Why Australia Benchmark Report 2022 released
Australia’s health and economic response to COVID-19 has put its recovery among the world’s leading nations, according to new analysis of global data.
The Why Australia Benchmark Report 2022 shows that Australia is recovering well from COVID-19, highlighting its attractiveness as a destination for global investment and trade.
The report is produced by the Australian Trade and Investment Commission (Austrade). It compiles key economic, financial, social and demographic data from respected national and international sources.
Australia’s economy has shown resilience and adaptability to multiple shocks over the last two years. The country’s economy is now 3.4% larger than it was prior to the pandemic. International trade remained strong in most sectors, partly thanks to high commodity prices. Australia’s ability to attract foreign investment helps keep the economy on strong foundations.
Thriving tech sector
Australia’s entrepreneurs have created one of the southern hemisphere’s biggest technology industries. If it were classified as a single industry, it would be the third largest contributor to GDP in Australia – ahead of the health and construction sectors. The tech sector’s contribution to GDP has increased 79% since 2016–17 to reach A$167 billion in 2020–21. This equates to around 8.5% of GDP.
Fintech powerhouse – second in Asia, sixth in the world
From Airwallex to Clearpay (Afterpay Ltd), Australian fintechs are changing the world of finance. With a A$10 trillion financial sector and a fintech industry that’s ranked in the global top 10, Australia is a natural home for fintech creators and investors.
Australia: a standout destination for trade and investment
As a nation of early adopters with a regulatory system that’s open to innovation, Australia is an ideal market to trial new fintech services. The IMF says Australia’s ‘strong health and economic policies allowed for a quick economic recovery’, and its recovery was ‘faster than in most advanced economies.’
Australia’s economic prosperity is built on good governance, open markets and the rule of the law with two-way trade reaching A$798 billion in 2020. Low tariffs and preferential access make the country a natural gateway for trade with Asian nations. Its regulatory systems and governance indicators are rated ahead of Germany, Japan, the UK and the US.
Now is the time to invest in Australia
The Australian Trade & Investment Commission’s new Why Australia Benchmark Report 2022 delves into the five factors that underpin its success. It touches on its resilient economy, dynamic industries, skilled workforce, global business performance, and strong governance.
With major tax incentives expected to trigger the strongest boost in business investment since the mining boom, discover why Australia is a great destination for fintech investment in our new
Why Australia Benchmark Report 2022.
Download the Why Australia Benchmark Report 2022 at austrade.gov.au/investfintech