Essay about The Globalization of Australian Business

1009 Words 5 Pages
The globalisation of Australian business has significantly advanced through recent years as the global economy has progressed. Some of the most prominent driving factors of globalisation include the technological advancements that have allowed for the expansion of the Australian market along with the establishment of free trade agreements with different nations. Benefits of Free Trade Agreements within the Australian Economy include higher quality products for Australian consumers and the low cost of exports for areas of Australian business. However, the changes to Australian businesses have also created severe consequences, such as a rise in the Australian unemployment rate. The different factors and consequences associated with the …show more content…
The export and import of products to different geographical locations through vehicles such as cars, trains, ships, planes, etc. prove to be cost effective for businesses and offer a variety of products and services quickly for consumers. The developments of technology in businesses has widened the Australian market and made available more resources to satisfy consumer wants and needs.
The establishment of free trade agreements with different nations have further increased the development of Australian business within the economy. The reduction of protective measure such as tariffs and quotas within the agreements enhances Australia’s trade relationships with a variety of countries while advancing the Australian market. Additionally, Australia has been able to construct efficient agreements that follow the guidelines set by the World Trade Organisation (WTO) that remain profitable for both nations involved. One of the fundamental trade agreements that have proved profitable for Australia since its establishment in 1983 is the Australia New Zealand Closer Economic Relations and Trade Agreement (ANZCERTA). Figures calculated by the Australian Government Department of Agriculture indicated that the ANZCERTA agreement created $30 billion investment into the Australian economy in 2011/12 . The use of the agreements within the nation has created competition between local and foreign producers and has resulted in the

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