NSW business environment

Australia has a strong and flexible economy, which was the 13th largest in the world in 2009. The economy has proven its resilience, recording 18 uninterrupted years of growth to 2008-09.  In fact, Australia’s economy was recognised by the IMD World Competitiveness Yearbook as the second most resilient in the world in 2010. GDP growth has averaged an impressive 3.4% per annum over the past 18 years.

Australia has capitalised on its proximity to the emerging Asian markets to propel economic growth in recent years. Economic growth has also been supported by comprehensive and ongoing economic reforms, and world’s best practice financial, legal and political systems. These have strengthened the foundations of Australia’s competitiveness, with the IMD ranking Australia fourth out of 58 countries for government efficiency, fifth for business efficiency, and fifth for overall competitiveness.