Competitive & Dynamic Business Environment
|Victoria has an open, stable and growing economy and it’s a great time to invest here.|
The Victorian economy is part of the Australian economy, which has performed significantly better than the OECD average over the last five years and has remarkably survived two decades without a recession.
With a population of 5.6 million, Victoria is a sizable and growing market. The capital, Melbourne, is a cosmopolitan, globalised city of 4.25 million people.
Over the last decade Melbourne’s population has grown significantly more than any other city in Australia. If current trends continue, Melbourne will become Australia's largest city by 2053.
Open, stable, growing economy
|Melbourne offers a dynamic economic environment in which your business can thrive.|
Victoria is Australia’s second largest state economy and continually demonstrates outstanding success. Accounting for only 3% of Australia’s land mass, it is responsible for 22% of Australia’s economic activity and has achieved average economic growth at 2.9% over the past decade, which is significantly higher than the OECD average.
Victoria’s economy is larger than that of Singapore, Hong Kong and New Zealand.
Victoria boasts a diverse economy across services, manufacturing and resources, with a strong history of foreign trade. In 2012-13 exports totalled A$35.9 billion.
Victoria is one of the strongest and most resilient economies in the world. It is the only Australian state to have the highest possible credit rating of AAA from both Standard and Poor’s and Moody’s, which it has maintained for the past decade.
An open, stable and growing economy will make planning for your business easier.
Convenient access to Asia
|Melbourne offers investors convenient access to Asia thanks to close proximity, excellent transport and logistics infrastructure and a culturally diverse population.|
A Melbourne location makes managing your Asia-Pacific operations easy. Office hours overlap thanks to similar time zones and clients are only a direct flight away.
Asia and the world are easily accessible from Melbourne Airport. Melbourne Airport is an important international gateway for the region. It’s Australia’s largest, operates 24/7 and moves over 29 million passengers each year, boarding almost 500 international flights each week.
The Port of Melbourne is Australia’s busiest container port, handling 37% of Australia’s containerised trade. Each day, Australia is the first financial market to open in the world.
Victoria’s strong history of migration has resulted in an incredibly culturally and linguistically diverse population. A large proportion of the population speak a language other than English, especially Asian languages.
Safe, proven investment location
|Melbourne offers a safe and proven investment location in Australia, a country which is renowned for its rule of law, independent judiciary, transparent legal system and economic freedom.|
In 2012, Dun & Bradstreet’s Global Risk Indicator, which assesses economic, commercial, external and political risk to provide risk ratings for 131 countries around the world, ranked Australia equal first safest trade and foreign investment location globally alongside Canada, Germany, Norway, Sweden and Switzerland.
With Melbourne being a safe and proven investment location, it’s no coincidence that six of the top 10, and 33 of the top 100 Australian companies chose to establish their headquarters in Melbourne.
Also, foreign owned companies have a proven track-record of performance in Australia. Five of the top 10 and 27 of Australia’s 100 top-performing companies are foreign owned.
The Harvard Business Review (Jan-Feb 2011) rates Australia as the best place to invest in the post-recession world, based on a comparative assessment of the FDI policy environment and macroeconomic conditions.
Melbourne offers a sense of comfort, as a secure and dependable investment location due to its long history of stability and economic prosperity.
Transparent and easy to do business
|When you invest in Melbourne you’ll find that it’s one of the most efficient and easy places in the world in which to start and run a business. |
It requires just two days for regulatory procedures to start a business and the World Bank’s Doing Business 2012 report ranked Australia among the top 10 countries in the world for ease of doing business.
Transparent and efficient investment legislation fosters a climate of enterprise. A strong competition regime means all businesses operating in Australia compete on an even playing field.
Businesses can plan with confidence in the knowledge that Australia has one of the most respected and stable legal and regulatory environments in the world, ranked in the top ten by the World Competitiveness Yearbook 2012.
Australia’s currency is fully internationalised, and there are no restrictions on access to credit or loan facilities, or capital flows.
Collaborative, productive and innovative workplaces
|When you own or run a business in Melbourne, you do so under a national employment system that provides a balanced framework for cooperative and productive workplace relations. The Fair Work Act 2009 provides employers and employees with a safety net of minimum terms and conditions of employment through the National Employment Standards.|
Australia ranks number one for ease of employing workers in the World Bank’s Doing Business 2010 report reflecting the ease of hiring, flexibility of hours, ease of redundancy and low redundancy costs.