Did you know Australia’s labour market has grown for eight consecutive months?
While Europe struggles with high unemployment rates and volatile labour markets, Australia may have the remedy to gain economic stability and robust human capital movement. According to the latest figures from ANZ Bank’s job ads survey, there was a 13.6% increase in job advertisements in January, 2015. Labour demand continues to expand now for eight consecutive months, boosting confidence in both employers and staff. This further promotes foreign investments and brings entrepreneurs to the country.
Migration of skilled labour from South-East Asia, Europe and the US, is fuelling various industries. I recommend all new entrepreneurs looking to set up companies in Australia to know more about the economic climate and the way business is conducted down under, before taking the big step.
- Company hierarchy is not followed closely in Australia as they believe that an effective business treats everyone equally. This model differs from the Europe and America, but seems to be effective, as Australia is currently in the top twelve largest economies despite obvious geographical setbacks;
- Due to its remoteness, many people neglect doing business with Australia. Consequently, it does not offer many logistical opportunities, and business is usually limited in two-three cities at most, such as Sydney, Wollongong and Newcastle. Do not aim for fast geographical expansions if setting up your company in Australia;
- Australians may seem relaxed and carefree, but when it comes to business they can be fierce and demanding. Look out for surprises during your business meetings or job interviews;
Have a local partner
- Make sure to use a local advisor or consultant to guide you through the Government policies. While having many similarities with the other Western nations, the country can still ambush foreigners with new laws or limitations;
Bring your wallet
- Australia is an expensive country so bring sufficient money when you relocate for work, live or to do business. Save and invest money for the suitable/profitable business idea. Without savings, your project may not be setup efficiently;
- The Australian Government is not the fastest one when it comes to approving business licenses or business visas. Be patient with the public sector as they always have the final say in any business matter;
In conclusion, I recommend foreigners who are interested to work, invest or relocate to Australia to be patient, careful and always have a trusted local advisor to guide them through the process.
For more success tips on doing business Down Under, kindly visit the link below: