Why Australian businesses are thriving right now

| January 5, 2019

Australia’s enterprise scene is flourishing, fostering Aussie growth and business success like never before.

From booming startups and SMEs to major global brands, Australian businesses have gone from strength to strength in the last decade. And with the current government budget pledging further support for Australian businesses, this trend is sure to continue.

So why exactly is Australia so perfect for startups, SMEs, and major enterprises alike? Let’s find out.

They hit the ground running

According to data from the World Bank, the time it takes to formally start a business in Australia is considerably less compared to the rest of the world. Indeed, it can take as little as just 3 days in some cases.

Ease of process is just one reason Australian businesses are continuing to see growth in 2019. When setting up a business is relatively simple, entrepreneurial thought and innovation will naturally follow.

For those looking to follow in the steps of the thousands of flourishing businesses in Australia, you may find getting started is simpler than you first thought.

State empowered and supported

As government support goes, 2018 has been a good year for businesses in Australia. The 2018 budget revealed many advancements in areas relevant to small businesses, from general stability measures to instant asset write-off extensions.

But it’s not just SMEs who are feeling the benefit. Large Australian enterprises can enjoy the many benefits of low taxes, from competitive wages and investment opportunities to faster team growth.

Many Australian businesses are getting increased government recognition, a trend that will only continue as the country develops further into a global business hub.

Aussie businesses are resilient

The global financial crisis of 2007 resulted in massive devastation for businesses around the world. Australia saw the closure of dozens of major brands and countless more smaller enterprises.

But despite this, there are plenty of Australian businesses who weathered the storm. Those that survived the crisis are more resilient than ever. Rather than folding in the face of considerable adversity, many Australian businesses diversified their offering, made cuts where necessary, even overhauling their business entirely.

The global financial crisis was a tough time for businesses, and Australia was no exception. But there are many enterprises who made changes and saw it out. As a result, the Aussie business scene is stronger than ever.

They have their eye on the horizon

Successful Aussie brands aren’t confined to Australia alone. There are countless examples of Aussie brands expanding beyond their borders to the rest of the world.

For many lifestyle brands, their success lies in Australia itself as a brand. Australian beer, clothing, face masks, haircare, and cosmetics are all wildly popular overseas. And businesses know this: one need only look at the marketing of beer brand Foster’s, whose adverts feature Australian drawls and images of the Outback, as an example.

High-end watch and accessories brand The 5TH is a fine example of an Aussie brand achieving international expansion. What started out as a tentative ecommerce operation has expanded into a multimillion dollar business. Today, The 5TH is selling around the world on an international platform and reaping the rewards of global ecommerce.

Many Australian lifestyle businesses are ripe for international expansion, coasting off ‘brand Aussie’ and finding success overseas.

Their team is their family

Teamwork makes the dream work – it’s cheesy but it’s true. Building a solid core team is a must, and Aussie businesses know the value of this. Many brands are family-run and owned, keeping family values at the heart of their business.

Recycling business Visy is a fine example of this. Founded by Polish immigrants in the 40s, the business was expanded by Richard Pratt during the 70s. Today, it sprawls more than 180 facilities worldwide, and is still managed by the Pratt family.

When family and business are so inextricably linked, work becomes a labour of love. It strengthens team cohesion, and ensures everyone is working to the same shared goal.

Australian startups are creating a business scene

For new and emerging businesses, being part of a community aids growth and fosters collaboration. Established businesses might not always need such intensive support, but for startups and SMEs, a scene of like-minded teams and individuals is vital and is part of what is fuelling Australian innovation. At the end of the day, startups are the corporations of the future, and are often snapped up by larger companies as they scale.

Business growth in the tech and startup scene is also aided by local government schemes. Many regional administrations are introducing business incubators and accelerators to their states to encourage and support nascent enterprises. With companies like Techstars and Sydney Startup Hub helping new businesses get a foothold, there will soon be plenty of flourishing brands joining the ranks of Australia’s big name businesses.

Australia has it all: gorgeous landscapes, a vibrant culture, and enviable weather. On top of all that, it plays host to a plethora of thriving businesses that are making waves in their sectors.

Australian businesses are resilient, empowered, and have international expansion on their agenda. In this new year, we can expect to see more and more Aussie brands making their name on the global stage.

Recommended reading: Helping Australian businesses engage with the world.