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Australia: Risk Assessment
Political, legal, and regulatory risks
Because of the stability of its government and relatively friendly attitude towards foreign enterprises, the 2009 World Bank Doing Business report judged Australia to be the third "most straightforward and affordable country to start up a business and in the top 10 countries in terms of overall ease of doing business" (Ellison 2009, p.1). Additionally, the Australian government has entered into a number of reciprocal free trade agreements with other nations and has generally avoided protectionist policies (Ellison 2009, p.1).
Exchange and repatriation of funds risks
In contrast to many developing nations, which have complex monetary repatriation laws, Australia does not. The Australian currency has remained relatively strong in recent years, relative to the U.S. dollar. However, its interest rate is comparatively high to U.S. And UK interest rates. Australians are advised: "anyone with UK property is advised to consider re-financing, if this is an available option" (Forex, 2010).
Competitive risk assessment
Despite the global economic crisis, Australia gross domestic product rose by 2.6% in 2008 and Australia's GDP is likely to remain around 2.1% in the near future (Australia, 2010, Economic watch).
Taxation and double taxation risks
Australia imposes taxes on resident economic entities and the Australian-sourced income of non-residents. However, "Australia's capacity to tax non-residents may be limited where the non-resident is resident in a country with which Australia has concluded a double taxation agreement (DTA)," including the United States (Ellison 2009, p.8). DTAs allocate taxing rights to the country of residence of the taxpayer (Ellison 2009, p.8).
Market risks (four Ps)
Demand and overall economic growth has remained strong in Australia (product), although high inflation (price) is of a concern for many residents. Growth tends to be centered in urban areas (place/distribution), while rural areas are often underserved in terms of goods and services. The greater diversity of Australia's growing Asian and European allow for potential new sources of economic growth (promotion and marketing).
References
Australia economic analysis. (2010). Economy watch. Retrieved February 22, 2010 at http://www.economywatch.com/economic-analysis/australia.html
Ellison, Minter. (2009). Doing business in Australia. Retrieved February 22, 2010 at http://www.minterellison.com/public/connect/resources/file/ebe2744c07a0264/RG-DoingBusInAus2009.pdf
Foreign exchange: Expatriates. Managing Forex. Retrieved February 22, 2010 at http://www.exfin.com/foreign-exchange-expatriates
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