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10 Business View Australia - February 2015
The country’s economy is much more than mining
and resources, with almost 80 per cent of economic
output generated by the services sector. Growth in
the Australian services sector is also outpacing the
all-industries average. Australia is rated triple ‘A’ by
all three global rating agencies and enjoys levels
of net public debt that are among the lowest in the
OECD.
Australia is a world-class innovation destination,
built on solid foundations of modern ICT infrastruc-
ture, high levels of investment, generous R&D tax
incentives for businesses and strong intellectual
property protection.
Australia’s research institutions have enhanced the
nation’s reputation for innovation by delivering high-
quality research outcomes, and increasing R&D
contribution and collaboration both domestically
and internationally.
Robust economic performance over the past two de-
cades has also encouraged Australian businesses
to invest strongly in R&D.
This has helped Australia develop an impressive
track record of world-class outcomes and capabili-
ties. Importantly, the country also provides numer-
ous R&D collaboration and technology investment
opportunities for international partners.
The Australian labour force is one of the most edu-
cated, multicultural and multilingual in the world.
Investors can access highly skilled, innovative work-
ers who are equally at home in both Western and
Asian cultures.
Around 40 per cent of Australia’s workforce holds
a tertiary qualification or advanced diploma, and
more than a quarter was born overseas.
Australia’s education system ranks in the global top
10. The country’s world-class universities attract
students from across the globe and produce high-
quality research outcomes.
Growth in labour productivity continues to outpace
labour costs. Labour productivity growth in terms of
GDP per person employed within Australia is also ex-
pected to outperform many other developed econo-
mies in 2014.
Australia is geographically close to and has long-
standing trade, investment and cultural links with
the fast-growing Asia-Pacific region.
Ten of Australia’s top 12 export markets are within
the Asian region. Australian businesses have been
trading with AsiaPacific companies for more than
half a century and understand these markets,
offering the benefits of experience and established