6 months ago

Impact of businesses on the economy in Australia


million people in Australia and around 1.2 million small ong>businessesong>. A significant percentage ong>ofong> the goods produced by the small business sectors are exported. Figure 1 The infrastructure ong>ofong> the government ong>ofong> Australia has created a stable and strong base for the economy to grow. Though the country has free market economy the contribution ong>ofong> the government is very significant. This has made the country the second easiest economy for a new businessman and third easiest place to get a credit for business. There are very less restrictions in Australia in the field ong>ofong> trade and investment. The most important tax for almost all goods and ong>businessesong> are GST and VAT. The world class infrastructure, extraordinary natural resource and right governmental policies have made Australia one ong>ofong> the most developed nations ong>ofong> the world. Here are some specifications ong>ofong> Australian Economy: Currency- Australian Dollar Fiscal year- 1st July to 30th June Current GDP growth- 3.8% Current Inflation rate- 2.5%

The Australian Economy: role ong>ofong> business In Australia there are many types ong>ofong> ong>businessesong>: small, medium and large. In Australia, large ong>businessesong> account for approximately 3 per cent ong>ofong> all business enterprises. The Australian Bureau ong>ofong> Statistics refers to large ong>businessesong> as „those employing 200 or more people‟. More than 80 per cent ong>ofong> all people currently in work are employed in large ong>businessesong>. The largest employer being Woolworths Ltd with 94 408 employees. Businesses do not operate in isolation to the economy and economic changes can have a major impact on the business environment. The current state ong>ofong> the economy can have a major impact on the business environment. Economic conditions impacting on business can be measured by indicators such as: the inflation rate as indicated by the Consumer Price Index (CPI) the level ong>ofong> unemployment consumer confidence and consumer spending interest rates and the level ong>ofong> borrowings wage rates and awards business investment and business confidence foreign exchange rates and the value ong>ofong> the Australian dollar Fluctuations in these indicators can have a major impact on business. The global economic crisis ong>ofong> 2008-09 had a major impact on business confidence. Many ong>businessesong> had to lay ong>ofong> staff or scale back operations because ong>ofong> uncertain economic conditions. Contribution ong>ofong> Business to the Economy: Large ong>businessesong> make a significant contribution to the Australian economy. Because ong>ofong> their size, large ong>businessesong> are efficient producers ong>ofong> goods and services. In fact, according to recent statistics, large ong>businessesong> contribute 56 percent ong>ofong> total revenues in Australia. Large ong>businessesong> also play the following important roles:

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