Major Info about Australia - Essay Example

Australia has very high scores for both ‘starting a business’ and “Getting credit” (World Bank).

Australia has the world’s 12th largest economy, sustained by a relatively low population of just 23,608,400 people, most of whom are concentrated in a few, highly developed urban centers. Their comparatively geographically isolated location and small domestic market means that the Australian government is concerned about their future economic growth and local businesses are increasingly looking towards international markets for business prospects (World Business Culture).

Australia’s culture has been influenced by its history as a British colony and the lifestyle, language, and social ethics of Caucasian migrants who eventually settled in the area. As a group, Australians are considered to be down-to-earth people, who appreciate hard work and do not give much regard to a person’s status or position. Modesty, sincerity, and authenticity are important in the workplace as well as in personal interaction. There is a sense of humor in their interactions, the humor is often directed at themselves but may be too caustic for someone not used to the Australian culture (Kwintessential). Even though English is the primary language in use in the country, for outsiders the local dialect and slang language may also be difficult to grasp as it is uniquely Australian.

For business relations, Australians focus on efficient and effective communication which emphasizes punctuality and practicality. It is a low-context culture so negotiations and business meetings are straightforward, with a very low emphasis on building long-term, informal relationships between business partners of any kind. However, the brusque manner of business may be unsuitable as an international strategy given the cultural differences between Australia and their target markets (Kwintessential).

With the changing economic and demographic demands, Australia has recently relaxed its immigration policy for South-East Asia indicating a shift in their legal and political, and perhaps cultural, structure. Unfortunately, allegations of race issues and discrimination have always plagued the economic opportunities available in the country. A recent study by the Australian Bureau of Statistics says that migrants and temporary residents are the worst hit by recent unemployment trends, with one out of three in that group facing job scarcity (Mercer). While the unemployment rate at 6% is not a highly concerning figure, it is still an indicator of economic trends that need to be studied carefully to understand their exact effect on individual businesses and the future potential for business owners and investors.