defense Industry Supply Chain Program.
Queensland’s highly skilled workforce and strategic Asia-Pacific location make it an attractive location for many different businesses. Operating costs are low in Queensland, thanks to low business taxes (lowest payroll tax in Australia), competitive utility costs, inexpensive office rental costs and low workers’ compensation premiums.
Key growth sectors in the capital city Brisbane include construction, education, business services, government, financial services, health and retail. The largest industries (construction, education, government, health and retail) make up more than half of total employment in the capital city.
Outside of the capital, the food and agribusiness industry is growing. Queensland’s agribusiness is known for producing high-quality, green food at competitive prices. In fact, Queensland’s food industry produces one-third of Australia’s primary produce and includes many food-related products such as fruits and vegetables, ready-to-eat meals, dairy foods, beverages, desserts and fresh seafood and meats.
The tourism, food and agriculture industries in Tasmania are booming. With Chinese investment in tourism businesses and wine companies, there are a significant number of tourism, food and alcohol entrepreneurial start-ups in the area. Tasmania attracted 1.24 million visitors in 2016, and these visitors spent $2.14 billion in the local economy, thus boosting tourism businesses like hotels and restaurants. While still behind the states on the Australian mainland, Tasmania’s tourism industry has a promising future.
In the capital city of Hobart, about 20% of the population is employed in public administration and safety. Health care and social assistance account for around 16% of Hobart’s workforce, and other important industries include education and training, retail trade and professional services.
Outside of Hobart, land is affordable, growing conditions are ideal and water resources are abundant. These conditions lead to a highly diversified agricultural sector. Tasmania is currently producing dairy products, meat, seafood, potatoes and other vegetables, beer and wine.
In Western Australia, 80% of the jobs are created by the private sector, and small businesses account for 95% of all businesses. These small businesses fall into the following main industries: construction, retail trade, transport and warehousing, agriculture, and financial and insurance services.
Perth is home to many mining and mineral companies. While the mining itself takes place outside of the capital city, the metropolitan city supports the research and engineering that governs the mining outside of town. Other Perth industries include education, petroleum engineering.
Outside of Perth, mining, agriculture, and associated industrial sectors such as oil refining, steel-rolling and alumina refining are important to the Western Australian economy. New business spending has been down in Western Australia for the past four years as the mining and construction booms have slowed.
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